Market News Summary
Microsoft shares surged by approximately 5% in after-hours trading following the release of the American company’s first-quarter earnings results for 2022. The company reported earnings per share of $2.99, surpassing earlier market expectations of $2.65 per share. Additionally, their revenues amounted to $56.52 billion, exceeding the projected $54.50 billion.
Alphabet also recorded an 11% revenue growth in the third quarterly period of the current year, driven by a recovery in advertising revenue. This marked the first time in over a year that they achieved such a feat. Earnings per share for Alphabet were $1.55, outperforming analysts’ earlier estimate of $1.45 per share. As for revenues, they reached $76.69 billion, surpassing the projected $75.97 billion by analysts.
Dollar Index (USDX)
The Purchasing Managers’ Index (PMI) in the industrial sector recorded 50 points in October, while experts had expected it to be at 49.5 points. The previous reading was at 49.8 points. Additionally, data from the Services PMI revealed unexpected figures, with a score of 50.9 points, surpassing expectations of 49.8 points. This is an improvement from the previous reading of 50.1 points, indicating the health of the U.S. economy.
The dollar index is currently trading above its pivot point at $105.99.
Pivot Point: 105.75
| Resistance level | Support level |
| 106.40 | 105.45 |
| 106.75 | 104.80 |
| 107.40 | 104.40 |
Spot Gold (XAUUSD)
The data from the American Purchasing Managers’ Index (PMI) released yesterday contradicted expectations, providing further insights into the Federal Reserve’s future monetary policy.
The data released on Tuesday has encouraged the Fed to continue its tight monetary policy. All three indicators rose more than expected and exceeded previous readings, indicating that the economy remains strong.
Pivot Point: 1968
| Resistance level | Support level |
| 1983 | 1955 |
| 1995 | 1940 |
| 2010 | 1928 |
Dow Jones Index (DJ30ft – US30)
The U.S. indices closed with collective gains in Tuesday’s session, supported by the decline in bond yields, positive financial results, and strong corporate earnings expectations. A total of 118 companies listed on the S&P 500 index reported their earnings, with 81% of these companies exceeding expectations.
The Dow Jones index rose by approximately 0.6%, equivalent to about 200 points, following four consecutive sessions of losses. The Nasdaq index also increased by about 0.9%, marking its second consecutive daily gain. The S&P 500 index rebounded from its lowest levels in about 5 months, rising by 0.7%. It also managed to close above the 200-day moving average after two consecutive sessions below it.
Pivot Point: 33275
| Resistance level | Support level |
| 33495 | 33130 |
| 33635 | 32910 |
| 33855 | 32765 |
US Crude Oil (USOUSD)
Oil prices remained relatively stable in the early trading on Wednesday, October 25th. This stability was attributed to indications of a reduction in U.S. supplies, offset by economic data that weakened energy demand forecasts.
Brent crude futures rose by two cents to $88.09 per barrel, while West Texas Intermediate (WTI) crude futures for the United States fell by five cents to $83.69 per barrel.
Pivot Point: 84.30
| Support level | Resistance level |
| 82.30 | 85.65 |
| 80.95 | 87.60 |
| 78.95 | 88.95 |
Risk Warning
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