Overnight Market Wrap: 19 October 2022

Overnight Market Wrap: 19 October 2022

Key Points:

  • Stocks Extend Rebound on Rising Earnings Optimism
  • Netflix gains in late trading after surprise subscriber growth
  • BofA strategists see bottom for equities in first half of 2023

Stocks continued their rebound from nearly oversold levels as traders took solace from a solid start to the corporate-earnings season even as central banks remain on hawkish footing.

After almost giving up all of its gains, the S&P 500 notched back-to-back gains to start the week. Futures extended the advance in late trading after Neflix Inc. delivered a surge in subscribers. Its shares jumped more than 13% as of 4:40 p.m. in New York. The biggest ETF that tracks the Nasdaq 100 advanced more than 1%. United Airlines Holdings Inc. climbed 7% after reporting its results.

During the cash session, the S&P 500 rose 1.1% and is now up 3.8% in two days. Goldman Sachs Group climbed on solid results. Apple Inc. rebounded after briefly turning negative on a report it was cutting production of its iPhone 14 Plus.

“Earnings season offers investors the opportunity to focus more on the actual earnings power of corporate America, and less on the machinations of the backward-looking economic data stream,” said Art Hogan, chief market strategist at B. Riley. “A better-than-feared earnings season may well be the catalyst the market needs to see a break in the steady grind lower.”

Upbeat company results, cheaper valuations and UK policy reversals have helped buoy risk sentiment. The sentiment on stocks and global growth among fund managers surveyed by Bank of America Corp. shows full capitulation, opening the way for equities to bottom in the first half of 2023.

Still, with headwinds from inflation, risks to the economy and hawkish central banks continuing to confront investors, there’s debate over how durable the gains will prove.

Trade the global markets with a broker that has integrity, honesty and transparency at its core


Market Wrap: 24 August 2023

Stocks Rally on Tech Optimism, Fed Rate Outlook:  Lackluster US, Europe economic data opens door for rate pause Nvidia’s bullish sales outlook prompts after-hours stock

Read More »

Market Wrap: 15 August 2023

Yuan Falls on PBOC Rate Cuts; Asian Stocks Mixed:  Japan’s economy shows resilience as growth beats estimates Economic woes mount in China as post-pandemic recovery

Read More »

Market Wrap: 11 August 2023

China Tech Pulls Asian Stocks Lower; Dollar Steady:  US core CPI posts smallest back-to-back increases in two years Daly says Fed has ‘more work to

Read More »

Market Wrap: 31 July 2023

Asian Stocks Echo US Rally on Soft Landing Hopes:  Yen declines after unscheduled Bank of Japan bond buying China manufacturing PMI data shows contraction in

Read More »

Market Wrap: 27 July 2023

Stocks Rise, Dollar Slips as Rates Peak in Sight:  ECB will raise rates by another quarter-point, survey shows US data Thursday include GDP, initial jobless

Read More »

This website is owned and operated by the Ox Securities group of companies, which include:
Ox Securities Pty Ltd registered address Level 37, 1 Macquarie Place, Sydney NSW 2000 Australia. AFSL 438402 ACN 163 551 602
Ox Securities Limited (SV) registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
Risk Warning: The information contained on this website is general in nature and does not constitute advice or a recommendation to act upon the information or an offer. The information on this website does not take into account your personal objectives, circumstances, financial situations or needs. You are strongly recommended to seek independent professional advice before opening an account with us and/or acquiring our services/products. Ox Securities Limited (SV) do not accept applications from residents of the United States of America and Australia
Before you decide whether or not to invest any products referred to on this website, being over the counter (OTC) derivatives, it is important for you to read and consider our Financial Services Guide (FSG), Product Disclosure Statement (PDS), and Terms and Conditions (T&C), and ensure that you fully understand the risks involved. Fees, charges and commissions apply. OTC derivatives, including margin foreign exchange contracts and contract for differences, are leveraged products that carry a high level of risk to your capital. Trading is not suitable for everyone. You may incur losses that are substantially greater than your initial investment. You do not own, or have any rights to, the underlying assets which the OTC derivative is referring to. You should only trade with money you can afford to lose. There are also risks associated with online trading including, but not limited to, hardware and/or software failures, and disruptions to communication systems and internet connectivity.

Copyright © OxSecurities 2020. All rights reserved