Price Action:

*In the past 24 hours, Bitcoin has seen a significant rise, with its price climbing from around $67,384 to $68,536.48—a 1.74% increase. It reached a peak of $68,849.33 and a low of $66,709.52. Strong buying interest was noted near $68,429.13, which saw the highest trading volume. If Bitcoin sustains its current momentum and breaks above the recent high of $68,849.33, it could test the $70,000 level and potentially target the all-time high of $73,835.57.

*Meanwhile, Ethereum experienced a modest increase, with its price rising from about $2,622 to $2,639. After dipping to a low of $2,577 early on, it rebounded to a high of $2,662 before the end of the period.

 

Friday

*Wall Street traders, navigating a wave of corporate earnings reports, pushed stocks toward their longest weekly winning streak in 2024.

*Equities hovered near record levels, with the S&P 500 set for its sixth consecutive week of gains. Big tech outperformed on Friday, boosted by strong earnings from Netflix Inc., which surged 10% to an all-time high. Apple Inc. rose as iPhone 16 sales in China jumped 20% in the first three weeks compared to the previous model. American Express Co. fell 4% after lowering its revenue forecast while waiting for signs of economic improvement that could drive further consumer spending.

*The S&P 500 increased 0.4%, the Nasdaq 100 climbed 0.8%, and the Dow Jones Industrial Average dipped 0.1%. Treasury 10-year yields decreased three basis points to 4.07%. The Bloomberg Dollar Spot Index fell 0.3%. Oil dropped 2.3% as the US renewed efforts to end the conflict in the Middle East and China’s demand for crude declined. Gold rose to over $2,700 an ounce.

*Despite the S&P 500 reaching new highs throughout the year, investor sentiment indicators have remained subdued due to uncertainties surrounding the Federal Reserve, geopolitical issues, and the US election. However, this week saw a return of optimism, though its timing is raising concerns of a bearish outlook for stocks.

*The growth in S&P 500 earnings remains driven primarily by tech giants, with the “Magnificent Seven” expected to report an 18% profit increase in the third quarter, according to Bloomberg Intelligence. While other companies in the index are projected to post only a 1.8% rise in earnings, their growth is expected to accelerate, with double-digit gains anticipated in the first quarter of 2025.

*Singapore’s DBS Bank has launched a new suite of tokenized banking services for institutional clients, aiming to help them optimize liquidity management and streamline operational processes.

*Dogecoin rose 7% as Musk promoted the D.O.G.E initiative at Trump’s Pennsylvania campaign.

 

Thursday

*The world’s largest bond market declined as a strong retail sales report led traders to reduce their expectations for Federal Reserve rate cuts this year.

*Treasury yields rose as the data fueled doubts about how quickly the central bank might ease its policy. Swap contracts, which predict future Fed actions, priced in a total of 43 basis points of rate cuts across the November and December meetings, down from 45 basis points the day before. Stocks trimmed earlier gains, with the S&P 500 approaching record highs before a pullback in major tech stocks. Nvidia Corp. led chipmakers higher following an optimistic outlook from Taiwan Semiconductor Manufacturing Co.

*The S&P 500 edged up 0.1%, the Nasdaq 100 gained 0.3%, and the Dow Jones Industrial Average rose 0.2%. Nvidia Corp. was the top performer among chipmakers.

*Treasury 10-year yields increased by eight basis points to 4.09%. The euro weakened after the European Central Bank implemented its third policy easing this year.

*US retail sales grew more than expected in September, showing broad-based gains. The total value of retail purchases, not adjusted for inflation, rose by 0.4% following a 0.1% increase in August. Excluding sales from auto and gasoline stations, sales increased by 0.7%.

 

Wednesday

*US equity futures stabilized on Wednesday as chip stocks partially recovered from the previous day’s downturn, while traders anticipated more significant earnings reports.

*Contracts for the S&P 500 and Nasdaq 100 showed little movement, following a sentiment hit from a profit warning by Dutch chip equipment maker ASML Holding NV. Nvidia Corp. edged up in premarket trading after a nearly 5% decline on Tuesday.

*Morgan Stanley is set to headline Wednesday’s earnings announcements, with investors keen to see if the bank can keep up with Wall Street peers like Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co., which have all surpassed expectations with strong trading results.

*The British pound dropped 0.6%, falling below $1.30 for the first time since August, as money markets increased bets on Bank of England rate cuts following a decline in UK inflation below the BOE’s 2% target. London’s FTSE 100 outperformed other European stock indexes, and yields on UK gilts fell sharply.

*Trump’s World Liberty Financial Token sale faced significant technical challenges, raising $7.9 million amid website crashes and high demand.

 

Tuesday

*Stocks struggled to maintain momentum following a rally that pushed the market to record highs, as declines in chipmakers and a drop in oil prices weighed on energy stocks.

*The S&P 500 remained largely unchanged, hovering near technically overbought levels. Nvidia Corp. fell 1.6% after reports surfaced that Biden administration officials are considering restricting the sale of advanced AI chips from the company and other U.S. firms on a country-specific basis.

*The S&P 500 remained flat, while the yield on 10-year Treasuries fell by five basis points to 4.06%. Oil prices dropped after reports suggested that Israel might refrain from targeting Iran’s oil infrastructure, easing fears of a significant supply disruption.

*Base has become the largest Layer 2 rollup on Ethereum by total value locked (TVL), reaching $2.49 billion and surpassing Arbitrum.

*Solana’s TVL has exceeded $6.1 billion in October, driven by meme coin popularity, a surge in trading on Raydium, and record user growth, marking its highest TVL since January 2022.

 

Monday

*U.S. equity futures began the week on a positive note as investors anticipated corporate earnings to reinforce hopes of a soft economic landing.

*Futures for the S&P 500 edged up, while those for the rate-sensitive Nasdaq 100 climbed 0.3%, suggesting continued momentum for a rally that pushed the index to a new record last week. Oil prices declined as traders speculated that China’s stimulus measures might not be enough to boost consumption. Cash Treasuries markets remain closed on Monday due to a U.S. holiday.

*The Federal Reserve’s more accommodative stance is offering new support for bullish investors, though they continue to face challenges from high valuations.

*Meanwhile, China’s main CSI 300 Index rose about 2% in volatile trading Monday, after capping its worst week since late July as Beijing’s latest efforts to jumpstart growth disappoint those seeking more details on incentives.

*In premarket trading, MicroStrategy Inc. was among the top gainers among cryptocurrency-related companies.

*Bitcoin reached its highest level in two weeks as investors viewed the disappointment surrounding China as a positive for cryptocurrencies, which could potentially benefit from outflows from Chinese stocks.