22nd October 2021 Morning Report

Friday 22nd October 2021

U.S. stock markets were mixed Thursday, as investors sifted through a flood of earnings reports. The number of Americans filing new claims for unemployment benefits dropped to a 19-month low last week, pointing to a tightening labour market. The Dow Jones Industrial Average slipped 0.16%, while the S&P 500 was marginally up 0.17% and the Nasdaq Composite ended higher by 0.51%. Tesla announced record quarterly revenue and profits. Shares were trading at or close to record highs.

Other key overseas markets were down, with Germany’s DAX 30 down 0.06%, France’s CAC 40 losing 0.39% and Britain’s FTSE 100 declining 0.54%. Japan’s Nikkei 225 sank 1.87% and Hong Kong’s Hang Seng dipped 0.45%. China’s Shanghai Composite closed marginally up 0.22%.

The US 10-year note yield rose to 1.68%, a five-month high, as a tighter labour market pointed to a recovering economy that faces renewed questions about the pace of inflation and whether the Federal Reserve will raise interest rates earlier, than previously indicated. West Texas Intermediate crude oil declined 47 cents to $82.95 a barrel while gold fell $1.60 to $1,783.30 an ounce.

Morning Report 22 October 2021

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