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Markets and Indices
The American stock market continued to drop during Thursday trading and the downward trend is expected to continue as we enter the last trading session of the week.
- The S&P 500 fell 40.43 points (1.44 percent).
- The Nasdaq Composite fell 157.56 points (2.06 percent).
- The Dow Jones Industrial Average fell 327.23 points (1.27 percent).
- PayPal beat Wall Street’s predictions for the third quarter, and the stock jumped by 7.5 percent in after hours. A lot of the increased revenue came from Venmo which saw a 78 percent increase in overall usage.
- The Chinese stock market is plummeting, and the country’s GDP is showing signs that haven’t been seen since the last economic crisis. Unfortunately, this also indicates rough times ahead for the American stock market.
- Philip Morris International saw their shares jump on Thursday after they beat earnings and revenue estimates thanks to new lower risk products overseas. However, the company shares are still down year to date.
GBP/USD and EUR/USD are both falling due to Brexit issues as well as negative yield spreads in Europe.
- Oil continued to fall during yesterday trading, and analysts are seeing two potential outcomes. Either oil falls further thanks to increased production or the price bounces on an overall positive market mood.
- The price of gold is stuck and indicates that a yet another short downward trend has been initiated.
The cryptocurrency market is following the stock market’s downward trend, and most assets are trading in red as we enter Friday’s trading session.
- Bitcoin is down 1.05 percent since Thursday morning.
- Ethereum has dropped another 2.23 percent since yesterday.
- XRP is down 3.22 percent in the same time frame.
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