Daily Market Report - Tuesday, Oct 26, 2021

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The social media giant Facebook (NASDAQ: FB) stock up almost 2% in after-hours trading following the release of the Q3 earnings announcement. FB reported better-than-expected Q3 earnings while the company missed the revenue forecast, and it came almost exactly the same as the previous period. The company expects fourth-quarter revenue to be in a range of $US31.5 billion to $US34 billion.

  • Earnings per share (EPS): $3.22 vs. $3.19 expected
  • Revenue: $29.01 billion vs. $29.57 billion expected
Facebook said that it will be adding $50 billion to its stock buyback program. The company also announced that it will change its reporting structure to split a unit called “Facebook Reality Labs.

EQUITIES

The US major indices Dow Jones and S&P 500 closed at record highs on Monday supported the tech stocks and Tesla shares rally. Tesla (NASDAQ: TSLA) shares bounced 13% on Monday which pushed Tesla's total market value to just over $1 trillion.

OIL

Crude oil prices retreat from the fresh year high focus shifts to API inventory data which is set to be released later in the day. The last week API data showed a 3.29-million-barrel increase in US crude inventories.

CURRENCIES

In the currency market, the Euro remained under pressure against the major currency pairs. The British pound slightly recovered from the previous session losses while the currency pair struggled to break above the previous week highs as the markets expect a 60% likelihood that the BOE will hike interest rates during the next week meeting.

GOLD

The precious metal slightly retreats from the early session gains but trades above the $1800 psychological level. Moving ahead, the gold inventors anxiously awaiting the US Q3 GDP results, which could trigger volatility in the market.

Economic Outlook

On the data front, On Monday Germany released the latest IFO survey results. The data showed German IFO Business Climate Index dropped to 97.7 in October as against consensus estimates for a fall to 97.9 from 98.9 recorded in the previous month.

Moving ahead today, the important events to watch:

US – Consumer confidence: GMT – 14.00

US – New homes sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 243 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46 million cases and has had more than 735,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains mixed, the immediate support for the Euro stands near the level of 1.1570. On the flip side, the first resistance at 1.1640 any break above this level will open 1.1670 minimum.

eurusd


The important levels to watch for today: Support- 1.1590 and 1.1570 Resistance- 1.1640 and 1.1670

GOLD: On the daily time frame, the gold is currently supported at $1788, and the resistance is around $1812. On the upper side, the long-term buyers should wait for a daily close above the $1815.

gold neww


The important levels to watch for today: Support- 1795 and 1788 Resistance- 1810 and 1815

Quote of the day- All intelligent investing is value investing — acquiring more that you are paying for. You must value the business in order to value the stock. – Charlie Munger.

Read the detailed report here- https://gulfbrokers.com/en/daily-market-report-391
 
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