Positive day but only for some assets. Bitcoin shines as it approaches the historical highs of March with a hyperbolic and continuous bullish movement that in fact lasted all day and saw its maximum expression at the opening of the US cash. Immediately after the opening of the American cash register, the Jolts data comes out, the first labor market data, simply disastrous data considering the starting data and the initial estimates. In the evening the quarterly reports of Google and AMD are released, very good quarterly reports but which have had different results on the markets with completely opposite fluctuations for the two stocks.
EUPHORIC BITCOIN AND MIXED MARKETS
We initially witnessed a rise in the Nikkei in the Asian session which came dangerously close to last week’s highs with a bullish dynamic following that seen yesterday. A Nikkei with no signs of slowing down and a European market that opens by looking for highs, highs that were then sold during the day and which led the European indices to completely turn the returns from positive to negative, this on all the European indices . In essence, European markets feel the highs, they are weak on bullish accelerations. In the afternoon the release of the data led the indices to support prices and the Nasdaq, the only positive index, went in search of new weekly highs with a very strong bullish movement which was not followed by S&P500, which remained in positive but without extending to new highs. Dow Jones and Russell, however, remain negative, completely unaware of the dynamics seen on tech stocks. Meanwhile, Bitcoin goes from the 71000 area to 73500, about 170 dollars away from its absolute historical highs that were seen in March. This strong acceleration was then dampened at the end of the American session with a decline that brought prices towards 72,000 dollars. Essentially, the day saw only NIkkei, Nasdaq and Bitcoin rise.
AND GIVE JOLTS
The first labor market data were surprising, this time negative. Now that we are close to the elections, it is difficult to imagine that shocking or particularly negative data could emerge, yet today’s Jolts data appears to be quite singular. The starting figure was 8.04 million jobs with an estimate that saw 8.0 million jobs as the expected figure. The data comes out particularly negative, 7.443 million jobs with consequent negative revision of the previous data which goes from 8.0 million to 7.861 million jobs. In essence, the revision burns 179,000 jobs and the figure comes out 547,000 units away from the estimate. A figure that should make us reflect but which in fact ultimately appears to be unrelated to the final result of the unemployment data which would eventually be confirmed only by a series of further negative data due out between tomorrow and Thursday, the day on which the initial and continuous requests for unemployment will be released. unemployment benefits and the Challenger report.
GOOGLE AND AMD QUARTERLY
Excellent quarterly reports to say the least but with completely different results on prices. Google’s quarterly results are exceptional with earnings per share 15% higher than estimates at 2.12 dollars per share versus the 1.84 initially estimated. Revenue below analysts’ estimates but well above prior periods at $88.27 billion. AMD reports earnings per share in line with estimates at $0.92 per share and revenues at 6.81 billion, higher than analysts’ estimates of revenues of $6.71 billion. The reactions of the stocks were diametrically opposite with Google accelerating upwards after a very positive day which saw the stock close at +1.66% at 171.14 dollars and then reaching a high in the afterhours at 181, an increase of more than 5.5%. AMD literally collapses and after the astonishing performance of the US session with a closing at 166.25 dollars with a +3.96%, it loses around -7% in the afterhours, returning to the 154 dollar area. Tomorrow it will be the turn of Microsoft and Meta, while Thursday it will be the turn of Apple and Amazon.
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