Stocks showed signs of improving this week after the FED kept interest rates unchanged for the second consecutive time.
The FED opted to hold rates at their highest level in 22 years at the conclusion of its latest policy meeting – fuelling investor hopes that the FED may be done hiking for the rest of the year.
Treasury yields edged lower with the 10-year yield falling below 4.8 per cent.
Yields fell lower earlier on Wednesday after the US treasury’s quarterly refunding update showed it will auction US$112 billion (AU$173 billion) in debt next week.
The S&P 500 was up 1.48 per cent in the past 5 days and the tech-heavy Nasdaq Composite was up 2.29 per cent.
Online advertising continued to do well despite growing concerns about the Israel-Hamas war.
During its results last Thursday, Amazon revealed that its ad business recorded US$12.06 billion (AU$18.74 billion) in revenue during the third quarter – a 26 per cent increase from the year before.
Amazon’s overall sales for the quarter lifted 13 per cent year over year to US$143.1 billion (AU$222 billion).
Meanwhile, Atlassian has advanced its AI push by buying AirTrack, a six-year-old Melbourne developer, which it is using to grow its flagship Jira service management product. Company filings show Atlassian took ownership of AirTrack at the start of October.
Tech giant Apple is expected to post its fourth consecutive quarterly revenue decline after its earnings bell on Thursday. Wall Street expects $89.28 billion (AU$138.7 billion) in sales, which would mark about a one per cent fall from the same quarter last year.
Whilst Apple stock has been up more than 30 per cent this year due to its strong reputation, analysts will be keen to see it lift its revenue.
The financial results for online dating giant Match were intriguing, indicating a potential impact of the rising cost of living on people’s sex lives.
While online dating might be seen as unnecessary, the stock market perceives it differently – perhaps that telling us something about stockbrokers?
Match Group, parent company of Tinder and Hinge, experienced a 15 per cent drop in stock value, reaching its lowest since becoming independent in July 2020, closing at approximately US$29 (AU$45) per share. Despite surpassing third-quarter revenue and earnings estimates with US$881.6 million (AU$1.3 billion) and 57 cents (AU$0.87) per share, respectively, future concerns have been raised due to lower fourth-quarter revenue projections of $855-$865 million (AU$1.328 billion-AU$1.343 billion), significantly below the expected $890 million ($1.382 billion).
This shows a six per cent decrease in paying Tinder users. Analysts highlight these issues, alongside the resolved lawsuit with Google, as pivotal factors influencing the company’s current market standing and future evaluations.
|Macquarie Telecom Limited (ASX: MAQ)||$62.22||$62.32||0.16%|
|REA Group (ASX: REA)||$153.20||$145.15||-5.25%|
|Atlassian (NAS: TEAM) (USD)||$178.59||$177.85||-0.41%|
|Xero (ASX: XRO)||$108.45||$107.06||-1.28%|
|Carsales.com (ASX: CAR)||$28.23||$27.92||-1.10%|
|NEXTDC (ASX: NXT)||$12.16||$11.94||-1.81%|
|WiseTech Global (ASX: WTC)||$59.95||$58.03||-3.20%|
|Appen (ASX: APX)||$0.98||$0.90||-8.16%|
|Airtasker (ASX: ART)||$0.20||$0.18||-10.00%|
|Telstra (ASX: TLS)||$3.87||$3.81||-1.55%|
|Adobe (NAS: ADBE) (USD)||$521.14||$544.50||4.48%|
|Salesforce (NYSE: CRM) (USD)||$197.06||$203.91||3.48%|
|Apple (NAS: AAPL) (USD)||$171.10||$173.97||1.68%|
|Alphabet (NAS: GOOGL) (USD)||$125.61||$126.45||0.67%|
|Meta (NAS: META) (USD)||$299.53||$301.27||0.58%|
|Microsoft (NAS: MSFT) (USD)||$340.67||$346.07||1.59%|
|Amazon (NAS: AMZN) (USD)||$121.39||$137.00||12.86%|
|Nvidia (NAS: NVDA) (USD)||$417.79||$423.25||1.31%|
|Netflix (NAS: NFLX) (USD)||$411.25||$420.19||2.17%|
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