Futures are flat after the S&P 500 claimed a record high yesterday. It was the seventh straight trading day that the index was up over 0.3%. All major indexes are on track to close the week in the green.
- Intel shares are down 9% this morning, after the company reported lower than expected earnings. Intel said this was due to the semiconductor chip shortage.
- Snap shares are down 20% as the company reported decreasing revenues due to Apple's new privacy regulations. Facebook and Twitter are down 3%.
- The current 10 Year U.S. Treasury yield is set at 1.68290%
*Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
Beginning October 23, the Canadian Government is abandoning its current pandemic era fiscal policy and support, and replacing it with a system more closely resembling pre-pandemic employment insurance. The Canadian Recovery Benefit, which was available to almost all Canadians, will be replaced by the Canada Worker Lockdown Benefit, which is available only to those currently in lockdown.
- Finance Minister Chrystia Freeland described the new policy as "insurance" against future lockdowns.
- The government is also launching a program to support employers most affected by the pandemic.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
European stocks are up as investor fears surrounding China Evergrande Group eased when the company announced it will be able to pay off a coupon payment due on a dollar-denominated bond.
Euro STOXX 50
- Renault, Banco Sabadell, the London Stock Exchange, and InterContinental are reporting earnings today.
- Europe's purchasing manager's index is at a six-month low.
- Tech stocks are up 1.5% on average while telecoms is the only sector that is down in Europe today, shedding 0.3%.
UK (FTSE 100)
France (CAC 40)
*European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
Stocks in Asia are mixed. China Evergrande Group is up 4.26% after the company announced it will be able to pay a debt due.
S&P Asia 50
- The news saw the Hang Send Properties index climb 1.4%.
- The Hang Send itself was up 0.42% but, in mainland China, the Shanghai Composite was down 0.34%.
- In Korea, Samsung SDI was down 2% as the company announced a joint venture with Stellantis to make electric car batteries in North America.
Japan (Nikkei 225)
South Korea (KOSPI)
China (Hang Seng)
*Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
Oil prices have been very volatile on a near hourly basis as investors attempt to assess how high oil prices might impact the global economy. The growing worldwide energy shortage and decreasing inventories in the U.S. create the perfect conditions for the rising prices we've seen. However, the potential that countries and individuals might seek alternatives if prices continue to climb is preventing further price increases.
- Despite this, all technical indicators seem to show that oil prices will continue to rise significantly over the coming months.
- Coal and Natural Gas shortages are contributing to the record price of oil.
- President Biden has warned Americans that they should expect higher gas prices in 2022.
*Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
Currency Exchange Rates
The U.S. Dollar was up very slightly yesterday, following rising U.S. Treasury yields and better than expected jobs and housing data. The positive economic data provided a small boost but the value of the U.S. Dollar remains heavily tied to any actions by the Fed in the coming months. Paul Mackel, Global Head of FX Research at RBC, claims that investors believe markets will go up, as the current downward trend of the U.S. Dollar does not "fit with the broader narrative that global growth is cooling and the Fed is on the path to tapering, which should be supportive for the dollar."
Canada (Canadian Dollar)
*Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law at Zargar Lawyers + Business Strategists in Vancouver, Canada.
In addition to his work at Inside and Zargar, he spends his time supporting founders and entrepreneurs, including offering free legal information and contract templates at Law4Startups.com and co-hosting the Inside Business Podcast with Mac the VC.
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Eduardo Garcia is a writer and editor based in New York. He is writing an illustrated book about climate change that will be published by Ten Speed Press, an imprint of Penguin Random House. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade.