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Bloomberg
Stocks Drop as Yields Keep Rising; Pound Weakens: Markets Wrap
(Bloomberg) — Stocks dropped as Treasury yields continued to climb, with traders betting the Federal Reserve will keep raising interest rates until inflation is defeated, and as investors assessed companies’ resilience to a multitude of headwinds in the latest earnings reports. Most Read from BloombergChina Summons Chip Firms for Emergency Talks After US CurbsTrump Deposed in Suit by Investors Claiming Fraud in ‘Apprentice’ Videophone PitchesLiz Truss Odds: The Front-Runners to Replace the Prim
Reuters
Oil steadies as rate hike talk offsets China demand hopes
LONDON (Reuters) -Oil steadied on Friday as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday. Brent crude was up 3 cents to $92.41 a barrel by 1041 GMT.
Yahoo Finance
U.S. dollar has become ‘bit of a wrecking ball’: Strategist
The strong dollar is wreaking havoc on other countries and U.S. multi-nationals operating abroad. Some strategists see no near-term stop to the rising dollar, even amid a recession.
Associated Press
Global shares mostly fall as investors watch for inflation
Global shares were mostly lower Friday in muted trading, as investors kept an eye on inflation and awaited the outcome of a Communist Party congress in China. Britain’s FTSE 100 shed 1% to 6,871.64 as the Conservative Party was preparing to replace Liz Truss as prime minister within a week after she resigned on Thursday after a turbulent 45-day term, conceding that she could not deliver on her tax-cutting economic plans. Former Prime Minister Boris Johnson is among several candidates expected to vie to take her place.
MarketWatch
Twitter tells staff no layoffs are planned, following reports Musk will axe 75% after takeover
Twitter Inc. has reportedly told staff there are no layoffs planned after a separate report that Tesla CEO Elon Musk would cut 75% of the social-media company’s workers. Twitter General Counsel Sean Edgett sent employees an email on Thursday to say no widespread job cuts are planned,
Reuters
Snap crashes, drags peers, as dire forecast sparks ad growth fears
YouTube-parent Alphabet Inc, Facebook-parent Meta Platform Inc, Pinterest Inc and Twitter Inc all slid between 1.7% and 9.2% in premarket trade. “We believe Snap is facing increased competition, primarily from TikTok, both for time spent and increasingly for ad dollars, which is compounding the challenges of a softer macro and Apple’s (privacy-related) changes,” Atlantic Equities analysts said in a note. Snap, on Thursday, reported its slowest revenue growth as a public company for the latest quarter and forecast no revenue growth in the typically busy holiday quarter, while Wall Street analysts were expecting a 3.3% rise, according to Refinitiv data.
Reuters
Nasdaq futures slide as Snap’s ad warning knocks down social media shares
(Reuters) -Nasdaq futures tumbled on Friday as elevated U.S. Treasury yields and Snap Inc’s forecast of no revenue growth for the busy holiday quarter rattled shares of other social media companies. The owner of photo messaging app Snapchat lost more than a quarter of its market value in premarket trading after it also posted its slowest quarterly revenue growth in five years as advertisers cut spending due to spiraling inflation and geopolitical woes. Other companies that rely heavily on ad revenue including Alphabet Inc, Twitter Inc, Meta Platforms Inc and Pinterest Inc fell between 1.8% and 7.4%.
Motley Fool
1 Semiconductor Stock Down 47% You May Regret Not Buying Hand Over Fist
Taiwan Semiconductor Manufacturing Company (NYSE: TSM), popularly known as TSMC, delivered solid third-quarter results on Oct. 13 that crushed Wall Street’s expectations. The world’s leading semiconductor foundry by market share also delivered healthy guidance for the current quarter that points toward sustained growth in its business. Let’s look at what’s driving TSMC’s growth and why this semiconductor stock could turn out to be a top long-term pick that investors may regret not buying while it is still down.
MarketWatch
HCA Healthcare stock falls after profit tops expectations but revenue falls shy, as admissions declined
Shares of HCA Healthcare Inc. fell 1.7% in premarket trading Friday, after the hospital operator reported third-quarter profit that topped expectations but revenue that fell shy, as admissions declined. Net income fell $1.34 billion, or $3.91 a share, from $2.27 billion, or $7.00 a share, in the year-ago period. The latest quarter’s results include losses on sales of facilities reduced earnings per share by 2 cents. The FactSet EPS consensus was $3.88. Revenue declined 2.0% to $14.97 billion, ju
