BM Market Report 24/10 – 2018: Stock Market Fluctuation, Oil Prices, and HTC’s Blockchain Phone

BM Market Report 24/10 – 2018: Stock Market Fluctuation, Oil Prices, and HTC’s Blockchain Phone

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Markets and Indices

Tuesday turned out to be one of the most volatile and, at times, scary days on the market so far this year. After having taken a nosedive early in the day, most indices recovered almost fully.

  • The S&P 500 initially dropped closed to 70 points before ending the day at -15.19 points (0.55 percent).
  • The Nasdaq Composite fell more than 200 points before rallying back to -31.09 (0.42 percent).
  • The Dow Jones Industrial Average sent a wave of fear among investors when it fell over 550 points as soon as the market opened driven by poor quarter reports from 3M and Caterpillar. Later on in the day, the Dow Jones recovered 400 points ending the trading session at -125.98 points (0.50 percent).

Stocks

  • McDonald’s posted an impressive earnings report that saw the stock rally over 6 percent before the bell.
  • Harley Davidson also posted a positive report, however, due to decreasing sales numbers in the United States, the stock slipped.
  • Uber announced two major plans on Tuesday. Firstly, the company plans to increase prices for rides in London to help combat the massive pollution issue the city suffers from. Secondly, the company is planning to expand its food delivery service to include 70 percent of the United States.

Forex

  • Goldman Sachs claims that the Chinese yuan will weaken substantially over the coming six months.
  • Yesterday, the European Union denied Italy’s proposed 2019 budget and gave the government three weeks to correct it. Therefore, we are keeping our eyes on the EUR as the new trading day starts in Europe.

Commodities

Oil slumped during Tuesday over fears related to the upcoming Iran sanctions. However, prices stabilized somewhat later on in the day and are now edging their way upwards.

Cryptocurrencies

Compared to the rest of the markets, the cryptocurrency market had quite a calm day.

  • Bitcoin is up 0.50 percent since yesterday.
  • Ethereum is up 0.37 percent.
  • XRP is up 3.09 percent.

Also, Coinbase and Circle has gotten together to start offering a stablecoin backed by the USD.

HTC just launched a blockchain smartphone called Exodus which can only be purchased using cryptocurrencies. The price is listed at 0.15 Bitcoin

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