Originally published by Rivkin Securities
Overnight Wall Street rebounded from a substantially slow week as all three major indexes finished Thursday’s session in the green. The Dow Jones snapped a 3 day losing streak gaining 1.6% while the S&P 500 and Nasdaq also rose by 1.9% and 2.9% respectively. Market sentiment had improved following strong earnings results from Microsoft (NASDAQ:MSFT), Ford (NYSE:F), Whirlpool (NYSE:WHR), Tesla (NASDAQ:TSLA) and Amazon (NASDAQ:AMZN) as well as positive US housing data. So far 82% of S&P 500 companies have outperformed earnings expectations.
Yesterday the S&P/ASX 200 sank to its lowest level since October last year as the selling was widespread across all sectors. However if Wall Street is anything of an indicator our market is expected to start strong with SPI futures up 73 points at 8am AEDT. Numerous economists are convinced many global markets are quite potentially oversold at this point.
US 10-year treasury note yields rose to 3.12%, Brent Crude oil was up to $US76.47 a barrel and Iron ore also increased 1.8%
Today’s Agenda:
- China industrial profits September
- US third quarter GDP