Stock Market Live October 23: S&P 500 (SPY) Under Pressure Again
Key Points
-
President Trump said that his upcoming meeting with China’s President is scheduled, which does ease some trade war fears.
-
Crude oil is up $2.86 to $61.36. All after the Trump Administration imposed additional sanctions of two of Russia’s biggest oil companies.
- It sounds nuts, but SoFi is giving new active invest users up to $1,000 in stock for a limited time, and all it takes is a $50 deposit to get started. See for yourself (Sponsor)DISCLOSURE:INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Live Updates
Gold Prices Starting to Rebound Higher
After a slight pullback, gold prices are reversing course.
With investors running to the safe haven, coupled with global central bank buying, gold could test $4,500 shortly. At the moment, gold is back to $4,140.93, up about $90 on the day.
“The yellow metal’s underlying supply-and-demand dynamics remain solid — even at ‘significantly overbought’ levels in the short term, wrote analysts at Lombard Odier, a Swiss private bank,” as noted by Business Insider.
Analysts just upgraded NFLX, IBM, and TSLA
Analysts at Bernstein just reiterated their outperform rating on Netflix. After poor earnings sank the stock, Bernstein said investors should buy the stock. In fact, the firm said Netflix recorded its highest-ever television viewing share.
Analysts at Bank of America reiterated a buy rating on IBM with a price target of $315. The firm noted that IBM posted an overall clean quarter, beating on the topline and EPS.
Analysts at Deutsche Bank reiterated a buy rating on Tesla. While the stock is taking a hit on recent earnings, the analysts raised their price target to $440 from $435 a share.
Markets are in the red this morning.
Still at record highs, the major indices are down at the moment. All with Tesla (NASDAQ: TSLA | TSLA Price Prediction) and IBM (NYSE: IBM) dropping on earnings and trade war concerns.
Tesla, down about 4% in premarket, missed on earnings, with EPS of 50 cents missing by six cents. Revenue of $28.09 billion, up 11.6% year over year, did beat by $1.39 billion. Meanwhile, IBM, down nearly 8% in premarket, is pulling back after reporting in-line software revenue. Despite that one number, IBM still beat Wall Street estimates.
Oil Prices are Starting to Gush Higher
Crude oil is up $2.86 to $61.36. All after the Trump Administration imposed additional sanctions of two of Russia’s biggest oil companies. That includes Rosneft and Lukoil, due to the country’s lack of commitment to cease its war with Ukraine.
As noted by The Guardian, “All assets in the US belonging to the two fossil fuel firms have been frozen and American companies and individuals will be barred from doing business with them. The US is also threatening secondary sanctions on foreign financial institutions that do business with Rosneft and Lukoil, which could include banks that facilitate sales of Russian oil in China, India and Turkey.”
Trade War Issues are Still Tense
President Trump said that his upcoming meeting with China’s President is scheduled, which does ease some trade war fears.
However, Treasury Secretary Scott Bessent said the White House is considering plans to curb exports to China made with U.S. software. That builds on Trump’s statement that the U.S. will implement export restrictions by November 1 or any and all critical software.
Quantum Computing Stocks are Rallying
Most of the top quantum computing stocks are rallying in premarket.
IonQ (NYSE: IONQ) is up about 9.5%. Rigetti Computing (NASDAQ: RGTI) is up about 10.5%. D-Wave Quantum (NYSE: QBTS) is up 17%. That’s all happening with the Trump Administration reportedly in talks with quantum computing firms about the Commerce Department taking an equity stake in return for federal funding.
As noted by Quartz.com, “IonQ, Rigetti Computing, and D-Wave Quantum are said to be discussing adding the government as a shareholder, The Journal reports. Quantum Computing Inc. and Atom Computing are also said to be considering similar arrangements, with other unnamed companies considering it as well. The investments would start at $10 million, far below the $9 billion in grants that were converted to equity for Intel.”
© mezzotint / Shutterstock.com