US stocks surge sharply πŸ”₯

Right after the American stock market opened, S&P 500 and Nasdaq rose 2.7% and 3%. This growth may be explained by expectations that weaker-than-expected US economic statistics will soften the Federal Reserve’s extreme hawkish tone.

More market movers from category

GitLab surges after Q3 results πŸ“ˆ

After falling 7% for the day, GitLab surged almost 20% to $45 after hours when they posted quarterly results. Analysts had forecasted a loss of $0.15 per share on revenue of $106 million. GitLab racked up $113 million in revenue instead, with a $0.10 loss per share.

Circle won’t be going public

Circle, the company that created one of the most prominent stablecoins, USDC, has canceled its plans to go public. Circle had publicly announced plans for an IPO inΒ July 2021, with a market valuation of $4.5 billion through SPAC.

HSI rises amid positive sentiment πŸ“ˆ

The Hang Seng Index (HSI) jumped more than 4.5% to 19,500 on Monday, reaching levels not seen since early September. The bullish move is driven by optimism that a China reopening would improve the outlook for global growth.

DG drops 8% after missing consensus πŸ“‰

Dollar General (DG) stock fell by 8% after it missed consensus, but an analyst said it’s a ‘great buying opportunity.’ The company missed the forecasted 2.54 EPS with 2.33 EPS. However, the revenue goal has been exceeded by $8 million.

Pinduoduo reports great earnings πŸ”₯

Pinduoduo (PDD) stock jumped 15% in the pre-market after quarterly results. The company reported much higher earnings per share of 8.62 instead of 4.79. The forecasted revenue for Q3 was $30.71 billion, but the firm surprised the market with $35.5 billion revenue.

The stock market continue in an uptrend

Several stock indices had a relief rally, taking S&P 500 15.5% higher and Nasdaq 12.5% up from their local bottoms. The upcoming Christmas suggests the uptrend may continue due to the historic “Santa Claus Rally.” This could take S&P 500 above 4,100 and Nasdaq above 12,200 if history repeats itself. However, dangerous levels are in the way.

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WTI oil rises after touching 1-year low

WTI crude oil jumped by 4% to $75.5, bouncing back from a one-year low of $71.8 from yesterday. Optimism about the Chinese economy reopening drives the commodity higher after it has been trending downward for several months.

BoC raises interest rates to 4.25%

The Bank of Canada (BoC) increased its key rate by 50 basis points, from 3.75% to 4.25%, in its final meeting of 2022. This rate hike brought borrowing prices to their highest level since 2008, up 4% since March. Policymakers affirmed that they would keep their tightening policy in the near future.

Tether created new stablecoin

Tether (USDT) as the largest stablecoin provider is expanding on Tron network by adding a Chinese Yuan. Bitfinex plans to be the first to offer Chinese Yuan stablecoin (CNHT) on its crypto exchange.

EU economy rises 0.3% in Q3

The economy of the Eurozone grew by 0.3% in the Q3 2022, which was a bit more than the initial estimate of 0.2%. This is 0.5% less than in the previous quarter as the economy grew by 0.8% in Q2.

WTI crude oil drops further

WTI crude oil fell almost 2% to $73, the lowest level reached since December 2021. Worries about weak global demand keep the bearish momentum going. The US and Europe, in particular, are seeing a drop in manufacturing activity because of tighter financial conditions.

RBI lifts interest rate by 35 bps

The Reserve Bank of India (RBI) raised its key interest rate by 35 basis points, from 5.9% to 6.25%. This was the fifth rate hike in a row, and it was widely anticipated. As a result of continuous rate hikes, inflation slowed to 6.7% in October, down from a high of 7.4% in September.

News

S&P 500 advances as dip buyers re-emerge
SP500
-0.19%

S&P 500 advances as dip buyers re-emerge

It looks like the selling could ease as bears appear exhausted, giving a nice chance to bulls for a short-term rally.
Gold to $3,000? Saxo Bank says so!
XAU
0.65%

Gold to $3,000? Saxo Bank says so!

Gold struggles to find serious investors. Nevertheless, the outlook looks promising.
Bitcoin payment app Strike expands to Africa
BTC
0.51%

Bitcoin payment app Strike expands to Africa

Strike and Bitnob will collaborate by using the Lightning Network to empower African nations with a better payment system.
USD/JPY at critical technical crossroads
USDJPY
-0.34%

USD/JPY at critical technical crossroads

The greenback is trying to recover from the recent selling pressure. However, it stays below previous lows, implying the weakness of bulls.