- Traders weighed dismal results and bond-market gyrations amid fears about inflation and monetary tightening, and equities in the US rose.
- After opening lower on disappointing results from Amazon.com and Apple, the S&P 500 climbed less than 0.2%. The advances sent the benchmark index up 6.9% in October, its highest monthly rise since November last year. Meanwhile, advances in Tesla and Meta platforms after its name change from facebook propelled the Nasdaq 100 up by 0.5%.
- Inflationary pressures and the likelihood of interest-rate hikes shook bond markets around the world. The 10-year treasury rate has dropped to 1.56%. In Europe, bonds fell further after data on eurozone economic growth and inflation beat analysts' expectations, underscoring a growing belief that interest-rate hikes are on the way despite only a mild pushback from the ECB's leader.
- A number of crosscurrents are having an effect on the markets. Positive corporate performance has aided in the support of global equities. However, supply-chain snarls and higher-cost raw materials are raising expectations for rate hikes and lowering the economic outlook.
- The latest GDP data from the United States shows that growth slowed more than predicted in the third quarter, hurt by supply chains and an increase of COVID-19 infections. In addition, weekly unemployment claims fell to a pandemic low in September, but personal spending slowed in line with analysts' expectations.
- Despite reversing losses, the Stoxx Europe 600 index gained for the fourth week in a row. The value of the US dollar increased. Crude oil gained.
- Bitcoin rose to $62,600 in the crypto space, while Ethereum hit a new high.
