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US Markets: Wall Street resumed with a mixed-bag of trade as Dow Industrials oscillated in the positive territory after starting in red, while the broader S&P 500 and Nasdaq Composite traded in the negative region as earnings dejection weighed on the equity markets with Amazon and Apple disappointing the market participants with the July-September financial performance.
On a monthly basis, the three major stock indices remain on track to finish near record highs attained earlier this week. The personal income of American citizens falling in the month of September also unnerved the investors.
According to the data released by the US Bureau of Economic Analysis, the personal income of US individuals declined by 1% in September of 2021 as compared to income levels recorded in August, largely due to decreasing proportion of government-backed unemployment and social benefits. This has been the first income decline since May of this year.
On the other hand, consumer spending in the United States jumped by 0.6% in the corresponding month on a sequential basis, reflecting a surge of $63.6 billion on services and $29.6 billion on goods.
Top Global Cues to watch out today
Health care, accommodation and food services have been the major drivers of increased spending on services, while heightened expenses on foods and beverages, gasoline, and pharmaceutical products led the spending amidst the subsections of goods. The spending on motor vehicles remained patchy as production facilities grappled with the supply side challenges and limitedness of chip.
Missing the revenue estimates for the July-September quarter, the shares of heavyweight corporations including Apple and Amazon cracked more than 3% each, dragging all the three indices into losses on the final day of this month. However, the collective upswing in the shares of Microsoft, Visa, Chevron, Merck & Co, Caterpillar, Nike, Home Depot, Coca Cola and Walmart guided the Dow Jones Industrial Average into positive territory.
The Dow Industrials traded 76.61 points, or 0.22% higher at 35,810.03, the wider share barometer S&P 500 was almost flat at 4,596.18, while the tech leader Nasdaq Composite shed 26.13 points, or 0.17% to 15,421.99.
US Market News: Shares of Starbucks slipped more than 7% after the beverage maker and Coffeehouse chain operator reported a lower-than-expected revenue for the third quarter of this fiscal year. In October 2021 so far, Dow Industrials, S&P 500 and Nasdaq Composite have amassed a gain of 4-7%.
Shares of Atlassian Corporation, Verisign, eBay, Cerner, Lululemon Athletica, KLA-Tencor, Facebook, Check Point Software, Nvidia, Alphabet, Tesla, Cognizant Technology, Microsoft and Adobe Systems gained 1-9%, emerging as the major positive points supplier to the Nasdaq Composite.
While, on the other hand, the shares of Starbucks, Charter Communications, Baidu, Apple, Amazon, JD.com, NetEase, Gilead Sciences, Moderna Inc, Kraft Heinz, PayPal, Pinduoduo crashed 1-8%. The collective negative points from these shares counterbalanced the positive flow by the stocks trading in green.
UK Markets: London shares ended in red on the last of October with the FTSE 100 failing to touch the positive territory throughout the day, however, the losses were contained below 0.80%. Following a flatter Wall Street opening, the index pared a considerable chunk of losses in the terminal trade, ending at 7,237.57, down 11.90 points, or 0.16% from the previous close of 7,249.47.
FTSE 100 (29 October)
Source: EODHD/Others
The mid-cap indicator FTSE 250 concluded with a loss of 93.26 points, or 0.40% at 23,106.61, from the previous close of 23,199.87.
Market Snapshot
Top 3 volume leaders: Lloyds Banking Group, Vodafone Group and BP
Top 3 sectoral indices: Automotive, Medicine and Biotech and Banking
Bottom 3 sectoral indices: Electricity Generation and Distribution, Precious Metals, and Real Estate Services
Crude oil prices: Brent crude down 0.23% at $83.47/barrel; US WTI crude down 0.18% at $82.66/barrel
Gold prices: An ounce of gold traded at $1,778.35, down 1.35%
Exchange rate: GBP vs USD - 1.3689, down 0.71% | GBP vs EUR - 1.1855, up 0.46%
Bond yields: US 10-Year Treasury yield - 1.570% | UK 10-Year Government Bond yield - 1.0395%
Markets @ 16:30 BST
