The Dow Jones Industrial Average achieved its fourth record close in five sessions, driven by strong retail sales and a bullish forecast from TSMC. U.S. retail data signaled robust economic health, sustaining investor optimism despite slight losses in the S&P 500 and mixed performances among other indexes.
Posts in category Economic Times
Gold lingers near record peak, set for weekly gain (18-10-2024)
Gold prices are stable near record highs due to U.S. election uncertainty, Middle East tensions, and a looser monetary policy. Spot gold stood at $2,694.99 per ounce. U.S. gold futures rose slightly. Interest rates and geopolitical uncertainty enhance gold’s attractiveness. Swiss gold exports fell in September. Silver, platinum, and palladium showed varied price changes.
Dollar rides ‘Trump trade’ toward third weekly rise (18-10-2024)
The dollar gains strength for the third consecutive week. The European Central Bank’s dovish stance and robust U.S. data delay expectations of rate cuts. Meanwhile, the euro drops, the yen weakens, and the yuan faces a significant fall. Trump’s rising election prospects influence the dollar and Bitcoin’s performance.
Oil edges up, but on track for biggest weekly loss in over a month (18-10-2024)
Crude oil futures edged higher due to a surprise drop in U.S. inventories and Middle East tensions but are on track for their biggest weekly loss in over a month. Concerns over increased supply and lower future demand forecasts have driven prices down, despite geopolitical risks remaining high.
Bonds sell off as traders reprice Fed rate cuts (18-10-2024)
Shares in Japan rose, helped along by a weaker yen, while equities in Australia and South Korea fell. US futures were flat after the S&P 500 retreated from an intraday record Thursday to end the session little changed.
GIFT Nifty down 120 points; here’s the trading setup for today’s session (18-10-2024)
The RSI is showing a bearish crossover and is declining. However, this may not be the ideal level to initiate short positions, as the index has experienced a steep correction and is near a double-bottom support, which could trigger a near-term recovery toward 25,000
Stocks in news: Jio Financial, Infosys, LTIMindtree, Wipro, Tata Consumer, MGL, Axis Bank (18-10-2024)
IT services company LTIMindtree reported 8% year-on-year growth in its consolidated net profit at Rs 1251 crore in the quarter ended September 2024.
Infosys net profit rises 4.7% in Q2, misses Street estimates (18-10-2024)
The guidance change is the sixth consecutive quarterly revision and seventh in eight quarters. Infosys is seeing a “lot of traction in financial services, which has given us good growth last quarter and this quarter,” said chief executive officer Salil Parekh. “We see that continuing.”
Nestle India needs to up its game to justify premium valuations (18-10-2024)
The profitability also suffered on account of inflationary prices of coffee and cocoa. The operating profit margin corrected by 100 bps to 23.4%. Raw material cost stood at 43.6% of revenues-same as the year ago elevated level of 43.7%.