eToro‘s market insights summary
As the year concludes, attention is on the Federal Reserve meeting, with expectations of steady rates and a keen eye on Jerome Powell’s tone. Economic indicators, including CPI, PPI, retail sales, and industrial production, take center stage, along with earnings reports from Oracle, Costco, and Darden Restaurants.
Forecasts for the Federal Reserve point to maintained rates, with a potential shift towards discussions on lower rates. Stronger-than-expected U.S. job data influences the USD, impacting bond yields. Bitcoin experiences volatility amidst a broader crypto sell-off.
Movers & Shakers
Key market movements include the S&P500 reaching a new 2023 high, Paramount’s surge on takeover rumors, Lululemon’s stock rise despite a cautious outlook, and Robinhood leading financial gains with a focus on commission-free crypto trading in the EU.
The USD strengthens post-Jobs Report, while the Canadian dollar weakens due to global factors. OPEC+ production cuts may impact the CAD short-term, with the US CPI report influencing Fed guidance.
Chewy’s investor day emphasizes long-term growth, and Oracle’s Q2 results, with a 6.3% revenue rise forecast, draw attention to strong cloud performance and Q3 guidance expectations.