Market

Stocks rallied this week on the back of strong corporate earnings, helping investors shrugging off wider concerns that have weighed on markets in the past month—such as inflation, central bank stimulus, and supply-chain disruptions.

“Looking ahead, the main theme today will be the release of the flash [purchasing managers’ indexes (PMIs)] from around the world, which will give us an initial indication of how various economies have fared through the start of Q4,” said Jim Reid, a strategist at Deutsche Bank. 

“Obviously one of the biggest themes has been supply-chain disruptions throughout the world, so it’ll be interesting to see how these surface, but the composite PMIs over recent months had already been indicating slowing growth momentum across the major economies,” Reid added.

Companies reporting financial results in the day ahead include American Express "> American Express (AXP) and Honeywell "> Honeywell (HON).

Bond yields remain elevated, boosted Thursday as the market took note that the labor market looked to be strengthening as positive jobs data showed initial jobless claims last week fell to their Covid-19 pandemic low. The yield on the benchmark 10-year U.S. Treasury note was down slightly from the six-month high of 1.7% reached in the last session, but was holding above 1.68%.

Elevated bond yields tend to put pressure on technology stocks in particular, and the tech-heavy Nasdaq was set to underperform the wider U.S. market Friday.

Overseas, Hong Kong’s Hang Seng Index rose 0.4% and the pan-European Stoxx 600 was 0.4% higher. 

Sentiment was buoyed by news that China Evergrande had avoided formal default by making a $83.5 million interest payment on an offshore bond as the 30-day grace period on payment was approaching this weekend. The potential failure of the world’s most indebted property developer—with more than $300 billion in liabilities—remains a threat to the Chinese financial system

Here are six stocks on the move Friday

L’Oréal "> L’Oréal (OR.France) rose 6.3% in Paris, after reporting sales for the third-quarter of €8 billion ($9.3 billion), ahead of analyst expectations of €7.7 billion. Sales growth at the personal-care company was driven by strong demand for luxury products, which jumped 20%, amid sustained growth in China.

Vivendi "> Vivendi (VIV.France) rose 2.6% in Paris, after the media giant reported sales of €2.5 billion in the third quarter, up 10% from a year ago and ahead of analyst consensus.

Renault "> Renault (RNO.France) fell 0.7% in Paris, Apple "> Apple after the automobile maker said the global chip shortage would lower production more than forecast, with yearly losses now at 500,000 vehicles from the 220,000 previously forecast.

The London Stock Exchange Group "> London Stock Exchange Group (LSEG.U.K.) dropped 3.6% in London, after earnings showed revenue rose 2% in the last quarter, and the company said it expects growth to slow in the final quarter of the year.

Snap "> Snap (SNAP) plunged more than 21% before markets opened, after the social-media company’s earnings missed expectations. The group in part blamed tech giant Apple "> Apple ‘s (AAPL) new privacy features for disruptions to its advertising business.

China Evergrande "> China Evergrande (3333.H.K.) rose 4.3% in Hong Kong on the back of the bond repayment news.

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Source : https://www.barrons.com/articles/stock-market-today-51634891875

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