BM Market Report 16/10 – 2018: Netflix, Apple, EUR, and Fidelity

BM Market Report 16/10 – 2018: Netflix, Apple, EUR, and Fidelity

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Markets and Indices

We are still waiting for the major indices to confirm that last week’s sell-off was a correction since they all fell again on Monday.

  • The S&P 500 fell 16.34 points (0.59 percent) before the bell.
  • The Nasdaq Composite fell 66.15 points (0.88 percent) before closing.
  • The Dow Jones Industrial Average fell 89.44 points (0.35 percent).

Stocks

  • Goldman Sachs slashed Netflix 12-month price target by 8.5 percent ahead of today’s earnings report. The reason is that Sachs believes higher interest rates will hurt the company.
  • Goldman Sachs also claims that Apple earnings could end up on the low side due to a rapidly declining demand in China.
  • While a majority of analysts are convinced that the current sell-off is a correction, Morgan Stanley’s Mike Wilson claims that we are in a “rolling bear market” and that we should expect more sell-offs.

Forex

Despite rocky developments in the eurozone, EUR/USD has gained some ground backed by a weaker dollar. Although the number of EUR shorters have increased, indicating that things are about to turn.

Commodities

Gold rose on Monday but is now set to back-track ahead of this week’s FOMC meeting.

Cryptocurrencies

Yesterday turned out to be a hectic day on the cryptocurrency market. A sudden drop in the value of dollar-backed Tether created a scare that saw investors turn to other assets which, in turn, saw prices spike across the market.

  • Bitcoin is currently up 3.21 percent since yesterday morning, trading at $6,580 after peaking just below $7,000 yesterday.
  • Ethereum is up 3.34 percent during the same time period, currently trading at $208 after touching $222 yesterday.
  • XRP is up 7.30 percent, trading very close to yesterday’s peak price at $0.47.

In addition, Coinbase has opened an office in Ireland in order to not lose access to Europe after Brexit.

And investment giant Fidelity, that currently handles over $7 trillion for investors, has launched a cryptocurrency product aimed at institutional investors. The new product has the potential of disrupting the market but will not be available to retail customers.

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