1. The US dollar strengthened for the third consecutive day, while spot gold and silver saw significant intraday corrections. Earnings reports from major companies supported pre-market sentiment in US stocks. 2. Leaked documents reveal Amazon's... Hoping to use robots 3. Nvidia, which will replace 600,000 American workers. 4. Negotiating to provide guarantees for part of OpenAI's loans; 5. Unilever postpones the spin-off listing of Magnum ice cream due to the US government shutdown.
Supported by generally positive earnings reports from major U.S. companies, U.S. stocks remained range-bound in pre-market trading on Tuesday. As the U.S. dollar strengthened for the third consecutive day, assets such as gold and silver experienced significant corrections.
As of press time, Nasdaq The S&P 500 futures contract (2512) fell 0.05%, the S&P 500 futures contract rose 0.01%, and the Dow Jones futures contract rose 0.02%.
Spot gold experienced a significant drop starting at 3 PM Beijing time on Tuesday, falling from a record high of $4,381 per ounce to $4,220 during the day . While there was no clear driving event, profit-taking at record highs , signs of easing geopolitical tensions, the end of seasonal buying in India, and a stronger dollar all weighed on gold prices.
(Spot gold minute chart, source: TradingView)
Regarding the future trend of gold, analysts say the key is to see if there are signs of waiting buyers entering the market. UBS commodities analyst Giovanni Staunovo explained, " In my view, many market participants have not yet participated in this rally; they are waiting for prices to fall before entering, which will limit the downside potential of gold prices. "
Spot silver fell more than 5%. Traders and analysts said that liquidity pressures in the London spot silver market have eased as overseas silver inflows have increased.
As of Tuesday's pre-market trading, the US earnings season provided support to the market. GE Aerospace, which released its earnings report before the market opened on Tuesday, was among the companies doing so. , Coca Cola General Motors All of this brought good news to stock market investors. After the market closed on Tuesday, Netflix , the internet streaming platform... The release of earnings reports will kick off the earnings season for tech stocks.
For consumer electronics In terms of the industry, Samsung will release a product on Tuesday evening (US time) that is "comparable to Apple". Samsung 's new XR product, "Vision Pro," is described by several tech bloggers who have experienced the device. They say the overall performance is on par with the Vision Pro, but the difference lies in Samsung's ability to utilize Google's latest AI – a weakness of Apple 's.
Other market news
[Quick Overview of US Earnings Season]
GE Aerospace shares rose nearly 3% in pre-market trading after the company reported better-than-expected revenue and profit for the third quarter and raised its full-year outlook. The aircraft manufacturer benefited for the second consecutive quarter from strong demand for air travel.
General Motors shares rose more than 11% in pre-market trading after earnings exceeded expectations across the board, while the company also lowered its forecast for the impact of tariffs on its performance.
Coca-Cola shares rose more than 2% in pre-market trading after the company reported better-than-expected earnings and revenue, and reiterated its full-year outlook.
The founder of "Southeast Asia's Tencent" aims for a trillion-dollar market capitalization.
Sea Group founder and CEO Forrest Li said in a memo to employees on Monday that as the company leverages AI to drive business expansion, it is possible for the company's market value to reach one trillion dollars in the future—a staggering figure that would be ten times Sea's current market value of $98.1 billion!
Leaked documents show Amazon hopes to replace 600,000 American workers with robots .
Breaking news on Tuesday revealed that Amazon is aggressively pursuing its automation plan, anticipating that by 2027 the company can avoid hiring more than 160,000 employees that would otherwise be needed. As this plan progresses, Amazon can avoid hiring over 600,000 new employees by 2033. In its response, Amazon stated that the relevant documents were incomplete and do not represent the company's overall hiring strategy.
The future of Musk's massive compensation package is in jeopardy.
Following ISS, another well-known agency consulting firm has called on Tesla to... Shareholders casting dissenting votes in the upcoming election could thwart Musk's roughly $1 trillion compensation package.
Nvidia in talks to provide guarantees for part of OpenAI's loans
The latest report claims that Nvidia is discussing using its own data centers for its OpenAI initiatives. The loan is partially guaranteed. These loan guarantee negotiations are part of a broader data center collaboration between the two companies, including OpenAI acquiring Nvidia chips through leasing rather than purchasing.
Unilever postpones Magnum ice cream spin-off IPO due to US government shutdown.
Unilever announced on Tuesday that due to the current U.S. federal government shutdown, its U.S. securities... The SEC was unable to confirm the validity of Magnum Ice Cream's registration statement required for its listing on the New York Stock Exchange , and the company has adjusted its spin-off listing timeline. The company originally planned to list Magnum Ice Cream simultaneously on Euronext Amsterdam, the London Stock Exchange , and the New York Stock Exchange on November 10. Unilever remains committed to completing the spin-off by 2025.
Other events/data to watch tonight
October 21
At 21:00, the Federal Reserve will hold a conference on payment innovation to discuss stablecoins and artificial intelligence. And tokenization & Federal Reserve Governor Waller's speech
October 22
03:30 Federal Reserve Governor Waller delivers closing remarks at the Federal Reserve Board of Governors' Conference on Payment Innovation.
Netflix releases earnings report after market close
(Article source: CLS)
