Wall Street turns after the data on job offers. Eyes on the Fed

At this time, the Dow Jones is down 0.2%, on 32,644.08 points, the S&P 500 is down 0.16%, to 3,866.40 points, while the Nasdaq is down 0.3%, on 10,943.92 points. Some falls that have come after the data on job offers for September that showed a resistant labor market. Job openings, a measure of labor demand, rose by 437,000 to 10.7 million on the last day of September, the Labor Department reported Tuesday in its monthly Job Openings and Labor Turnover Survey, or JOLTS, report.

On Monday, Wall Street closed out a month of strong gains, with the Dow rising nearly 14%, marking its biggest monthly gain since January 1976, as investors abandoned technology and pinned their hopes on stalwarts like banks. The S&P 500 and the Nasdaq Composite rose 8% and 3.9%, respectively.

On a technical level, “it seems that the rebounds could continue, although the technological indices have not yet surpassed the previous relative maximums. The Nasdaq could, however, if it is able to exceed 11,720 points, go up to 12,100 points and 12,475 points. All this within a rebound process within a medium and long-term corrective structure”, comments Roberto Moro, independent technical analyst. See more…

The market with an eye on the FED…

A rise that comes with interest rates on debt falling ahead of the Fed’s rate decision, as investors expect the central bank to ease its tightening stance in the coming months. in this senseo The market does not expect surprises and assures that interest rates will rise 75 basis points although, as there will be no dot plot from FOMC members, Chairman Jerome Powell’s subsequent press conference “could serve to clear investors’ doubts about upcoming rate hikes. Some weaker-than-expected macroeconomic data in the US fed investors the possibility that the Fed will reduce its December rate hike to 50 basis points, instead of the 75 basis points initially expected.

At this time, the US ten-year bond yield falls more than 3.2%, to 3.943%, while the two-year bond sees its IRR fall to 4.4307%.

Investors will also keep an eye on economic releases on Tuesday, including job openings data and construction spending for September, as well as the ISM manufacturing report for October.

Before the opening we have known that the Redbook Index of US Large Chain Retail Sales ​increased​ 9.7​% year-on-year, according to a report released Tuesday. The data for the previous month had shown a level of 8.2%. The Johnson Redbook Index is a weighted indicator of year-on-year like-for-like sales growth, sampled from 9,000 representatives of large US retail chains.

… And another in the business results season

The better-than-feared earnings season continued with a strong report from Pfizer on Tuesday. The value is recorded more than 2% at the opening after exceeding analysts’ expectations with its figures for the last quarter. Earnings beat estimates by 39 cents per share, as Pfizer posted earnings per share of $1.78 on revenue of $22.64 billion.

Pfizer has also raised its earnings per share forecast for the year and the lower end of its earnings forecast. The company also raised its sales forecast for its Covid-19 vaccine by $2 billion to $34 billion as it continues to roll out its booster shots. Pfizer maintained its $22 billion revenue forecast for its Paxlovid treatment.

Uber Tech reported a third-quarter loss on Tuesday but beat analysts’ estimates for revenue and showed rising bookings. The shares are scored more than 13% in the first minutes of trading. The company had a loss of $0.61 per share, revenue of $8.34 billion, below the consensus estimate of $8.12 billion, and posted a net loss of $1.2 billion, of which $512 million was attributed to losses. revaluations of Uber’s capital investments.

Eli Lilly & Co has beaten revenue and expense estimates in its latest quarter, but the drugmaker’s shares are down more than 5% at the open as it cut its full-year guidance. Lilly is being negatively impacted by a stronger dollar, increased competition from cancer drugs and lower insulin prices.

SoFi Tech surged more than 17% in the opening minutes of the session to $6.40 after reporting a smaller-than-expected quarterly loss and revenue that beat analyst forecasts. The fintech company also raised its outlook after adding nearly 424,000 new members during the quarter, bringing its total to more than 4.7 million.

At the corporate level, Abiomed Inc is up more than 50% at the open on news that the company is to be acquired by Johnson & Johnson for $380 a share in cash. The deal, according to a statement, represents an enterprise value of approximately $16.6 billion and is expected to close in the first quarter of 2023. “The addition of Abiomed is an important step in executing on our strategic priorities and vision.” of the new Johnson & Johnson focused on the pharmaceutical industry and medical technology,” J&J CEO Joaquín Duato said in a statement.

Carvana shares rose after JPMorgan upgraded the online car dealer’s rating to neutral from underweight. The bank’s Rajat Gupta said investors now have a better handle on the risks surrounding Carvana, noting the company can better manage its liquidity.

In the commodity market, the future of Brent oil rose more than 1.2%, above 93.98 dollars, while the WTI advanced 1.4%, to 87.78 dollars.

The dollar today falls sharply against a basket of currencies from the highs reached a week ago. At this time, the future of the dollar index yields 0.6% to 110.74 while the EUR/USD rises just over half a percentage point to 0.9935 dollars.

reference: www.estrategiasdeinversion.com

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