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Daily Fundamental Analysis: Wall Street Starts November on a Cautious Note Ahead of US Midterm Elections
Dow futures fell 157 points in early trading today, while S&P 500 futures slipped less than 0.1% and Nasdaq-100 futures edged up 0.1%.
In the previous session, the Nasdaq fell 1% and the S&P 500 lost 0.5%, as investors continued rotating out of technology stocks, while the Dow gained 0.4%.
Apple shares declined around 2% in extended trading after its weaker-than-expected margin guidance and disappointing iPad sales raised concerns about rising component costs.
Marvell and Lumentum came under heavy pressure following their announced $115 billion deal, while Oracle dropped 8% after unveiling plans to raise $20 billion through stock and bond offerings to finance its AI expansion.
Asian markets were mixed, with South Korea’s Kospi falling 3.5%, dragged down by losses in Samsung Electronics, while Australia’s ASX 200 rose 0.4% and Hong Kong’s Hang Seng gained 0.52%.
The Reserve Bank of Australia (RBA) raised its benchmark interest rate by 25 basis points to 4.85%, its highest level since November 2008 and its fifth rate increase this year. The decision was widely expected as inflationary pressures continue to intensify, with consumer prices rising 4.3% year over year in September, up from 4% in August.
Gold held near $3,945 this morning, maintaining the previous day’s recovery but remaining close to Friday’s yearly low of $3,870. Attention now turns to the midterm elections, with investors assessing the potential implications for AI, technology, healthcare and defense stocks. Markets will also monitor corporate earnings, including AMD, alongside September JOLTS data.
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