Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
08:37
This morning in Asia, the leading indexes are trading hourly in a mixed trend. The Nikkei rises by 0.3%, the Shanghai Stock Exchange rises by 0.2%, the Hang Seng sheds about 1% of its value and the Kospi index falls by a similar rate.
Futures in the US are trading in a mixed trend.
Last night (Wednesday) on Wall Street, led by the shares of the technology companies and thanks to better than expected reports of some of them, trading closed with price increases. Nasdaq and S&P 500 rose by 1.3% and 0.7% respectively, Dow Jones rose by 0.6%. All three indexes broke Shaim and Dow Jones even closed above 45,000 points for the first time. These gains contributed to an increase of 1.8 % in XLK (the ETF on the technology sector), which reached a peak for the first time since July.
● Pay attention to Teva: the sector that could become the surprise of the year in 2025
Shares of chip company Marvel Technology jumped 23% after it issued an optimistic forecast that boosted investor confidence in stocks related to artificial intelligence (AI). The company, which makes custom AI chips for major cloud providers that help GenAI process large amounts of data quickly, expects fourth-quarter revenue that is higher than market forecasts. Yesterday it was reported by Reuters that the CEO of the company, Murphy, is considered a possible candidate for the position of CEO of Intel. Murphy said on a conference call after the reports were released that he remains “100% focused on Marvel.”
stock Marvel Up about 100% since the beginning of the year, the company’s data center segment, which includes custom chips, recorded growth of 98% to $1.10 billion in the third quarter, and accounted for more than 70% of the company’s revenue in the quarter, compared to about 40% in the same period of the year passed
Also a share nature It rose by about 1.5% last night and the company’s value is back to over 20 billion dollars. Bank of America estimated yesterday that the market is not pricing at all the original drug that Teva is developing together with Sanofi, whose clinical trial data (phase 2) will be published soon. Analyst Jason Garbery wrote that while the market’s focus is on the trial results, Teva’s improved financial profile could support the stock price regardless of the trial results. He is encouraged by data concerning Teva’s original and biosimilar medicines. The bank recommends the stock as a “buy” with a target price of $23.
Another positive standout was Salesforce’s stock, which jumped about 11% last night (Wed) after the business software provider raised its annual revenue forecast. The San Francisco-based company also beat analysts’ growth forecasts in the third quarter, mainly thanks to its artificial intelligence agent system, which is gaining a lot of interest.
Salesforce It now expects revenue of $37.8 billion to $38 billion for this year, an increase of $100 million from the previous forecast. Revenue in the quarter ended Oct. 31 rose 8.3% to $9.44 billion, beating analysts’ forecasts of $9.35 billion (according to FactSet).
Revenues from subscriptions increased by 9% compared to last year, and amounted to 8.88 billion dollars. The company’s CEO, Marc Benioff, noted that the Agentforce system, launched in September, was a key factor in the strong performance. The system provides customers with access to artificial intelligence-based “agents” that enable the automation of certain operations.
The quarterly profit was $1.53 billion ($1.58 per share), compared to $1.22 billion ($1.25 per share) in the same quarter last year. Excluding one-time items, adjusted earnings were $2.41 per share, slightly below analysts’ expectations of $2.44.
In the US, government bond yields are on the rise. The yield on the 10-year bond is 4.25%, and the yield on the two-year bond is 4.2%.
In the commodities market, the price of crude oil this morning traded around $72.2 per barrel, and the price of a barrel of Brent oil traded around $68.5.
The price of Bitcoin crossed the $100,000 mark and traded around $102,108 this morning. This is against the background of Donald Trump’s announcement tonight about the appointment of former congressman Billy Long to the position of Commissioner of the State Tax Authority, and his announcement yesterday about the appointment of the conservative lawyer Paul Atkins to head the American Securities Authority, while fulfilling one of the key promises of his campaign in the crypto industry: to replace Gary Gensler, who became a controversial figure in the industry following the PA’s “regulation through enforcement” approach under his leadership.
CPA Gidi Bar Zakai, former deputy director of the Tax Authority and now the founder of Bittax, commented on the history made by Bitcoin this morning: “By the end of the year and the first quarter of 2025, I estimate that the price of Bitcoin is expected to reach up to $120,000. In the long term, as long as it continues to be the currency that leads the industry, it can even reach real imaginary amounts to the point of redistributing wealth in the world.”
In the US, the chairman of the Federal Reserve, Jerome Powell, presented a reassuring position last night (Wed) regarding the expected relationship with the incoming Trump administration, saying that he expects close cooperation while continuing the policy to lower interest rates.
Powell emphasized the possibility of taking a more cautious approach when setting the interest rate, trying to find the “neutral point” where the interest rate neither encourages nor inhibits the economy. “Our preferred core inflation accelerated in October on an annualized basis, reinforcing a cautious approach regarding further tapering,” Powell said. He added that the risks of a decline in the employment market now seem less significant.
The next meeting of the Federal Reserve will be held on December 17-18 in Washington, but Powell did not indicate whether he supports further interest rate cuts at that time.
When asked about the president-elect and Treasury Secretary nominee Scott Bessant, Powell expressed confidence in the ability to work together. “I expect we will maintain the same general institutional relationships, for example with the Council of Economic Advisers, and especially with the Treasury Department,” Powell said at the New York Times’ DealBook conference in New York. Of Bessant, Powell noted that he was “certain that I will have the same kind of relationship with him, once he is confirmed, as I have had with other Treasury secretaries.”
Bank of America predicts another year of “unbalanced growth”, which will be characterized by better US performance. The forecast estimates stable global growth in the range of 3.2%-3.3% in 2025-2026. The forecast also states that “after 2024 is better than expected, We upgraded our forecasts for the US, but lowered them for the Eurozone.”
The bank also estimates that the policy interest rates around the world are also expected to deviate, “since the last mile of the convergence of inflation to the targets will be disrupted and depend on the country”. The bank expects the Fed and the European Central Bank to target final interest rates of 4% and 1.5%, respectively, but since Trump’s policy is still unclear, the narrative may change significantly compared to the forecast.
For your attention: The Globes system strives for a diverse, relevant and respectful discourse in accordance with the code of ethics that appears in the trust report according to which we operate. Expressions of violence, racism, incitement or any other inappropriate discourse are filtered out automatically and will not be published on the site.