Tesla surges, oil slumps, and gold teeters: Here’s what’s shaking markets this week 🚀📉
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*Figures correct as of 28 October, 2024
U.S. markets had a rocky week, but Tesla stole the spotlight, jumping 17% after its Q3 earnings and 2025 growth projections - its biggest one-day gain in a decade!
This tech boost helped balance out hits from IBM and Boeing, which dragged on the Dow with weak earnings and strikes.
Despite the ups and downs, better-than-expected Unemployment Claims and PMI data brought a glimmer of optimism.
This week, five of the “Magnificent Seven” (including Apple, Microsoft, and Meta) report earnings, topped off with Non-Farm Payrolls on Friday.
Will they help the market finish October strong?
Crude oil: Can the Bulls hold on? 🛢️
Oil’s wild ride continued last week, with prices briefly popping above $72 before tumbling below $70.
Bullish momentum has stalled, and technical patterns hint at possible downside.
The recent BRICS summit didn’t shake markets, though China’s economy remains a worry with limited options for major stimulus.
Gold’s resilience tested 🪙
Gold saw a record high of $2,760 last Wednesday but quickly retreated, impacted by disappointing earnings from Newmont.
While gold held above $2,700, this level could be make-or-break this week. Silver fared worse, dropping 5% from recent highs, and now needs a solid bounce-back to stay bullish.
Economic calendar: What’s next? 📆
Daylight Savings Time ends in the UK and EU, shifting markets an hour earlier this week. Highlights include Japan’s Lower House elections, UK’s budget, and key data from China and the U.S., including Core PCE, the Fed’s preferred inflation gauge.
All eyes are on this data ahead of next week’s FOMC meeting.
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This week’s key earnings 📅
Monday
Tuesday
Wednesday
Thursday
Friday
Stay tuned - it’s a week packed with potential market movers! 🌪️
Keep pushing forward, and let the trades roll!
*All views and opinions are analysis not advice. You should seek independent financial advice where required.
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