- S&P 500 notches 4th straight day of gains
- Netflix, United Airlines, Tesla report earnings today
- Bitcoin trades at new high
Markets update... European stocks are flat in early trade as risk remains on watch for a range of factors, including earnings, inflation and expectations central banks will tighten the screw. The S&P 500 notched a 4th straight day of gains, but the Dow Jones fell. The Nasdaq rallied with megacap growth performing solidly. Asian shares rallied with tech leading the way. Meanwhile what we might call cyclical/steepener trades are suffering a bit.
Supply chain problems continue... US industrial production fell 1.3 per cent in September, manufacturing down 0.7 per cent. Autos and parts fell 7.2 per cent as shortages of semiconductors continued to hurt operations, while the lingering effects of Hurricane Ida hit mining. Supply chains remain the big problem for now – a shortage of semi-conductor supplies could affect the car industry well into 2022, the head of French car sector body PFA said today.