Close race in US election impacting markets, strong earnings reported by some Magnificent 7 stocks.

From Investing.com: 2024-11-04 02:16:00

Last week, some of the Magnificent 7 stocks like Google and Amazon reported strong earnings, while others like Microsoft and Meta disappointed investors with weaker forecasts. US GDP growth for Q3 came in slightly lower than expected at 2.8%, but consumer spending remained robust. The US added only 12K jobs last month, with negative manufacturing and private nonfarm payrolls, but unemployment stayed at 4.1% and wages grew by 4%. The market expects the Fed to announce another 25bp cut this week, following the US election on Tuesday.

As the US election approaches, the prediction markets show a close race between Harris and Trump, with potential outcomes impacting treasury and international markets. Chinese equities rallied as policymakers discuss stimulus exceeding 10 trillion yuan to boost the economy. The USD weakened ahead of the election, testing key levels against major currencies like the EUR and GBP. Oil prices saw a boost as OPEC considers delaying a production increase, while tensions in the Middle East could impact market sentiment.



Read more at Investing.com: Countdown to US Election Begins – Here’s What to Expect From Markets