Europe Back In Focus Following ECB Interest Rate Cut

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NASDAQ WEEKLY MARKET PULSE

U.S. equities edged higher during the 5th week of earnings season with the Dow Jones Industrial Average reaching a new all-time high yesterday.  The rally was tempered by an ECB rate cut and a Q3 U.S. GDP report showing weak consumer and business spending.

 

“Earnings and revenue ‘beats’ have been outperforming last quarter’s and are in-line with the prior four quarters,” said Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes.  “We are seeing some sector rotation as we head into year-end, but earnings have not been the primary driver as global monetary policy remains the focus”.

 

 

TOP WEEKLY INDEX MOVERS (+ / -)

 

 

TOP 5 EQUITY INDEXES: 10/30 - 11/06
NASDAQ EM EUROPE INDEX (NQEMEU)-2.9%
PHLX HOUSING SECTOR INDEX (HGX)-2.7%
NASDAQ EMERGING MARKETS INDEX (NQEM)-2.4%
NASDAQ BIOTECHNOLOGY INDEX (NBI)-2.4%
PHLX DEFENSE SECTOR INDEX (DFX)+1.7%
 
TOP 5 COMMODITY INDEXES: 10/30 - 11/06
NASDAQ COMMODITY SILVER INDEX ER (NQCISIER)-5.3%
PHLX GOLD & SILVER INDEX (XAU)-5.2%
NASDAQ COMMODITY BRENT CRUDE INDEX ER (NQCICBER)-4.1%
NASDAQ COMMODITY NATURAL GAS INDEX ER (NQCINGER)-3.6%
NASDAQ COMMODITY INDUSTRIAL METALS ER (NQCIIMER)-3.2%

 

OTHER NOTABLE INDEX MOVES

  • The PHLX Housing Index (HGX) reversed a 5.6% gain last week with a 2.7% loss over the last five days as multiples for homebuilder earnings have contracted. The Index fell below its 50-day moving average on October 31st and has weakened since.
  • The NASDAQ Biotechnology Index (NBI) fell 2.4% as it appears investors are taking profits. The Index has had a strong year, up 51% to-date, but investors appear to be de-risking with less than two months to go in the year.
  • The NASDAQ EM Europe Index (NQEMEU) fell 2.9% over the past five days as European stocks were weakened by manufacturing data and other metrics that indicated a lack of growth.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Nasdaq.com Blog , Nasdaq.com Blog , Basics , Commodities

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