Finance
Stock market news: Opening bell, November 2, 2018
Here is what you need to know.
Trump is reportedly ready to back down in his trade war with
China. President Donald Trump has asked his
cabinet to begin drafting potential terms of a trade agreement
with China in the hopes of securing an agreement with Chinese
President Xi Jinping at the G20 summit in Argentina next month,
Bloomberg reports.
Global markets are
in rally mode. Hong Kong’s Hang Seng gained
more than 4% overnight, and Germany’s DAX is higher by 1.35%. The
S&P 500 is set to open up 0.66% near 2,758.
It’s jobs day in America. The US economy is
expected to have added 200,000 nonfarm jobs as the unemployment
rate held at 3.7%, according to economists surveyed by
Bloomberg.
Crude oil is nearing a bear market. West Texas
Intermediate crude oil has plunged more than 17% from its October
3 high to $63.65 a barrel. A drop below $61.57 would put it in
bear-market territory — down at least 20% from its recent
peak.
Goldman Sachs has a money-making strategy for earnings
season. The bank devloped a strategy that
returned 107% in just seven days — here’s what it is and how you
can replicate its success.
Apple’s iPhone sales underwhelm. The tech giant
reported earnings and revenue that topped Wall Street estimates,
but iPhone sales missed expectations as they were essentially
flat versus a year ago. Apple also gave soft guidance for ite
crucial holiday quarter.
Apple is in serious danger of no longer being a $1 trillion
company. Shares plunged more than 7% in after
hours trading to $206.30 apiece. Any print below $207.45 during
Friday’s session would mean Apple no longer has a $1 trillion
valuation.
Starbucks beats as sales boom in both the US and
China. The coffee giant beat on both the top
and bottom lines and reported comparable sales in both the US and
China that were ahead of Wall Street estimates.
Earnings
reporting slows down a bit. Alibaba, Chevron,
and ExxonMobil are among the names reporting ahead of the opening
bell while Berkshire Hathaway is set to release its quarterly
results after markets close.
There’s more data besides the jobs
report. Factory orders and durable goods orders
will both be released at 10 a.m. ET. The US 10-year yield is up 3
basis points at 3.17%.
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