Market Overview 'Market Recap' Week Ending November 1st, 2019


NEW YORK, Nov. 1, 2019 /PRNewswire-PRWeb/ -- U.S. markets primarily focused on another week of earnings reports as well as the Federal Reserve's decision for another rate cut this week. On Monday, markets finished stronger as they were led by upbeat earnings from Spotify and AT&T. Moreover, reports of positive U.S.- China trade talks also drove markets higher. However, on Tuesday, markets slightly retracted as investors focused on the Federal Reserve's meeting. The consensus was that the U.S. central bank would lower rates by a quarter-point for the third time this year. Initially on Tuesday, markets began stronger led by positive financial results by Merck and Pfizer. However, Alphabet's lower-than-expected earnings slightly offset early morning gains. Then on Wednesday, markets opened relatively lower ahead of the Federal Reserve meeting in addition to a report that the Chilean government had canceled a meeting where U.S. President Donald Trump was expected to meet Chinese President Xi Jinping to discuss "phase one" of trade agreements. Later in the afternoon on Wednesday, markets skyrocketed after the Federal Reserve decided to cut its benchmark fed funds rate by 0.25% to between 1.50% and 1.75%, according to MarketWatch. From the opening bell, the Dow Jones soared by as much as 154 points on Wednesday. On Thursday, however, markets tumbled by over 200 points after concerns over the trade agreement, despite positive earnings from Apple and Facebook. Bloomberg Television reported on Wednesday night that China has doubts that it can reach a long-term trade agreement with Trump. However, Trump tweeted that the U.S. and China are working to select a new site for the signing of "phase one" of a trade agreement. Trump also mentioned that the agreement is "about 60%" of a total deal and that the two leaders "will do signing [sic]." Spotify Technology S.A. (NYSE:SPOT), Facebook, Inc. (NASDAQ:FB), Apple Inc. (NASDAQ:AAPL), Etsy, Inc. (NASDAQ:ETSY), Twilio Inc. (NYSE:TWLO).

Throughout the week, investors primarily focused on earnings reports and the Federal Reserve's rate cut. Now, investors have diverted their attention back to trade talks as the U.S. and China continue to discuss negotiations. The concerns over trade matters ultimately erased gains made throughout the week from upbeat earnings results. "Trade headlines continue to offset solid earnings and optimism from the Fed and rightfully so because the global economy is really struggling right now and most of it has to do with trade," said Ryan Nauman, Market Strategist at Informa Financial Intelligence in Zephyr Cove, Nevada.

Spotify Technology S.A. (NYSE:SPOT) reported its third quarter financial results on Monday morning. The Company reported an unexpected profit for the quarter, which shares rallying by 16% during early Monday morning trading sessions. For the quarter, Spotify reported earnings of EUR 0.36 per share on revenues of EUR 1.73 Billion. Analysts expected earnings loss of EUR 0.24 per share on revenues of USD 1.72 Billion. During the quarter, Spotify reported that revenues increased by 28% year-over-year, largely led by the increase in premium users and ad-supported revenue. 

Facebook, Inc. (NASDAQ:FB) reported its third quarter financial results after the closing bell on Wednesday. The social media giant topped analysts' earnings and revenue expectations, sending shares higher by 4% shortly after reporting. For the quarter, Facebook reported earnings of USD 2.12 per share on revenues of USD 17.65 Billion. Analysts anticipated earnings of USD 1.91 per share on revenues of USD 17.35 Billion.

Apple Inc. (NASDAQ:AAPL) reported its fourth quarter financial results after the closing bell on Wednesday. The Company surpassed revenue and earnings estimates for the quarter, which sent shares 2% higher on Thursday morning. For the quarter, Apple reported earnings of USD 3.03 per share on revenues of USD 64 Billion. Analysts expected earnings of USD 2.84 per share on revenues of USD 62.99 Billion

Etsy, Inc. (NASDAQ:ETSY) reported its third quarter financial results after the closing bell on Wednesday. The Company reported in-line earnings, but topped revenue estimates, however, shares tumbled by 17% on Thursday morning. For the quarter, Etsy reported earnings of USD 0.12 per share on revenues of USD 197.94 Million. Analysts polled earnings of USD 0.12 per share on revenues of USD 193 Million.

Twilio Inc. (NYSE:TWLO) stock tumbled by 12% on Thursday after reporting its quarterly financial results on Wednesday during aftermarket hours. For the quarter, Twilio reported earnings of USD 0.03 per share on revenues of USD 295.1 Million. Refinitv analysts expected earnings of USD 0.01 per share on revenues of USD 287.8 Million. As for Twilio's guidance, the Company forecasted earnings between USD 0.01 to USD 0.02 per share on revenues in the range of USD 311 Million to USD 314 Million. Analysts polled earnings of USD 0.07 per share on revenues of USD 322 Million.

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