Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Despite months of positive growth, consumer spending faltered in September, falling 0.3 percent. The decline came shortly after a report showed that consumer confidence was also weighing on American shopping preferences.
Now with the holiday shopping season on the horizon, many retailers worry that September’s spending decline could mark the beginning of more cautious spending among American consumers.
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Wal-Mart Stores (NYSE: WMT) cut its sales forecast this year and was cautious about its predictions for 2015, saying that economic improvement hasn't been as rapid as originally expected, which in turn has created a difficult sales environment.
In news around the markets:
Second Case Of Ebola Emerges In U.S.
A second case of Ebola on U.S. soil has U.S. officials worried that there could be more cases reported in the coming days. On Wednesday, Amber Joy Vinson, a nurse charged with caring for a Liberian man who also had the disease, was identified as the second case of Ebola transmitted on U.S. soil. Vinson took a flight to and from Cleveland, Ohio, after being infected, making the possibility of further spread more likely.
FBI Links US Data Breaches To Chinese Government
The FBI said Wednesday that it believes hackers linked to the Chinese government may have attempted to breach the computer systems at several U.S. companies. The bureau did not release any details about which firms it suspects have been compromised, but provided companies with an outline of techniques the hackers have been using to break in and asked that they contact authorities if they have experienced any such attacks.
World Leaders Meet With Iran To Discuss Nuclear Policy
Nuclear negotiations on Wednesday between Iran and world powers ended with global leaders optimistic about a deal by late November, but no concrete forward motion. The group has set a deadline of November 24, but Western leaders have said there is a lot of work to be done before a lasting agreement can be made. The West and Iran are still at odds over Tehran’s uranium production and nuclear development program, which Iranian officials say is peaceful.
Talks Between Hong Kong Leadership And Protesters Will Resume
Hong Kong’s chief executive agreed to restart talks with protest leaders as early as next week, but warned that the police would be dispersing protesters around the city and taking down barricades in the coming days. The demonstrations have blocked several major streets in downtown Hong Kong for nearly three weeks, causing those who are not behind the movement to react negatively due to high traffic volumes and decreased business activity.
Asian Markets
Asian markets were down across the board; the NIKKEI was down 2.22 percent, the Shanghai composite lost 0.71 percent, the Shenzhen composite fell 1.47 percent, the KOSPI dropped 0.37 percent and the Hang Seng index was down 1.03 percent.
European Markets
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European markets were also broadly lower; the FTSE fell 0.21 percent and the STOXX 600 was down 0.56 percent. The Dax fell 0.15 percent, the MIB was down 1.38 percent and the IBEX lost 1.75 percent.
Energy futures were lower; Brent futures fell 0.88 percent and WTI futures were down 1.38 percent. Gold and silver lost 0.43 percent and 0.19 percent, respectively and industrial metals were also lower. Copper fell 0.35 percent, aluminum lost 1.59 percent, zinc dropped 2.96 percent and tin was down 0.20 percent.
The euro made up some ground and traded at $1.2794, but lost 0.16 percent to the pound and 0.41 percent to the yen. The dollar was also lower against the yen, down 0.08 percent, but gained 0.15 percent against the pound and 1.04 percent against the Australian dollar.
Earnings
Notable reports released on Wednesday included:
- Bank of America Corp (NYSE: BAC) reported third quarter EPS of $0.42 on revenue of $21.23 billion, compared to last year’s loss of $0.20 on revenue of $21.53 billion.
- eBay Inc (NASDAQ: EBAY) reported third quarter EPS of $0.68 on revenue of $4.35 billion, compared to last year’s EPS of $0.64 on revenue of $3.89 billion.
- Netflix, Inc. (NASDAQ: NFLX) reported third quarter EPS of $0.96 on revenue of $1.41 billion, compared to last year’s EPS of $0.52 on revenue of $1.11 billion.
- PNC Financial Services Group Inc (NYSE: PNC) reported third quarter EPS of $1.79 on revenue of $3.84 billion, compared to last year’s EPS of $1.79 on revenue of $3.92 billion.
Stocks moving in the #PreMarket included:
- Johnson & Johnson (NYSE: JNJ) was up 0.25 percent in premarket trade after gaining 1.24 percent on Wednesday.
- Air Products & Chemicals, Inc. (NYSE: APD) was up 0.18 percent in premarket trade after rising 4.35 percent on Wednesday.
- Netflix, Inc. (NASDAQ: NFLX) was down 25.10 percent in premarket trade after the company’s third quarter earnings report revealed weaker-than-expected subscriber growth.
- Yahoo! Inc. (NASDAQ: YHOO) was down 2.41 percent in premarket trade after falling 7.94 percent over the past five days.
Notable releases expected on Thursday include:
- UnitedHealth Group Inc. (NYSE: UNH) is expected to report third quarter EPS of $1.53 on revenue of $32.76 billion, compared to last year’s EPS of $1.52 on revenue of $30.62 billion.
- International Business Machines Corp. (NYSE: IBM) is expected to report third quarter EPS of $4.32 on revenue of $23.41 billion, compared to last year’s EPS of $3.99 on revenue of $23.72 billion.
- Schlumberger Limited (NYSE: SLB) is expected to report third quarter EPS of $1.46 on revenue of $12.64 billion, compared to last year’s EPS of $1.29 on revenue of $11.61 billion.
- Delta Air Lines. Inc. (NYSE: DAL) is expected to report third quarter EPS of $1.18 on revenue of $11.12 billion, compared to last year’s EPS of $1.41 on revenue of $10.49 billion.
Economics
Notable economic releases expected on Thursday will include the Italian trade balance, U.S. industrial production and U.S. manufacturing production.
For a recap of Wednesday’s market action, click here.
Tune into Benzinga’s #PreMarket Prep show with Harlan Pyan, Neil Dutta & Rev. Emmanuel Lemelson here.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.