S&P win streak ends but bounces back; Canadian Markets TSX and Economics Recap

 | Nov 10, 2023 17:47

This content was originally published on BD Investing's Newsletter

S&P 500 had its 8 day streak came to an end on Thursday after papa Powells speech reinforced the “higher for longer” interest rate narrative and his foul language. Close that f***ing door!

BUT we had a nice bounce back today to close the week higher. TSX was down 1% this week as BoC minutes showed rates could go higher (I think they’re bluffing)

S&P/TSX 60 Week's Performance

Market watch/Earnings

Berkshire, Warren Buffets company has been stacking cash since 2020 sitting on a mountain of cash, reaching a historic high of $157.2 billion. The only stock he’s been buying is Occidental Petroleum (NYSE:OXY) $OXY. I wonder what company he’s eyeing on buying.

Microsoft (NASDAQ:MSFT) stock closed at an all time high on Open AI hype, credit card balances hit a $1.08T record high & the CEO of Bank of America (NYSE:BAC), Brian Moynihan, has stated that the research team is predicting a soft landing for the US economy.

  • Uber missed Q3 analyst earnings and revenue expectations but showed strength in other areas such as gross bookings

  • Datadog shares rocketed 28% after reporting strong earnings

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    Disney reported EPS of $0.82 beating expectations of $0.70 Revenue of $21.2B missing expectations of $21.4B

Insider Trades

Sells by executives isn’t always a red flag, people can sell for many reasons. But people only buy for one reason.

Headlines you need to know

  • INTEL IS IN LEAD FOR BILLIONS MORE IN GOVERNMENT FUNDING TO BUILD DEFENSE-CHIP FACILITIES

  • KOREAN STOCK MARKET rallied AFTER SOUTH KOREA BANNED SHORT SELLING. 12% in one day on Monday.

  • Hyundai to possibly produce the Apple (NASDAQ:AAPL) Car

  • Wework preparing to file for Chapter 11

  • Elon Musk debuts ‘Grok’ AI bot to rival ChatGPT

  • Billionaire Ken Griffin has said that investors need to be watching and investing in China.

  • SpaceX Eyes $15 Billion in 2024 Sales on Starlink Strength

  • $AMZN announced a new health care benefit program for Prime Members for $9 a Month (or $99 a Year)

  • Facebook (NASDAQ:META) $META just introduced a new feature that will let Amazon (NASDAQ:AMZN) $AMZN shopped buy products on Facebook and Instagram without leaving the apps

  • Tesla (NASDAQ:TSLA) $TSLA short interest is reportedly currently at $18.63 Billion making it the most shorted stock

  • Popular video chat service Omegle shuts down

  • China’s Consumer Deflation Returns as Recovery Remains Fragile

Crypto Corner

  • Bitcoin broke 37,000 HODL

  • Blackrock (NYSE:BLK) confirms that an Ethereum ETF is on the way.

  • Eth broke 2000 !

  • BD currently owns BTC, ETH & DOGE

Oh Canada

  • Some Bank of Canada Officials Believed Rates Would Need to Go Higher, Minutes Say

  • Organigram jumped 19% after receiving roughly $91.3 million investment from British American Tobacco (LON:BATS)

  • Cameco (TSX:CCO) and Brookfield Renewable Partners acquired $7.9B nuclear power plant equipment maker Westinghouse Electric (RT)

  • Toronto named the "rattiest" in the country for second year in a row ( I don’t find it that bad)

  • National bank cuts staff in capital services & no longer offers deposit boxes
  • RBC (TSX:RY) cutting jobs in US that may climb over 1000
  • Greater Toronto home sales drop 5.8 per cent in October amid high borrowing costs
  • Canadian Tire (TSX:CTCa) looks to cut about 3% of workforce as it faces softening demand

Oakwest has purchased another $250k worth of $EQB.TO shares on the open market

  • $NVEI rallies 20% after reporting strong earnings

  • $Pza pizza pizza eps 0.25 v 0.26 reported ,revenue 159.5m v 163m

  • $SU beat eps 1.40 v 1.52 but missed on revenue

  • $TRP beat eps 0.97 v 1.00 but missed on revenue

  • $MFC beat eps of 0.83 v 0.92

  • $H beat eps of 0.56 v 0.59

Economics

Jerome Powell left the markets sour as usual & said the same thing..as usual. Unions have secured the highest raises in decades, per Bloomberg..so should you get a unionized job? US 30-year mortgage rate plunges by most in nearly 16 months meanwhile it only gets worse in Canada with renewals coming up.

  • FED'S JEROME POWELL: NOT CONFIDENT WE'VE ACHIEVED STANCE TO HIT 2% INFLATION

  • POWELL: PROCESS OF GETTING INFLATION TO 2% HAS 'LONG WAY TO GO

Next week is Inflation, PPI & jobs report. CPI (inflation) comes out on Tuesday. Inflation is forecasted to come down lower than last month. Inflation cooling down is always a good sign for the markets.

BD investing Discord

As you all know I have a investing & trading group on Discord. However this week i took a break from trading and went on a Royal Caribbean $RCL cruise to Florida, Bahamas, Haiti & Jamaica. I went 3/3 for trades this week. The team still made profitable trades thanks to some of the veteran traders in the group, good job ! Bdinvesting.org.

Meme Spot

Written By: Bilaal Dhalech

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