BM Market Report 02/10 – 2018: GE, Pepsi, EUR, and Ripple

BM Market Report 02/10 – 2018: GE, Pepsi, EUR, and Ripple

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Market and Index

The month of October got off to a pretty okay start with some gains across most markets.

  • The S&P 500 climbed 10.61 points (0.36 percent) during Monday trading.
  • The Nasdaq Composite fell 9.05 points (0.11 percent).
  • The Dow Jones Industrial Average climbed 192.90 points (0.73 percent).

Stocks

  • General Electric’s board has removed John Flannery as CEO after only a year at the switch. The reason is said to be the board’s impatience with Flannery’s turnaround plan and it might indicate that the company is doing worse than most thought.
  • Facebook has replaced Instagram co-founder with former Head of News Feed and long-term executive. Adam Mosseri will take over the role after Kevin Systrom and Mike Krieger announced their departures early last week.
  • Tesla shares are soaring after Musk made a deal with the SEC, confirming that he will remain as CEO. After a 17 percent run, Tesla wiped away all losses from Friday trading.
  • Pepsico has a quarterly report planned for later today and it’s normally a good event to trade on.

Forex

  • EUR/USD is still in a negative trend but a technical analysis might indicate a several-week-long rally is about to be initiated.
  • We got out eyes on GBP/USD as looming Brexit news could set off both a bull run or an extended bearish trend this week.

Commodities

Crude oil is soaring as Iran exports drop and Saudi Arabia is threatening to “disrupt the market”. Oil traders are now preparing for the energy market to reach as high as $100 per barrel before the year is over.

Cryptocurrencies

We are seeing minor losses across the market as we enter Tuesday trading.

  • Bitcoin is down 0.36 percent since Monday morning.
  • Ethereum is down 0.34 percent since Monday.
  • XRP is down 1.58 percent in the same time span, despite the fact that Ripple’s xRapid payment system has officially gone live for commercial use.

The top three gainers in the past 24 hours are Cortex, FunFair, and IOST, and on the other side of the spectrum, we find Reddcoin, Mixing, and Odyssey. 

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