BM Market Report 8/10 – 2018: Elastic, Snap, Bank Stocks, and Brent Oil

BM Market Report 8/10 – 2018: Elastic, Snap, Bank Stocks, and Brent Oil

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Markets and Index

Last week turned out to be an okay week on the American stock market with decent gains. By the looks of it, we’ve made it out of September, which historically is the worst month for the market, and is now getting ready to reach new heights. Despite that, the week ended with losses.

  • The S&P 500 dropped 16.04 points (0.55 percent).
  • The Nasdaq Composite dropped 91.06 points (1.16 percent).
  • The Dow Jones Industrial Average dropped 180.43 points (0.68 percent)

Stocks

  • Elastic, a new search company with the potential of competing with giants such as Amazon, saw its stock almost double during its first trading day on the NYSE this Friday.
  • Snap shares continued dipping on Friday after CEO announced that he wants the company to be profitable in 2019.

We have a range of company reports to keep an eye on this week with Friday being one of the most interesting, especially for the banking industry. JP Morgan Chase, Wells Fargo, and Citigroup are all publishing Q3 2018 Earnings Reports on Friday.

Forex

  • USD/EUR is slipping as the greenback takes a steadier position for the upcoming week. The EUR is also set to continue its downward trend.
  • GBP/JPY has initiated a bullish trend with lots of potential.

Commodities

Brent oil dropped after the US government announced that they may grant waivers on the sanctions planned for Iran next month.

Cryptocurrencies

We’ve only seen modest development on the cryptocurrency market over the weekend and signs that the market is stabilizing.

  • Bitcoin is trading horizontal and is up 0.01 percent since yesterday.
  • Ethereum has fallen by 0.05 percent since Sunday.
  • XRP is up 1.42 percent since yesterday morning.

The top gainers this past day are Noah Coin, 0x and Tron while the biggest losers are DigixDAO, Reddcoin, and Steem.

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