.svg)
Welcome to MarketBites! Here's all you need to know about yesterday's market news.
“Knowledge is knowing that a tomato is a fruit. Wisdom is not putting it in a fruit salad.”
- Miles Kington
PORTFOLIO MANAGER COMMENTARY
The major indices started off the week with a strong rally to follow up on last Thursday’s optimism. The Nasdaq gained the most, finishing up 3.43%, the S&P followed right behind advancing 2.65%, and the Dow also performed well, rising 1.86%. Key earnings reports and a rebound in oversold tech names were able to fuel the rally. The 10-year Treasury note finished at 4.02%, a new multi-year high.
Bank of America released their 3rd quarter earnings which roughly came in line with other big banks. All of them have been putting extra money aside in case of a recession. Bank of America beat out earnings expectations with revenue of 81 cents per share compared to the expected 78 cents per share. Also, net interest income rose 24% to $13.8 billion due to more revenue from lending money as rates rose.
Fox Corp. shares fell more than 9% following news that Rupert Murdoch has proposed to recombine the two wings of his media empire, Fox and News Corp.
Investment Analyst
CHART OF THE DAY
Small-cap stocks are bouncing back and are on pace to outperform the S&P 500 this year for the first time since 2016. The strong U.S. dollar is boosting its run as its strength looms over large multinational companies.
By Raymond Kanyo
Investment Analyst
.svg)
.svg)
