TSX:FFN - Post Discussion
Post by
mouserman on Oct 18, 2024 1:55pm
FROM the TD trading desk
Earnings season rolls on.
Netflix shares rallied after the streaming company delivered its most-profitable quarter ever, but other blue-chip results were less well-received. American Express stock skidded after the credit-card company’s revenue missed expectations.
So far, a small portion of the S&P 500 has reported third-quarter results. Of those companies that have issued earnings, about four-fifths of those have topped analysts’ estimates, in line with previous quarters. Crucially, most of the big banks have posted strong earnings, adding to hopes of a soft economic landing.
In recent market action:
Technology stocks lifted the S&P 500 and Nasdaq Composite. The Dow industrials declined, dragged down by American Express.
U.S.-listed shares of Chinese companies such as Alibaba rose, following market rallies in Hong Kong and mainland China. China’s central bank said it could cut interest rates again as soon as Monday, and kicked off a relending program and a swap facility.
U.S. housing starts and building permits fell last month, new data showed. Fewer new apartment projects outweighed gains in single-family home construction.
Energy prices swooned, weighing on drillers, refiners and oilfield services stocks. Benchmark U.S. oil futures traded below $69 a barrel, down from more than $75 a week ago, while natural gas futures continued a counter-seasonal tumble into heating season.
Gold prices hit new highs. Front-month futures contracts topped $2,700 a troy ounce.
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