Dow closed 0.4percent down, snap surged 28.3percent Teslas results exceeded expectations

category:Finance
 Dow closed 0.4percent down, snap surged 28.3percent Teslas results exceeded expectations


Shares of Netflix fell nearly 7% after reporting disappointing earnings and a smaller than expected increase in subscribers.

Social media snap shares surged 28.3% to a record high of $38.89 after the third quarter results were much better than expected. Snaps share price also boosted shares in Facebook, twitter and Googles parent company alphabet, with Facebook up 4.2%, twitter up 8.4%, and alphabet up 2.3%.

Teslas earnings exceeded expectations and achieved profits for five consecutive quarters

Tesla announced its third quarter results after trading on Wednesday, with revenue and earnings exceeding expectations. It made profits for five consecutive quarters, and its share price rose nearly 3%.

Teslas revenue in the third quarter was $8.77 billion, up 45% month on month and 39% year-on-year, higher than the markets expected $8.26 billion, including $7.6 billion in auto business revenue, accounting for 91% of the total revenue in the quarter. Adjusted earnings per share of $0.76, also exceeded the market expectations of $0.55.

Tesla delivered a new record of 139300 vehicles this quarter. And maintain the target of delivering 500000 vehicles this year. The target of 500000 production capacity mainly depends on the month on month growth of Shanghai Super factorys modely production and further improvement in logistics and delivery efficiency. The Shanghai plants model 3 capacity has increased to 250000 vehicles per year; the Fremont superplants model y is expected to reach capacity soon.

Stimulus bill negotiations continue to enter overtime

In order to reach an agreement on the stimulus bill before the November election, Pelosi and mnuchin have been negotiating into overtime. During the negotiations, Pelosi has been saying that both sides have hope to reach an agreement, but she is also prepared to wait until after the election to reach an agreement.

In the telephone talks on Wednesday, the details of the stimulus bill were more specific, there were compromises on several key issues to reach an agreement, and differences on health care plans were narrowing, including the provision of strategic testing and virus tracking programs, as well as the safety of students at school, Pelosi spokesman drew Hammill said And so on. The two will talk again on Thursday

Investors are almost focused on the stimulus talks, although Republicans have made concessions on the bills amount, all signs suggest that there is still a long way to go for the stimulus bill to be launched before the election, said yousefbasi, a market strategist at stonex

Alec Phillips, an economist at Goldman Sachs, also pointed out that it seemed unlikely that Pelosi and mnuchin could reach an agreement before the election because of the big differences and short time between the two sides. Whats more, even if the two sides announce an agreement in principle in the next few days, it seems unlikely that they will pass a congressional vote before election day.

Gold prices hit $1930, the US dollar hit a new low this month

Spot gold prices rose 1% on Wednesday, the highest level in a week, as investors increased expectations of a stimulus package ahead of the election, which also put pressure on the dollar. Spot gold rose 1.1% to $1926.46 an ounce after hitting a high of $1931, while Comex gold futures rose 0.8% to $1931.

Novel coronavirus pneumonia relief agreements have made progress despite the fact that some major differences between the two sides have not yet been resolved. As the talks between Pelosi and mnuchin continued to delay, investors realized that an agreement might be reached soon, so they started buying gold ahead of time. Increased investor bets on the stimulus bill also pushed the dollar to a new low of 92.47 in October. Whats driving gold up? said Michael matousek, chief trader at global investors? It is the coming sustained stimulus and sustained negative interest rates. People are worried that the epidemic may worsen. At this time, gold has become a safe haven again. It is expected that gold prices will return to the level of $2000 next year Source of this article: Yang Bin, editor in charge of the first finance and Economics_ NF4368

Novel coronavirus pneumonia relief agreements have made progress despite the fact that some major differences between the two sides have not yet been resolved. As the talks between Pelosi and mnuchin continued to delay, investors realized that an agreement might be reached soon, so they started buying gold ahead of time. Increased investor bets on the stimulus bill also pushed the dollar to a new low of 92.47 in October.

Whats driving gold up? said Michael matousek, chief trader at global investors? It is the coming sustained stimulus and sustained negative interest rates. People are worried that the epidemic may worsen. At this time, gold has become a safe haven again. It is expected that gold prices will return to the level of $2000 next year