Account Info
Log Out
English
Back
Log in to access Online Inquiry
Back to the Top
Another 25bp Rate Cut! What's next for the market?
Views 8.6M Contents 516

Market Hits All-Time Highs on FOMC Rate Day | Live Stock

avatar
Kevin Travers joined discussion · Nov 8 00:05
Good morning, traders. Happy Thursday, November 7th. The market is still on the rise, with indexes opening to fresh highs in a post-election blitz that kept going. Today is Federal Open Market Committee rate decision day, and the CME futures market analysis shows trades are hoping for a cut of 25 bps. Check in with moomoo news later today at 2 pm ET.
My name is Kevin Travers; here is the news and animal spirits moving markets today.
$Warner Bros Discovery (WBD.US)$ stock climbed 13%, the highest on the S&P 500, with its first quarterly profit in more than two years, according to WSJ, after it posted better-than-expected growth in streaming subscribers.
$Trump Media & Technology (DJT.US)$ fell 20% right after the market opened after climbing 25% the day after Former President Trump won the U.S. election.
$Lyft Inc (LYFT.US)$ climbed nearly 30% after the ride-hailing app posted earnings raised its outlook, and reported double-digit gains in ridership and revenues in its latest quarter. Gross bookings rose 16% to $4.12 billion in the last three months as the app's number of active users rose to 24.4 million. Analysts polled by FactSet had expected $4.08 billion in bookings, while the number of riders aligned with estimates.
Market Hits All-Time Highs on FOMC Rate Day | Live Stock
Within industries, Apparel Manufacturing climbed 6% overall, led by both share classes of $Under Armour-A (UAA.US)$ that saw a jump of 29-33% after the firm reported earnings Thursday morning that impressed investors.
$Crude Oil Futures(JAN5) (CLmain.US)$ fell back a bit, seeming free from post-election volatility and sitting near $71/barrel.
$Bitcoin (BTC.CC)$ ended up at $75k/coin, only climbing slightly after breaking an all-time high after Trump's victory. Gold and silver both climbed. $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell. Bloomberg reported Thursday the $28T U.S. government debt market sold off heavily after Trump's win, causing yields on Bonds to rise to their highest values since the summer. Bloomberg reported bond traders and economists are worried the "king of debt" will spend more money and increase the deficit, reigniting inflation and causing U.S. debt payments to rise above the yearly GDP.
The market overall was still in climbing mode. Just past 10:50 am ET the $S&P 500 Index (.SPX.US)$ traded +0.65%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 7 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.30%.
In macro, everyone awaits to FOMC rate decision after a fall in overall PCE inflation to nearly 2%, and very soft labor numbers last month with just a net 12,000 additional payrolls.
Continuing jobless claims Thursday morning came in higher than last month, at 1.892M vs last month's 1.853M.
Yesterday, one user said Bitcoin performed better under Trump. Bitcoin started at $600/ coin when Trump was first elected, and throughout his term, he talked down about crypto. in 2019 he said it was not money, according to CNN.
“We have only one real currency in the USA, and it is stronger than ever,” Trump wrote on Twitter in 2019. “It is called the United States Dollar!”
Regarding the earliest data available on moomoo, bitcoin shot up from $2k-$19k under Trump. After Biden was elected, Bitcoin soared 98%, from $19-$41k, then falling before a second run to $75k. Trump adopted a pro-crypto stance during his run for 2024.
Market Hits All-Time Highs on FOMC Rate Day | Live Stock
Market Hits All-Time Highs on FOMC Rate Day | Live Stock
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
22
1
1
1
+0
6
Translate
Report
278K Views