Yahoo Finance Markets Cool but Stay in the Green, Led by Chinese Stocks
Markets were so enthused about another cooler inflation metric this morning that not Russian rockets flying to Poland, nor further fallout from the FTX crypto collapse could keep the major indices from closing in the green. While off session high, the Dow gained +0.17% on the day. The S&P 500, which sees all 11 sectors positive month-to-date thus far, was up +0.88% today. The Nasdaq earned +162 points, +1.45%, and is the only major average higher for the week thus far. The small-cap Russell 2000 beat the field, +1.50% on the day.
BlockFi Lending Co., which had been wavering to such an extent that FTX was planning to buy it out for $240 million, may be preparing to file for bankruptcy, as per a report in the Wall Street Journal today. Obviously, with FTX -$8 billion in the hole, this buyout is not going to happen. We may yet see that what the Fed “broke” by rising interest rates so aggressively over the past few months is, above all else, the crypto market. With a bit of luck, we may see this contagion contained, but keep an eye for a string of hardships in the crypto markets going forward.
Two are dead in the NATO member country Poland after reports of Russian missile strikes, which were ostensibly supposed to have been aimed at Ukrainian power plants at the onset of cold winter months, flew astray and landed across the border. For Russia’s part, they deny the charge and blame this story on false news reporting out of Poland. NATO allies, including the U.S., are currently trying to verify the air strike.
Ukraine aside, the global economy hasn’t looked stronger in months, and much of this has to do with China reportedly lowering their Covid restrictions and bringing more factories, shipping facilities, etc. back on line. As investors begin to unwind some of their risk-off positions, we’re seeing many tech and e-commerce companies in China among the best-performing stocks of the day: Datadog DDOG and NetEase NTES are +10%, Baidu BIDU grew +9% and Pinduoduo PDD +8.5%.
Tomorrow morning, we get a bevy of new economic information: Retail Sales, Import/Export Prices and Industrial Production/Capacity Utilization — all for October — look for modest gains across the board, with the exception of Industrial Production, which is expected to drift down moderately. We also await Target TGT earnings ahead of the bell, and NVIDIA NVDA and Cisco Systems CSCO after the close; if we are to see a continuing narrative of strong retail performance and something of a bounceback in semis, we may wish to seek them here.
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Target Corporation (TGT) : Free Stock Analysis Report
Cisco Systems, Inc. (CSCO) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Baidu, Inc. (BIDU) : Free Stock Analysis Report
NetEase, Inc. (NTES) : Free Stock Analysis Report
Pinduoduo Inc. Sponsored ADR (PDD) : Free Stock Analysis Report
Datadog, Inc. (DDOG) : Free Stock Analysis Report
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