Facebook owner Meta saw net income and revenues top expectations on Wednesday as the company said it would expand investments into artificial intelligence, drawing nervousness from investors. Like its Big Tech peers, Meta is rushing into artificial intelligence as it tries to build revenue streams away from its social media core business.
Posts in category Economic Times
Yen struggles before BOJ decision; dollar stalls ahead of jobs data (31-10-2024)
The yen is under pressure as the Bank of Japan is expected to maintain ultra-low interest rates. The dollar has paused ahead of U.S. jobs data and the presidential election. Economic data from China and nonfarm payrolls in the U.S. also hold investor interest this week.
Gold hits record high ahead of key US inflation data (31-10-2024)
Gold prices reached a record high on Thursday. Investors are awaiting a key U.S. inflation report to understand the Federal Reserve’s interest rate outlook. U.S. private payrolls showed growth in October, easing concerns about hurricanes and strikes. Traders predict a high chance of a Fed rate cut next week, benefiting bullion prices.
Oil prices rise on optimism over solid US fuel demand (31-10-2024)
Oil prices rose driven by unexpected drops in U.S. crude and gasoline inventories and potential delays in OPEC+ output increases. Brent and WTI futures gained after a significant mid-week rally. Analysts attribute the rise to stronger-than-anticipated fuel demand and potential postponement of OPEC+ production hikes.
Wall street ends lower ahead of megacap earnings (31-10-2024)
U.S. stock indexes fell on Wednesday due to tumbling chip stocks. Microsoft and Meta Platforms reported better-than-expected quarterly revenue. Alphabet’s gains offset losses in chip stocks. A neck-and-neck race between Kamala Harris and Donald Trump for the upcoming election also influenced investor sentiment. The U.S. GDP increased slightly below forecasts and private payrolls growth surged.
Japan’s Nikkei trades lower, tracking U.S. peers’ declines (31-10-2024)
Japan’s Nikkei share average fell 0.4%, tracking overnight declines in U.S. stock indexes amid anticipation of the Bank of Japan’s policy decision. The broader Topix also declined by 0.44%. Fast Retailing and Terumo were the top drags, with BOJ expected to maintain ultra-low interest rates and continuation of monetary stimulus.
Asian shares decline, tech weighs on US futures (31-10-2024)
Shares in Australia and Japan opened lower, and a gauge of US-listed Chinese companies slipped in New York trading on Wednesday. US futures declined, weighed down by post-market losses for Microsoft Corp. shares, which fell around 4% in late trading after disappointing second-quarter forecasts. The S&P 500 lost 0.3% and the Nasdaq 100 dropped 0.8% Wednesday.
Pre-market action: Here’s the trade setup for today’s session (31-10-2024)
Foreign portfolio investors turned net sellers at Rs 4,613 crore on Wednesday. DIIs bought shares worth Rs 4518 crore.
Stocks in news: Tata Investment, Tata Power, L&T, Wipro, Biocon (31-10-2024)
The company reported a net profit (before exceptional items) of Rs 1533 crore in the September 2024 quarter, compared with Rs 1,017 crore in the year-ago quarter. This is an increase of 51% year-on-year.