Bears Roam Wall Street As Middle East Conflict, Earnings Outlook Raise Concerns Despite Strong Q3 US Economic Growth: This Week In Markets
Portfolio Pulse from Piero Cingari
The stock market experienced volatility due to fears of a wider Middle East conflict and a cautious Q4 earnings outlook. The US economy exceeded expectations with a Q3 growth rate of 4.9%, driven by strong consumer spending. Bitcoin rallied as ETF approval nears. Major US companies beat Q3 earnings estimates but warned of a Q4 slowdown. Amazon emerged as the top performer among tech titans, while Alphabet had a tough week due to disappointing cloud business performance. The SPDR S&P 500 ETF Trust, Invesco QQQ Trust, and Dow Jones Industrial Average ETF fell, while the iShares 20+ Year Treasury Bond ETF rose. Chinese-based stocks PDD Holdings and JD.com were the top performers within the Nasdaq 100.
October 27, 2023 | 8:34 pm
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POSITIVE IMPACT
Amazon emerged as the top performer among tech titans, rising 1.9% this week.
Amazon's stock rose due to stellar third-quarter results and its growing commitment to artificial intelligence investments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
JD.com emerged as a top performer within the Nasdaq 100 this week, with a 5% increase in value.
JD.com's stock rose due to Beijing's robust policy stimulus initiative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
PDD Holdings emerged as a top performer within the Nasdaq 100 this week, with a 5% increase in value.
PDD Holdings' stock rose due to Beijing's robust policy stimulus initiative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The iShares 20+ Year Treasury Bond ETF rose 1.4% this week.
The ETF rose due to investors seeking safe-haven assets amid market volatility.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Align Technology fell 29% this week.
The stock fell due to the overall market volatility and concerns about a wider Middle East conflict and a cautious Q4 earnings outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Blue-chip shares in the Dow Jones Industrial Average ETF fell by 2.1% this week.
The ETF fell due to the overall market volatility and concerns about a wider Middle East conflict and a cautious Q4 earnings outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet had a tough week, tumbling 10% due to disappointing performance in the cloud business.
Alphabet's stock fell due to disappointing performance in the cloud business despite exceeding profit and revenue expectations for the third quarter.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Tech-heavy Invesco QQQ Trust slipped 2.6% this week.
The ETF fell due to the overall market volatility and concerns about a wider Middle East conflict and a cautious Q4 earnings outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 2.5% this week, hitting the lowest levels since mid-May 2023.
The ETF fell due to the overall market volatility and concerns about a wider Middle East conflict and a cautious Q4 earnings outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Whirlpool Corp. fell 21% this week.
The stock fell due to the overall market volatility and concerns about a wider Middle East conflict and a cautious Q4 earnings outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100