Daily Market Comments(20211022)-Wild Wild
- DJI reached all time high, while NASDAQ dropped 0.82%, as SNAP missing its lowest estimate, blaming — weirdly — supply chain issue causing less spending on advertisements of corporate clients.
- China Evergrande reported to pay an overdue interest of 83.5 Million USD.
- Trump’s Truth Social(NASDAQ: DWAC) went wild, with nearly 800% this week.
Winners and Losers (in my watching list): WE+10.53%, UVXY+2.69%, PDD+1.96%, NFLX+1.78%; MVIS-7.90%, QS-7.27%, GME-6.55%, DIDI-6.32%.
Bond Market: 10Y dipped to 1.636, and 30Y to 2.072
Equity Market: NASDAQ closing at 15090.20, -0.82%; DJI 35677.02, +0.21%; S&P500 4544.90, -0.11%.
Econ Calendar: U.S PMI reported 59.2, lower than expecting 60.5, while services PMI 58.2 > 55.5.
Big News: Powell said supply chain issue might cause higher inflation. Law makers could not agree on Biden’s spending bill, though moving closer to a deal according to Biden. SCOTUS agreed to hear two challenges to Texus abortion law, while the law still in effect. Rudy Giuliani’s former associate convicted on Campaign Finance charges, who had helped Rudy to persuade Ukraine to start investigation on Joe Biden’s son.
Guess On Next Move: The inflation rate will definitely be high for a while, if COVID constrained to some extend, Fed will have to hike the rate.