Good morning and welcome back. Today is Monday, October 23rd. Last week saw a series of declines in the major American stock indices. The S&P lost 126 points, the Nasdaq recorded a loss of 150 points, and the Dow Jones dropped 80 points. Ultimately, the week ended on a negative note, particularly for the Dow Jones, which saw a total loss of 61 points. The S&P experienced a decrease of 240 points, and the Nasdaq fell by 260 points. This volatility was primarily attributed to the uncontrolled increase in Treasury yields, with the ten-year rate reaching 5%. Today, we see that this rate is still at 5% after temporarily dropping on Friday.
This morning, the major American futures are down around 0.30, indicating that tensions and nervousness persist in the market. Asian markets also closed in the red, with the Nikkei down 0.80% and Hong Kong down 0.70%. European markets are following the same trend, with the DAX losing 0.30%, and all European stock indices are in the red.
The euro is showing signs of recovery against the dollar, trading at 1.6055.
In other news, Tesla had a challenging week with negative forecasts for electric vehicle demand next year, due to expectations of restrictive monetary policy and economic weakness. The company experienced a 15% loss, marking its worst week in years.
On the macroeconomic front, this week will bring important data, including new construction and existing home sales in the United States, which will impact the real estate market and, consequently, the overall economic outlook. Additionally, data on the US GDP and jobless claims, key labor market indicators, will be released.
The upcoming week will also be marked by earnings reports from American companies, including Microsoft, Google, Visa, Coca Cola, T-Mobile, IBM, Service Now, Boeing, Amazon, Shell, Mastercard, Exxon, and Chevron. It will be interesting to see if the volatility continues or if the markets can stabilize after the recent turbulence.
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