Top News
by Giorgi Natsvlishvili on October 20, 2021

American Investors Will Track the Corporate Reports of Leading Corporations

The American stock market showed good growth yesterday. The broad S&P 500 Index rose 0.6%, while the hi-tech NASDAQ and the industrial DJIA fell 0.7-0.8%. Shares of pharmaceuticals, medical equipment manufacturers and the oil and gas sector showed good growth. Thus, the shares of Merck added 3.0%, and J&J – 2.3%. J&J’s quarterly profit exceeded expectations by 11%. ExxonMobil and Chevron gained 1.5% and 2.0%, respectively, thanks to continued positive dynamics in oil prices.

The home furnishings sector was under pressure amid less optimistic-than-expected quarterly results from giant P&G. The company showed a fall in net profit in annual terms by 4%. But the results exceeded profit expectations by almost 1%, which the market found not convincing enough. WTI blend crude oil prices are near multi-year highs and exceed $ 82.2 per barrel. At the same time, prices for “black gold” are retreating today and losses are about 1%. On the eve of the American Petroleum Institute (API) published weekly data on oil reserves in the United States, according to which the growth of reserves for the week amounted to 3.3 million barrels. against the forecast of growth by 2.2 million barrels. At the same time, last week the growth exceeded 5.2 million barrels.

There was no uniform dynamics on the Asian trading floors. The Hong Kong Hang Seng is up 1.4%, the Chinese Shanghai Composite is down 0.2%, and the South Korean KOSPI is down 0.5%. Japanese NIKKEI traded slightly in positive territory amid positive data on foreign trade activity. Thus, the export growth rate in September amounted to 13%, which exceeded the consensus estimates of experts. Bank of China expectedly left the rate unchanged.

European indices are also trading in different directions and do not show high volatility. The French CAC 40 is down 0.3% and the German DAX is up 0.1%. The growth rate of the producer price index in Germany accelerated to a record 14.2% in September.

Today, investors will continue to focus on corporate reports of leading corporations. Financial indicators for the quarter will be presented by IBM, Nestle, Tesla, Abbott Labs.

By Giorgi Natsvlishvili

Giorgi is the top market analysis expert and reported at InsideTrade. His expertise in the markets helps him identify not only opportune market conditions as well as worthwhile stories to report on,

More content by Giorgi Natsvlishvili

Comments (0 comment(s))

Copyright 2021 InsideTrade.co