Fed Holds Rates Steady, Powell's Cautious Stance Soothes Investors, Labor Market Softens: The Week In The Markets
Portfolio Pulse from Piero Cingari
The Federal Reserve held interest rates steady, soothing investors and sparking a market rally. Robust earnings reports also boosted investor sentiment. The labor market showed signs of softening, with job gains slowing and unemployment rising. Apple, Advanced Micro Devices, and Qualcomm outperformed expectations, while Novo Nordisk and Eli Lilly beat estimates. Upcoming earnings reports from Vertex Pharmaceuticals, Gilead Sciences, Uber Technologies, Occidental Petroleum, Walt Disney, and Becton Dickinson will be closely watched.
November 03, 2023 | 8:03 pm
News sentiment analysis
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POSITIVE IMPACT
Apple reported Q4 results, exceeding estimates with better-than-expected revenue from Services and iPads, but iPhone revenue fell slightly short of estimates.
Apple's strong Q4 results, particularly in Services and iPads, are likely to boost investor confidence and potentially drive the stock price up. However, the shortfall in iPhone revenue could temper this somewhat.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Shares of Advanced Micro Devices surged by 9.7% following better-than-expected earnings and revenue in the last quarter.
AMD's strong earnings and revenue beat is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Eli Lilly reported third-quarter sales of $9.49 billion, a 37% year-over-year increase, surpassing the consensus estimate.
Eli Lilly's strong Q3 sales growth is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Novo Nordisk reported a 764% increase in sales for the obesity drug Wegovy and a 56% revenue increase from its diabetes drug Ozempic.
Novo Nordisk's strong sales growth for its obesity and diabetes drugs is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Qualcomm shares rose by 6% following a strong earnings report, marking its best-performing week of the year.
Qualcomm's strong earnings report is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90