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FPG United States Stock Market Report October 30, 2024

FPG United States Stock

U.S. stock futures rose, buoyed by strong earnings reports from major technology companies.

U.S. stock futures moved higher on Wednesday as several tech giants reported positive earnings. In after-hours trading, Alphabet rose nearly 6% on its cloud computing division’s outperforming quarterly revenue growth, while Snap and Reddit surged 10.6% and 24.8%, respectively, thanks to a stellar quarterly performance. However, AMD fell 7.6% on poor fourth-quarter revenue guidance. The focus of the market has turned to today’s Meta and Microsoft earnings reports, while Apple and Amazon will report results on Thursday. In addition, on the economic data front, the preliminary United States GDP will be released today, followed by Thursday’s PCE price index and Friday’s monthly employment report, which will attract investors’ attention.

Market drivers

1.⁠ ⁠Strong earnings from tech giants: Alphabet, Snap and Reddit’s stellar quarterly results boosted sentiment, with investors hoping that the tech sector’s performance in the quarter would drive the market upward.
2.⁠ ⁠Weak AMD’s guidance: Despite the strong performance of most technology companies, AMD’s fourth-quarter revenue guidance was weak, raising market attention to the semiconductor sector.
3.⁠ ⁠Economic Data Expectations: The market is focused on the flash GDP data, which is expected to shed light on whether economic growth remains strong. In addition, the PCE price index and employment report will provide further clues on inflation and the labor market, influencing the Fed’s future policy direction.

The previous day’s market performance

•⁠ ⁠Dow Jones: -0.36%, dragged down by financials and industrials.
•⁠ ⁠S&P 500: Up 0.16%, supported by strong performance in technology stocks.
•⁠ ⁠Nasdaq Composite: Up 0.78%, the tech sector outperformed.

Future focus

•⁠ ⁠Corporate Earnings: Meta and Microsoft earnings reports will be held today, with investors focusing on their performance in advertising revenue, AI development, and more to assess the growth potential of the overall technology sector.
•⁠ ⁠Economic data release: Today’s flash GDP and the upcoming PCE price index and jobs report will provide important economic signals for the market and determine short-term market sentiment and direction.
•⁠ ⁠Fed Policy Outlook: Investors need to pay attention to policy developments and their potential impact on the market as key economic data releases and the market’s expectations for rate cuts are likely to increase volatility.

Market sentiment and direction

Strong earnings reports from technology companies continue to drive risk appetite and the current market sentiment is optimistic. However, with the upcoming GDP data, PCE index, and monthly employment report, short-term market volatility is likely to increase. Investors are advised to pay attention to economic data and Fed dynamics to optimize investment decisions.

20,320 points of resistance above the first line, 20,500 points of resistance above the second line,
The lower first line supports 20,000 points, and the lower second line supports 19,631 points.

Risk Disclaimer: This report is for informational purposes only and does not constitute financial advice. All investments involve risk and past performance is no guarantee of future results. Please consult your financial advisor for personalized investment advice.

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