Markets Higher On Strong Earnings – Retail Sales Outperform – Oil, Bitcoin Surge

US stock markets rose in early Friday trading, boosted by strong earnings from key companies.

Goldman Sachs best earnings on both the top and bottom line and follows strong earnings reports out of JPMorgan, Bank of America, Citigroup and Wells Fargo which all all beat Q3 earnings expectations this week, amid a recovering economy.

- Advertisement -

Investor sentiment was further boosted by strong U.S. retail sales numbers. September retail sales rose 0.7% far surpassing economists expectations of a drop of -0.2%.

U.S. Dollar and Treasuries

The yield on the 10-year Treasury slightly to 1.562%. The dollar remained stable against a basket of major currencies.

Stocks To Watch

An Arizona-based mining company Freeport-McMoRan is up on concerns over inflation and supply disruptions. As commodities trade higher, mining stocks gain.

- Advertisement -

Marathon Oil and Occidental Petroleum were up as oil prices continue to surge, boosting the assets of petroleum extractors.

Goldman Sachs reported adjusted earnings per share of $14.93 vs $9.92 expected, on revenue of $13.61bn vs $11.60 billion. Shares of the investment bank were up ahead of its earnings reports.

Shares of the pharmaceutical company Merck were down in premarket trading after the reports that the FDA is unlikely to make a decision on the company’s COVID pill before December.

Commodities To Watch

Oil edged towards $85 per barrel as on rising demand and low supply. Saudi Arabia dismissed supply concerns, opting to keep production targets where they were. Gold is falling amid hopes of a stronger recovery. 

Crypto

Crypto markets continue to rise, boosted by institutional interest. Bitcoin is approaching $60,000, the highest it has been since April 2021 as word of an ETF for bitcoin gives investors hope.

The global crypto market cap is $2.42T, a 0.97% increase over the last day. Bitcoin’s dominance is currently 46 19%, an increase of 0.71% over the day.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $59,440.93 +2.94% 1.12t
Etherium ETH $3,786.76 +1.22% 445.08b
Cardano ADA $2.16 -1.44% 67.23b
Ripple XRP $1.12 -2.14% 49.26b
Dogecoin DOGE $0.2283 -4.08% 30.07b

 

 

SUBSCRIBE TO MY FREE NEWSLETTER

Liberals want to destroy America. Their radical agenda will pack our courts, change the voting laws, and take away our constitutional freedoms. That's why is important to Join My Newsletter and get the news directly from me.

David Marsanic
Freelance journalist, student of the Austrian school.

Related Articles

Stay Connected

137,091FansLike
693,028FollowersFollow
36,500SubscribersSubscribe
spot_img

Latest Articles

TRISH REGAN NEWSLETTER

Liberals want to destroy America. Their radical agenda will pack our courts, change the voting laws, and take away our constitutional freedoms. That's why is important to Join My Newsletter and get the news directly from me.

- Advertisement -spot_img
Get The Full Story From Me

Conservative Media is under attack from Big Tech. Please join my 100% FREE NEWSLETTER.

  • Trish Intel
  • Trish Regan
  • https://chrt.fm/track/23284G/traffic.omny.fm/d/clips/5e27a451-e6e6-4c51-aa03-a7370003783c/d93acfd6-a015-4c06-8697-ad42013d1e7d/2c146cb1-c684-4fe6-b82d-adec017e6806/audio.mp3