#4 Daily Financial News Round Up - Nov 4,2021
Market Snapshot
Dow Jones is down by 0.09% compared to yesterday’s 0.17%, S&P500 is up by 0.42%, and Nasdaq Composite is up by 0.81%.
How’s crypto-market?
Bitcoin is down by 0.53%. The top three traded cryptocurrencies in the last 24 hours are Shiba Inu, XRP and OmiseGO. It’s mostly RED in the cryptomarkets. Shiba Inu continues its downward trend by 19.35% compared to yesterday’s 7.27%.
What news caught my attention?
S&P 500 and Nasdaq Composite continue record streaks. Strong corporate profits and lesser concerns about rising interest rates after the Fed's announcement on Wednesday are possible reasons for this continued records streaks. Companies like Qualcomm and Tesla saw their prices rise after posting record quarterly sales and forecast growth.
The number of workers filing for unemployment benefits, a proxy for layoffs, is down to 269,000, the lowest number seen since COVID-19 levels. The decreasing number of unemployment benefits can be explained as employers holding onto their employees and not letting them go. The continued decreasing trend in layoffs is a sign that the labour markets might be stabilizing. Good news!
My Takeaways:
Though inflation continues to be a concern, since the Fed is not yet raising interest rates, investors turned their attention towards corporate earnings. Strong corporate earnings pushed market indices like S&P500 and Nasdaq Composite to post record streaks.
UK’s BOE’s decision to hold off on raising interest rates had effects not only in the British bond markets but also spillover effects in international bond markets.