Tag: DOW (INDEX:DJI)

Job Growth Spurs Stock Market Higher

Posted on by The INO.com Team

Hello traders everywhere. U.S. job growth accelerated in October after hurricane-related disruptions in the prior month, but a sharp retreat in annual wage gains and surge in the number of people dropping out of the workforce cast a cloud over the labor market. Despite the mixed news, the stock market is heading towards record highs after a somewhat weak opening.

MarketClub's Mid-day Market Report

Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labor Department said in its closely watched employment report on Friday. That was the largest gain since July 2016 but below economists’ expectations for an increase of 310,000 jobs. Continue reading "Job Growth Spurs Stock Market Higher" →

Bitcoin Becomes Impossible To Ignore

Posted on by The INO.com Team

Hello traders everywhere. I'm sure you've read and seen how Bitcoin (CME:BRTI) hit all-time highs today. The latest record surge has been brought on by an announcement from the CME that they are finally going to bring their long-awaited Bitcoin futures product to market. They intend to launch bitcoin futures in the fourth quarter of 2017, pending all relevant regulatory review periods.

The new contract will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. Bitcoin futures will be listed on and subject to the rules of CME.

I believe this news legitimizes Bitcoin as a currency for all those skeptics out there. It's going to be tough to ignore moving forward and must be looked at in the same vein as gold and the U.S. dollar.

Disagree? Leave a comment below and let me know.

MarketClub's Mid-day Market Report

Key levels to watch this week: Continue reading "Bitcoin Becomes Impossible To Ignore" →

Big Tech Earnings Boost NASDAQ

Posted on by The INO.com Team

Hello traders everywhere. The NASDAQ has gained over 2% today spurred by fantastic earnings from the tech sector, which has seen substantial profit taking as of late.

Amazon.com Inc (NASDAQ:AMZN) reported earnings per share of 52 cents a share, way ahead of Wall Streets estimate of 3 cents a share. Amazon Web Services, the company's cloud business, was its primary driver for growth, with sales leaping 42% on a year-over-year basis.

Amazon also received a boost in sales from its Whole Foods acquisition back in August.

MarketClub's Mid-day Market Report

Meanwhile, the Microsoft Corporation (NASDAQ:MSFT) beat Wall Street earnings expectations by 12 cents a share as its commercial cloud business topped $20 billion in annualized revenue for its fiscal first quarter. The stock was on track to post its biggest one-day gain since October of 2015. Continue reading "Big Tech Earnings Boost NASDAQ" →

Stocks Fall On Lackluster Earnings

Posted on by The INO.com Team

Hello traders everywhere. The U.S. stock market is posting its most significant decline in 10 weeks after a batch of lackluster earnings reported today. Turmoil over President Trump’s tax reform bill has retaken center stage giving traders reason to take pause.

MarketClub's Mid-day Market Report

Some of the notable earnings today are: Continue reading "Stocks Fall On Lackluster Earnings" →

Stock Market Poised To Close At Record Highs

Posted on by The INO.com Team

Hello traders everywhere. All three indexes are positioned to post record closes today on the back of a passed budget by the U.S. government and renewed hopes of tax reform. The dollar and Treasury yields are heading higher as President Trump closes in on naming the next Fed chair. Will Janet Yellen, the sitting chairman, survive or will we get a new chair? Check out INO.com Contributor George Yacik's article on the looming decision.

MarketClub's Mid-day Market Report

Meanwhile, sales of previously owned U.S. homes increased unexpectedly in September, showing demand is stabilizing in the aftermath of hurricanes Harvey and Irma. The National Association of Realtors said on Friday existing home sales rose 0.7% to a seasonally adjusted annual rate of 5.39 million units last month. August’s sales pace was unrevised.

Economists polled by Reuters had forecast that sales would fall 1% to a rate of 5.30 million units last month. Sales were down 1.5% from September 2016, the first year-over-year decline since July 2016.

Key levels to watch next week: Continue reading "Stock Market Poised To Close At Record Highs" →