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According to CNN: A US federal judge extended the ban preventing the National Guard from deploying to Chicago.Data shows that the size of the U.S. national debt reached $38 trillion for the first time.Tesla (TSLA.O): The company has sufficient liquidity to fund its product roadmap, long-term capacity expansion plans and other expenditures.On October 23, Tesla (TSLA.O) announced a lower-than-expected third-quarter profit, despite record sales of its electric vehicles, indicating that the company is facing pressure from changing US policies and rising costs. The companys financial report showed adjusted earnings per share of 50 cents in the third quarter. The average analyst expectation was 54 cents. However, quarterly revenue of US$28.1 billion exceeded market expectations. The company reiterated its statement from the previous quarter that it is difficult to measure how changing global trade and fiscal policies will affect its business and operations. Tesla believes that its performance depends on the broader macroeconomic environment and the speed at which it accelerates its autonomous driving efforts and increases production of key products. Analysts expect Teslas car deliveries to decline for the second consecutive year. Earlier this month, Tesla reported record third-quarter sales as consumers rushed to buy electric vehicles before the US tax credit policy expired on September 30, which gave the companys core automotive business a brief boost.Tesla (TSLA.O): Increased vehicle deliveries, growth in energy generation and storage, and expansion of services and other businesses all had an impact on revenue; however, regulatory credit income declined, and one-time FSD revenue recognition decreased year-on-year.

S&P 500 (SPY) Dives Towards 3500 As Inflation Rate Exceeds Expectations

Cory Russell

Oct 14, 2022 17:31

S&P 500 Falls by 2% Prior Market Trading

Following the publication of inflation statistics, S&P 500 futures are touching new lows. In contrast to the expert consensus of 8.1%, the figures showed that the inflation rate decreased from 8.3% in August to 8.2% in September.


Analysts predicted that the core inflation rate would go to 6.5%, but it actually jumped from 6.3% in August to 6.6% in September.


In the meanwhile, according to the Initial Jobless Claims report, 228,000 Americans applied for unemployment benefits in a single week, much in line with expert expectations.


Treasury rates reached annual highs as traders gambled on aggressive rate rises from the Fed in response to inflation readings that were stronger than anticipated. The 10-year Treasury yield is now attempting to stabilize above the psychologically significant 4.00% level. In the event that this effort succeeds, it will pick up further upward momentum and rise towards 4.10%, which is negative for equities.


At the start of today's trading session, tech stocks are probably going to lose ground. Leading tech companies' shares are already down more than 2% in premarket trade, including Apple, Microsoft, Alphabet, Amazon, and Tesla.


Whether traders would go for safe-haven assets in the stock market today remains to be seen. Money will move into the U.S. dollar, which is already reaching new highs, in case the fear spreads. Commodities are negatively impacted by a strong dollar, thus equities with a focus on commodities are probably going to see significant pressure today.