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.
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.
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 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.
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