{"id":64556,"date":"2022-10-24T09:01:35","date_gmt":"2022-10-24T13:01:35","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=64556"},"modified":"2022-10-24T09:01:35","modified_gmt":"2022-10-24T13:01:35","slug":"coffee-with-greta-stocks-build-on-best-week-since-june","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/10\/24\/coffee-with-greta-stocks-build-on-best-week-since-june\/","title":{"rendered":"Coffee With Greta: Stocks Build on Best Week Since June"},"content":{"rendered":"

DJIA Futures: <\/b>+212 (+0.7%)<\/span><\/p>\n

SPX Futures: <\/b>+24 (+0.6%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+37 (+0.3%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are rising as traders try to build on the market\u2019s best week since June.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Big Week of Earnings, Inflation Data<\/span><\/h2>\n

The market is looking to build on last week\u2019s rally after the major indexes all logged their largest weekly gains since June.\u00a0<\/span><\/p>\n

Megacap tech names are all set to report Q3 results this week.\u00a0<\/span><\/p>\n

Microsoft <\/b>(MSFT) and <\/span>Alphabet <\/b>(GOOGL) report Tuesday, <\/span>Meta <\/b>(META) Wednesday, with <\/span>Apple <\/b>(AAPL) and <\/span>Amazon <\/b>(AMZN) on Thursday.\u00a0<\/span><\/p>\n

The focus is on GOOGL and META after <\/span>Snap\u2019s (<\/b>SNAP) revenue miss last week.\u00a0<\/span><\/p>\n

This week will also cap off with the Fed\u2019s preferred inflation gauge coming out Friday morning.\u00a0<\/span><\/p>\n

The core PCE price index is expected to have slowed in September after accelerating more than expected in August.\u00a0<\/span><\/p>\n

Tesla Cuts Car Prices in China<\/span><\/h2>\n

Tesla <\/b>(TSLA) shares are down 2.8% ahead of the open after the electric automaker cut some of its car prices in China.\u00a0<\/span><\/p>\n

The starting price for the Model 3 is now 265,900 Chinese yuan ($36,615) from 279,900 yuan ($38,415.99).\u00a0<\/span><\/p>\n

The Model Y price dropped to 288,900 yuan ($39,779.14) from 316,900 yuan ($43,634.51).<\/span><\/p>\n

The cuts reverse some of the earlier price increases Tesla implemented due to inflation of raw material costs.\u00a0<\/span><\/p>\n

They also come after CEO Elon Musk said \u201cChina is experiencing a recession of sorts\u201d last week.\u00a0<\/span><\/p>\n

Tesla delivered a record 83,135 vehicles in China in September, a monthly record for the company.<\/span><\/p>\n

Chinese Tech Stocks Tumble<\/span><\/h2>\n

Chinese tech stocks listed in the U.S. are tumbling as President Xi Jinping tightens his grip on power in the country.\u00a0<\/span><\/p>\n

Alibaba <\/b>(BABA) shares are dropping 10.9% in premarket trade with <\/span>Baidu <\/b>(BIDU) tumbling 11.9%.\u00a0<\/span><\/p>\n

Xi paved the way for his third term as president over the weekend and packed the core committee of power with loyalists.\u00a0<\/span><\/p>\n

The private tech sector in China has been under threat from Xi in recent years and those policies are expected to continue with him remaining in power.\u00a0<\/span><\/p>\n

Oil Prices Drop on Weak China Demand<\/span><\/h2>\n

Oil prices are falling this morning after Chinese data showed weak demand in September.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 2% to $83 bbl while Brent crude futures are down 1.6% to $92 bbl.\u00a0<\/span><\/p>\n

China imported 9.79 million barrels per day of crude in September, down 2% year over year.\u00a0<\/span><\/p>\n

Eurozone Business Activity Drops<\/span><\/h2>\n

European business activity contracted further this month as surging energy costs put pressure on the economy.\u00a0<\/span><\/p>\n

The euro zone\u2019s flash composite PMI fell to 47.1 in October from 48.1 last month.\u00a0<\/span><\/p>\n

Any reading below 50 represents a contraction.\u00a0<\/span><\/p>\n

Germany is seeing the worst slowdown so far with business activity falling to 44.1 from 45.7.<\/span><\/p>\n

The euro dropped against the U.S. dollar following that data, trading at $0.982.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DJIA Futures: +212 (+0.7%) SPX Futures: +24 (+0.6%) NASDAQ Futures: +37 (+0.3%) Good morning friends! Futures are rising as traders try to build on the market\u2019s best week since June.\u00a0 Let\u2019s get right to it! Big Week of Earnings, Inflation Data The market is looking to build on last week\u2019s rally after the major indexes all logged their largest weekly gains since June.\u00a0 Megacap tech names are all set to report Q3 results this week.\u00a0 Microsoft (MSFT) and Alphabet (GOOGL) report Tuesday, Meta (META) Wednesday, with Apple (AAPL) and Amazon (AMZN) on Thursday.\u00a0 The focus is on GOOGL and META after Snap\u2019s (SNAP) revenue miss last week.\u00a0 This week will also cap off with the Fed\u2019s preferred inflation gauge coming out Friday morning.\u00a0 The core PCE price index is expected to have slowed in September after accelerating more than expected in August.\u00a0 Tesla Cuts Car Prices in China Tesla (TSLA) shares are down 2.8% ahead of the open after the electric automaker cut some of its car prices in China.\u00a0 The starting price for the Model 3 is now 265,900 Chinese yuan ($36,615) from 279,900 yuan ($38,415.99).\u00a0 The Model Y price dropped to 288,900 yuan ($39,779.14) from 316,900 yuan ($43,634.51). The cuts reverse some of the earlier price increases Tesla implemented due to inflation of raw material costs.\u00a0 They also come after CEO Elon Musk said \u201cChina is experiencing a recession of sorts\u201d last week.\u00a0 Tesla delivered a record 83,135 vehicles in China in September, a monthly record for the company. Chinese Tech Stocks Tumble Chinese tech stocks listed in the U.S. are tumbling as President Xi Jinping tightens his grip on power in the country.\u00a0 Alibaba (BABA) shares are dropping 10.9% in premarket trade with Baidu (BIDU) tumbling 11.9%.\u00a0 Xi paved the way for his third term as president over the weekend and packed the core committee of power with loyalists.\u00a0 The private tech sector in China has been under threat from Xi in recent years and those policies are expected to continue with him remaining in power.\u00a0 Oil Prices Drop on Weak China Demand Oil prices are falling this morning after Chinese data showed weak demand in September.\u00a0 West Texas Intermediate crude futures are down 2% to $83 bbl while Brent crude futures are down 1.6% to $92 bbl.\u00a0 China imported 9.79 million barrels per day of crude in September, down 2% year over year.\u00a0 Eurozone Business Activity Drops European business activity contracted further this month as surging energy costs put pressure on the economy.\u00a0 The euro zone\u2019s flash composite PMI fell to 47.1 in October from 48.1 last month.\u00a0 Any reading below 50 represents a contraction.\u00a0 Germany is seeing the worst slowdown so far with business activity falling to 44.1 from 45.7. The euro dropped against the U.S. dollar following that data, trading at $0.982.\u00a0<\/p>\n","protected":false},"author":41,"featured_media":64557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-64556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=64556"}],"version-history":[{"count":1,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64556\/revisions"}],"predecessor-version":[{"id":64558,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/64556\/revisions\/64558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/64557"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=64556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=64556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=64556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}