- Indices are gaining, partially recovering yesterday's losses
- The US Dollar Index rebounds, gaining 0.20%
- US Treasury yields are also rising
Market volatility is exceptionally high at the end of the week. Investor uncertainty related to the upcoming US presidential elections next week, combined with significant macroeconomic data releases, is fueling sentiment fluctuations.
Today, at the beginning of the cash session, we observed a slight rebound attempt in stock indices after yesterday's declines, supported by a weaker-than-expected NFP report. However, the initial upward reaction on the indices was soon erased, and the dollar, after an initial sell-off, started to gain. The Bureau of Labor Statistics (BLS) issued an additional statement suggesting that hurricanes may have had a partial impact on employment in the economy, which ultimately minimized the market reaction. Subsequently, the final PMI data for manufacturing and the ISM report were released. PMI results came in fairly strong, but investor attention focused on the ISM report. The main index for manufacturing showed a decline to 46.5 points, deepening the gap from the 50-point threshold. The data might have been better received by investors if it weren’t for a significant jump in the price sub-index, which rose from 48.3 points last month to 54.8 points now. This increase drove a stronger upward move in the dollar, which is currently gaining 0.20% to 104 points. There was no significant reaction on the indices, and bulls managed to maintain the gains.
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The index is rebounding dynamically today from the support level around 5730 points. At the time of writing, bulls are already testing the 5800-point level, up by 0.90%.
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Source: xStation 5
Company News
Earnings season remained in the spotlight, with Apple (AAPL.US) slipping 1.60% after missing revenue estimates in China and its services segment, while Amazon (AMZN.US) gained 7.30% on strong holiday season revenue guidance. Intel (INTC.US) rose 6.80% following a better-than-expected quarterly report and progress on its restructuring.
ExxonMobil (XOM.US) and Chevron (CVX.US) climbed 0.66% and 3.67%, respectively, after surpassing quarterly earnings expectations.
Uber Technologies (UBER.US) gains 1.70% as the company reported strong third-quarter 2024 results, with revenue rising 20% year-over-year to $11.2 billion and net income surging to $2.61 billion from $220 million last year, pushing profit margins to 23% from 2.4%. EPS climbed to $1.24 from $0.11, and gross bookings and trips both increased, with trips up 17% year-over-year. Despite the robust financial performance, a cautious 2024 outlook led to limited market reaction.
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Atlassian's (TEAM.US) surges 13% after strong fiscal Q1 2025 results, driven by 31% year-over-year cloud revenue growth that beat expectations and boosted confidence in conservative guidance. Morgan Stanley raised its price target to $259, highlighting Atlassian's monetization potential from AI investments. KeyBanc upgraded the stock to Overweight, citing stable seat expansion and a promising outlook for IT budgets in 2025, with future growth catalysts including AI and cloud migrations.
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