Shares fell on Monday as investors expected more revenue from Big Tech, as well as other corporations in several industries this week.
After the 30-stock index closed the all-time high on Friday, the downtrend was down. The S&P 500 fell last week after hitting a record high in the day. Although Tesla (TSLA) shares are at an all-time high, Nasdaq fell.
US West Texas Intermediate (CL = F) crude oil prices rose by $ 85 a barrel, the highest since 2014. The move was boosted by the international profit by Brent Crude (BZ = F), which rose to more than $ 86 a barrel in 2018.
The 10-year treasury output has risen to around 1.64%, or higher since May, due to inflation concerns for investors and other inflationary pressures in the recovery economy. Last week, Federal Reserve Chairman Jerome Paul said that inflation, which was triggered by supply chain restrictions, “may remain higher than expected, perhaps better next year.”
Several private companies have pointed to the impact of inflation on their earnings reports over the past two weeks. Kevin Bonn, vice president of sales and marketing for CSX Transport (CSX), said last week that inflation was higher than last year, and that expectations for next year had increased. . ”And similarly, WHRL CEO Mark Beatzer said in a statement to the device company that he did not expect” inflation to fall rapidly “next year.
This week’s earnings consult with big tech companies, including Facebook (FB), Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL). These are the heaviest parts of the S&P 500. In 2020, most of the protests in which orders to stay in place and the demand for technology continued, the market performed poorly this year.
Investors look forward to seeing these companies post the performance of some of their top reporters and posting significant results despite ongoing supply-side challenges. For the technology companies, these concerns will be compounded by the impact of global chip shortages and increasing manpower costs.
“Despite the shortage of black cloud chips, 3Q technology revenue will be prominent this week and will help bring the sector to the end of the year because we strongly believe that the road continues to undermine the fundamentals of this multi-trillion-dollar digital transformation. Consumer and Enterprise Technology Names” He wrote.
Still, this week will be a busy season, with a total of 165 companies posting results in the S&P 500, according to Deutsche Bank.
As of Friday, 23% of the S&P 500 companies had reported real results for the third quarter, of which 84% of Wall Street’s earnings per EBS, according to FactSet. The estimated revenue growth for the S&P 500 was 32.7%, which is expected as a result of real results and companies not reporting until last week. By the end of the third quarter, this is the third largest revenue growth since 2010.
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Gary Gensler, chairman of the Securities and Exchange Commission (CEC), reiterated his caution against crypto currencies, saying the area should be more closely monitored.
“Investment public concern is a crypto asset. [is] $ 2.5 trillion. Most did not come to investor protection. And if investors enter our long-term stock or bond markets, they will not be protected as they are. ” Gensler He spoke at a meeting of all markets on Yahoo Finance on Monday. “Without that, I think, as I have told others, it is a little bit of a wild west. And most of these markets around the world, 24 hours a day, seven days a week, do not have the same protection against fraud and other attacks.
Jensler declined to comment on whether the SEC is becoming more lenient with the idea of tracking Bitcoin prices following the launch of the EFF, which was listed in the US stock exchange last week or ProShares for the first time in the US. Bitcoin Strategy ETF (BITO). This fund – which allows investors to bet on future contracts, or the expected price changes in bitcoin – does not directly invest in bitcoin (BTC-USD).
Gensler also suggested that the SEC could strengthen its control over cryptocurrency companies that produce stable coins. The Wall Street Journal reported earlier this month that the Biden administration was considering such a move, which could include a charter for special-purpose coin-makers.
“Today there are about $ 130 billion in stable coins. That is almost 10 times more than last year, and they are linked to crypto exchanges, crypto lending platforms, DeFi, ”said Gensler. “For those ‘poker chips’, you are adjusting 80% of the volume. So they are only 5% of the Crypto market but in this token-token they are 80% of the volume in the crypto-to-crypto market. So I think there is a lot of speculation. And again, these would mean that you have to spend for these processes.
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Here is what the markets were doing on Monday morning.
S&P 500^ GSPC): +9.75 (+ 0.21%) to 4,554.65
Down (^ DJI): + 49.61 (+ 0.14%) to 35,726.63
Nasdaq (^ IXIC): + 64.32 (+ 0.43%) to 15,156.64
Crude (CL = f): + $ 1.36 (+ 1.62%) to $ 85.12 barrel
Gold (GC = F): + $ 8.50 (+ 0.47%) to $ 1,804.80 per ounce
10-year treasury (^ TNX): -1.5 BPS, 1.64%
8 ፡ 51 51 51 ET ፡ PayPal PayPal PayPal PayPal PayPal PayPal PayPal int int int int int int int int int int
PayPal (PYPL) has stated in a statement that it is not considering buying the company. Pinterest shares fell 15 percent before the opening bell.
“Regarding the market rumors that Pinterest could be purchased with PayPal, PayPal has stated that it is not currently pursuing a Pinterest purchase,” Paypal said on Sunday.
The announcement follows a report by Bloomberg last week that financial technology company is considering a Pinterest deal worth $ 45 billion. According to the report, Pinterest shares are expanding and paving the way for Piperest, the previous stock rose 12.8% on October 20, while the latter stock is down 5%.
8:38 am ET: Tesla shares set to reach new high between Hertz deal, Morgan Stanley price increase
Tesla (TSLA) shares have been reopening since last Friday with a new deal with car rental company Hertz and the opening of Tesla (TSLA) stocks in the wake of a positive outlook from Wall Street. In the pre-market period, stocks traded more than $ 946 each.
Hertz announced on Monday that the company had ordered 100,000 Tesla vehicles, which will be completed by 2022. “And he ordered the new electric-vehicle charging infrastructure to be used globally.
Separately, Morgan Stanley analyst Adam Jonas raised Tesla’s stock price target from $ 900 to $ 1,200. This came after Tesla posted its third-quarter earnings estimate of Wall Street’s quarterly earnings record for the company, despite widespread chip shortages and port congestion.
7 ፡ 45 45 am ET Monday’s stock futures are rising.
Here is the place where the markets are trading before the opening bell.
S&P 500 Future (ES = F): +4.25 points (+ 0.09%), to 4,540.75
The future (YM = f): +3 points (+ 0.01%), to 35,560.00
The future of Nasdaq (NQ = f) :: + 34.75 points (+ 0.23%) to 15,375.75
Crude (CL = f): + $ 0.95 (+ 1.13%) to $ 84.71 barrel
Gold (GC = F): + $ 5.90 (+ 0.33%) to $ 1,802.20 per ounce
10-year treasury (^ TNX): + 0.4 bps, giving 1.659%
Emily McCormick is a Yahoo Finance reporter. Follow her on Twitter.