- Asian equities echo US declines as tech stocks hit: markets wrap
Investors’ pullback from US tech stocks on lackluster corporate results extended into Asia on Friday, weighing on the region’s major markets. Oil rallied on fresh Middle East concerns. A region-wide equity index fell, with Japanese stocks among the hardest hit. Chinese benchmarks rose as October residential property sales climbed and a survey showed the country’s manufacturing activity unexpectedly picked up last month, a sign of stabilization after Beijing’s stimulus blitz. - S&P 500 and Nasdaq suffer their worst day in over a month, led lower by tech
Stocks slid on Thursday as Wall Street digested discouraging quarterly reports from megacap technology names and awaited further results. The S&P 500 tumbled 1.86% to finish at 5,705.45. The Nasdaq Composite lost 2.76% to close at 18,095.15. Both indexes posted their biggest one-day declines since Sept. 3. The Dow Jones Industrial Average slid 378.08 points, or 0.9%, to end at 41,763.46. - Gold little changed ahead of U.S. payrolls data
Gold traded little changed on Friday as investors refrained from taking big positions ahead of the U.S. payrolls data that could provide further clues about the Federal Reserve’s interest rate outlook. Spot gold was flat at $2,746.09 per ounce, as of 0235 GMT. Prices ended lower on Thursday after hitting a record high of $2,790.15 in intraday trade. U.S. gold futures rose 0.2% to $2,755.70. - Oil climbs more than $1 per barrel on reports Iran preparing to strike at Israel
Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent crude futures, which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT.U.S. West Texas Intermediate crude future rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session. - Uber stock tumbles on gross bookings miss; company still ‘well positioned
Uber stock (UBER) tanked on Thursday after the ride-hailing giant missed on the all-important gross booking’s metric. For the third quarter, Uber reported revenue of $11.2 billion, topping Bloomberg-compiled estimates of $10.99 billion and up 22% compared to a year ago on a constant currency basis. But gross bookings, a metric tracking total revenue before fees and deductions such as driver pay, came in at $41 billion, up 16% from a year ago but missing estimates of $41.24 billion. - Peloton raises its full-year profit guidance, but expects the holiday quarter to be softer than expected
Peloton’s fiscal first-quarter results beat Wall Street’s expectations. The connected fitness company raised its full-year adjusted EBITDA guidance but posted a weaker-than-expected holiday forecast. The Bike and Tread maker also announced a new CEO. - Amazon shares pop on earnings beat, cloud growth
Amazon shares surged in extended trading after the company reported better-than-expected earnings and revenue. The company’s cloud and advertising units showed strong growth. - ConocoPhillips beats Q3 estimates, raises guidance; Shares rise
ConocoPhillips (NYSE:COP) reported third-quarter adjusted earnings that surpassed analyst expectations, raised its production guidance, and increased its dividend, sending shares up 6% on Thursday. The oil and gas producer posted adjusted earnings per share of $1.78 for Q3 2024, beating the analyst consensus of $1.67. Total production for the quarter reached 1,917 thousand barrels of oil equivalent per day (MBOED), exceeding the company’s previous guidance. ConocoPhillips raised its full-year 2024 production outlook to 1.94-1.95 MMBOED, up from its prior forecast of 1.93-1.94 MMBOED. For the fourth quarter, the company expects production to range between 1.99-2.03 MMBOED. - Apple fiscal Q4 results top estimates amid record iPhone sales, but services miss
Apple reported fiscal fourth-quarter results that topped analyst expectations, underpinned by a record quarter of iPhone sales though its key services business fell short of estimates. Apple Inc (NASDAQ:AAPL) shares fell more than 1% in afterhours following the report. The company reported adjusted earnings per share of $1.64 on revenue of $94.93 billion. Analysts polled by Investing.com forecast EPS of $1.6 on revenue of $94.4B. - Federal Reserve rate cuts could prove to be a boon for Southeast Asian economies
Higher rates in the U.S. have traditionally been a negative for emerging markets as U.S. investors typically send their dollars home in search of decent yields. But on the flipside, when U.S. rates ease, it can boost emerging markets who see renewed flows into their economies. - Harris Hits Trump’s Rhetoric as GOP Allies Seek to Calm Tone
Vice President Kamala Harris seized on a remark from Donald Trump that he would “protect” women if elected whether they “like it or not” to assail her Republican rival’s stance on reproductive rights and other freedoms in an appeal to suburban and independent women. “It actually is, I think, very offensive to women in terms of not understanding their agency, their authority, their right and their ability to make decisions about their own lives, including their own bodies,” Harris told reporters on Thursday in Madison, Wisconsin, ahead of a western-state campaign swing. - Boeing Union Endorses Latest Offer to End Crippling Strike
Boeing Co. and union leaders representing 33,000 striking workers reached a tentative agreement to end a lengthy labour dispute that’s crippling the company’s commercial airplane manufacturing. The company’s latest proposal would boost wages by 38% over four years and give workers a $12,000 signing bonus if it’s approved, the International Association of Machinists and Aerospace Workers said in a statement. - China’s manufacturing output swings back into expansion in October, private survey finds
China’s factory activity swung back into expansion among smaller manufacturers in October, according to a private survey released on Friday. The Caixin/S&P Global manufacturing purchasing manager’s index came in at 50.3 in October, beating the median estimate of 49.7 in a Reuters poll. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to contraction. - Starbucks CEO Brian Niccol: Most of the issues are very fixable and, in our control,
Starbucks CEO Brian Niccol joins CNBC’s Andrew Ross Sorkin to discuss the appeal of coffee, putting guardrails around drink customization, the company’s menu plan, how the challenges at Starbucks compare to what he faced at Chipotle, the brand’s future in China, 2024 election, and more. - Dollar steady as investors eye U.S. jobs report, election
The dollar steadied against major peers on Friday, as investors awaited the U.S. jobs report to confirm economic resiliency heading into the Federal Reserve’s monetary policy meeting and a close-call U.S. presidential election next week. The yen held onto to Thursday’s gains as investors continued to digest a less dovish message from the Bank of Japan (BOJ) in the previous session. - Key Fed inflation rate hits 2.1% in September, as expected
Inflation increased slightly in September and moved closer to the Federal Reserve’s target, according to a Commerce Department report Thursday. The personal consumption expenditures price index showed a seasonally adjusted 0.2% increase for the month, with the 12-month inflation rate at 2.1%, both in line with Dow Jones estimates. The Fed uses the PCE reading as its primary inflation gauge, though policymakers also follow a variety of other indicators. Fed officials target inflation at a 2% annual rate, a level it has not achieved since February 2021.Though the headline number showed the central bank nearing its goal, the inflation rate was at 2.7% excluding food and energy, after the so-called core measure increased 0.3% on a monthly basis. The annual rate was 0.1 percentage point higher than forecast.
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