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Markets and Indices
After a hectic week with massive sell-offs, Friday continued in a similar matter and all three major indices fell although not as much as earlier in the week. The forecast for this coming week is uncertain but we can expect Monday’s trading session to set the pace for the rest of the week.
- The S&P 500 dropped 46.88 points (1.73 percent) during Friday.
- The Nasdaq Composite dropped 151.12 points (2.06 percent).
- The Dow Jones Industrial Average dropped 296.24 points (1.19 percent).
- Similar to last week, we have a large number of company reports to keep an eye on this week. For example, tomorrow Facebook, Pfizer, Mastercard, Coca-Cola, L’oreal (France), and General Electrics are publishing Q3 reports. See a full list of this week’s reports here.
- IBM just finalized its biggest acquisition ever and the third largest in the US tech industry as they’re buying Red Hat for $34 billion. Red Hat is a world-leading distributor of open-source software.
- A private equity firm based in Bahrain has said they are ready to up their investments in the booming American economy. Investcorp is also looking at investing in China and India with the aim of establishing themselves as a world-leading investor.
We have an eventful week ahead of us with the United States preparing for next week’s mid-term elections and the UK publishing their annual budget report. That being said, Monday trading has been relatively calm as the Asian markets opened.
Iran started selling oil to private companies on Sunday in order to beat the upcoming sanctions from the US. In addition, China and India could be preparing to pick up some of the export.
The cryptocurrency market has remained stable and fluctuations have been kept at a bare minimum around 1 percent, despite the sell-offs on the international stock markets.
- Bitcoin is down 0.23 percent since Sunday morning.
- Ethereum is trading horizontal and is only down 0.03 percent since yesterday.
- XRP is up 0.54 percent marking the biggest increase among the top 10 assets besides Monero which is up 1.20 percent.
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