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US and European Stocks Rise on Strong Earnings Reports

US and European stocks rise amid strong buying momentum fueled by better-than-expected earnings reports. S&P500 hits a record.

SageFX - Oct, 22, 21

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Principal Points:

  • US and European stocks advance as investors cheer strong earnings reports
  • S&P500 hits a record high as Tesla stock jumps to $900, a new peak for the EV maker

What’s Moving in the Markets?

Equities in the US and across European markets have now mostly erased the losses made in October. Stateside, the S&P500 is already out of the red and into a new all-time high. The broader stock benchmark on Thursday logged a fresh record underpinned by strong earnings reports.

Moreover, electric vehicle maker Tesla helped boost the index as it also jumped to a new peak. Tesla shares traded as high as $900, a level that eclipsed the January highs. That said, the broad-based S&P500 notched its seventh straight day of gains as well as its 55th record close of the year.

With that in mind, the other two stock gauges in the US delivered mixed results. For one, the Dow Jones Industrial Average hovered around the flatline and ultimately ended the day below it.

However, the 30-stock blue-chip index peaked at a record high this week. On the other hand, the Nasdaq Composite added 0.6% yesterday, boosted by tech stocks like Microsoft, Netflix and Facebook.

Across the Atlantic, equities also gained Thursday on better-than-expected third-quarter results.

What’s the News on Bitcoin Today?

On Friday, bitcoin is trading relatively calm. Following a record-setting run leading to $67,000 per coin, the original cryptocurrency is now slightly lower. In more detail, the price of bitcoin now floats near $63,000, up 6% on the week.

Crypto market participants, and Wall Street players alike, welcome the second Bitcoin ETF that begins trading in the traditional markets. More precisely, the Valkyrie Bitcoin Fund will make its debut today on the Nasdaq exchange. The new Bitcoin futures exchange-traded fund comes to Wall Street just two days after the ProShares Bitcoin ETF had its launch.

As a result, trading crypto as a separate asset class has gained remarkable popularity. Not only that, demand continues to soar as financial institutions and investment banks are eager to join the crypto rally.

What to Watch in the Markets?

The earnings season shifts gears with technology heavyweights set to report quarterly earnings next week. On that note, traders and investors will be closely watching the report from social media giant Facebook scheduled for Monday.

In addition, Microsoft and Google parent Alphabet deliver third-quarter results on Tuesday. Next, Apple and Amazon are on deck for Thursday.

Economic Data Coming Up Today (EST times)

Market participants today will be looking for the latest economic reports from the UK and Canada. In particular, the UK’s PMI numbers are expected to arrive at 04:30 am. Afterwards, Canada will publish its core retail sales at 08:30 am. During these reports, heightened volatility could be expected in the forex market.

A speech by the Federal Reserve Chairman Jerome Powell is scheduled for today at 11:00 am.

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