Earnings season is upon us. Alphabet (GOOGL) kicked things off after the bell last night, reporting third quarter earnings that beat estimates, causing the stock to surge 6% in after hours trading. Advanced Micro Devices (AMD) on the other hand fell 7% following missed profit expectations. Microsoft (MSFT) will keep the ball rolling later today before Facebook’s parent company Meta Platforms (META) publishes its own earnings after the daily close. Apple (AAPL) and Amazon (AMZN) follow on Thursday, once again after the closing bell.
As if in anticipation of the imminent deluge of earnings reports, the Nasdaq Composite gained 0.78% during yesterday’s session, finally beating its record close set back in July. Once again, the gains were mostly confined to the tech sector, as evidenced by the Dow Jones losing 0.36% on the day.
As the US election draws ever closer, the precious metals and crypto markets are now both seeing decent cash inflows. Gold added $32 to its tally on Tuesday, climbing to yet another record high of $2,774, while silver climbed over 2% to $34.4 an ounce. In crypto, Bitcoin briefly attempted to break its previous all-time high of around $73,600 before giving up on the idea. The total crypto market cap is now around $2.4T, somewhat under the $3T threshold from 2021.
Markets have now had time to fully digest the weekend’s events in the Middle East and judging by the price of crude oil, the consensus appears to be one of de-escalation. Brent crude is barely holding on to $71 a barrel, with WTI now below $68. Prices are down over 5% so far this week and even news of shrinking US inventories was not enough to bolster prices by more than a few cents this morning.
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