Rising Tech Supported By Meta Helped Wall Street To Rebound. Commodities Prices Steadied. Dollar Weakened Against The Yuan. Cryptos Modestly Extended Losses.

Updated time: 10 Nov, 2022, 13:58 (UTC+04:00)

Stocks:

Wall Street rebounded as Meta’s upbeat earning results rising 6% underpinned the tech sector ahead of the U.S midterm elections kicking off next Tuesday. Dow Jones gained 1.31% while Nasdaq and S&P 500 climbed 0.85% and 1%. Not to mention the shining star Meta, Microsoft and Alphabet increased 2% apiece while Apple cut losses to end in green despite warning on lower iPhone production. Futures traded flat except Nasdaq futures that slightly gained 0.1%.

Rising Tech Supported By Meta Helped Wall Street To Rebound.

Midterm elections will be the main topic of discussion today, with market’s bets that Republicans could win enough votes to take back the House. Investors would focus on the financial performance of major entertainment corporations.

Commodities:

Oil prices steadied since supply doldrums cooled down recession fears and China’s commitment to its zero-COVID policy. Both Brent crude futures and U.S WTI futures added 0.1% to $97.99 and $91.86 per barrel.

The retreating dollar helped firm gold prices near a one-month high while copper prices slipped on China’s covid-19 restrictions. After making significant gains last week, spot gold steadied near $1,674.24 an ounce, while gold futures fell 0.2% to $1,677.05. Copper fell 0.1% to $3,5970 a pound.

Currencies:

As the market expected that China’s economy would revive despite the zero-tolerance approach for the Covid-19 policy, yuan and other currencies sensitive to China’s growth all gained, sending the dollar to back foot. Offshore yuan held firm at 7.2200 per dollar, marking the best performance in the recent two years. The euro recovered and hovered at $1.0026 while kiwi climbed 0.2% to a seven-week high of $0.5951. Aussie also went up together with other peers and now stood at $0.6486. Yen hit a one-week high of $146.35.

Cryptocurrencies:

Cryptos continued to extend modest losses, yet fell in the dangerous area. Bitcoin - the largest cryptocurrency in the market lost nearly 2% and now traded at $20,628 while Ethereum suffered less and traded at $1,570.

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