Amazon posted its third-quarter results sending the stock down more than 4.00%. The Dow Jones Industrial Average opened 34 points lower, or 0.20%. The S&P 500 pulled back 0.20% while the Nasdaq Composite dropped 0.40%. Visa posted revenue and profit that topped estimates, but the stock slid 1.00%. Verizon, meanwhile, dipped 1.40% on earnings. More than 38.00% of S&P 500 companies posted quarter earnings for the third quarter. The major averages were headed for weekly gains through Thursday’s close. Lawyers for former national security advisor John Bolton have been in touch with officials working on House committees conducting an impeachment probe into President Donald Trump. The impeachment probe is focused on pressure by Trump and his emissaries on Ukraine to investigate former Vice President Joe Biden and his son Hunter Biden. Trump also wanted Ukraine to investigate a conspiracy theory that the country helped cover up evidence related to hacking of a Democratic National Committee computer server in the 2016 U.S. presidential election, and played a role in news stories that led to the resignation and eventual prosecution of Trump’s then-campaign chairman Paul Manafort in 2016. The Dow was up 0.10% for the week entering Friday’s session. Meanwhile, the S&P 500 and Nasdaq were up 0.80% and 1.20%, respectively. The yield on 10-YearTreasuries slid one basis point to 1.76%. Germany’s 10-Year yield rose two basis points to -0.38%. Britain’s 10-Year yield climbed three basis points to 0.655%. The US Treasury will auction $45 billion in three-month bills, and $42 billion in six-month bills on October 28th.
Consumer sentiment hit 95.50 in October, just below the Street estimate of 96.00. In September, consumer sentiment rose to 93.20, a major rebound from August when sentiment fell the most since 2012 amid an escalating trade war between the U.S. and China. The US suspended a planned tariff hike on $250 billion worth of goods due to progress in trade negotiations. However, a 15.00% tariff is still set to take effect on December 15th, right in the midst of the holiday shopping season. A senior government official appointed by Education Secretary Betsy DeVos resigns, saying the student loan system is “broken” and calling for billions of dollars in debt to be forgiven. Half of student loan borrowers haven’t paid even $1 toward their debt’s principal, according to the Education Department’s own data. And 40.00% of student loan borrowers could default by 2023, according to an analysis by the Brookings Institution.
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Amazon posted its third-quarter results sending the stock down more than 4.00%. The Dow Jones Industrial Average opened 34 points lower, or 0.20%. The S&P 500 pulled back 0.20% while the Nasdaq Composite dropped 0.40%. Visa posted revenue and profit that topped estimates, but the stock slid 1.00%. Verizon, meanwhile, dipped 1.40% on earnings. More than 38.00% of S&P 500 companies posted quarter earnings for the third quarter. The major averages were headed for weekly gains through Thursday’s close. Lawyers for former national security advisor John Bolton have been in touch with officials working on House committees conducting an impeachment probe into President Donald Trump. The impeachment probe is focused on pressure by Trump and his emissaries on Ukraine to investigate former Vice President Joe Biden and his son Hunter Biden. Trump also wanted Ukraine to investigate a conspiracy theory that the country helped cover up evidence related to hacking of a Democratic National Committee computer server in the 2016 U.S. presidential election, and played a role in news stories that led to the resignation and eventual prosecution of Trump’s then-campaign chairman Paul Manafort in 2016. The Dow was up 0.10% for the week entering Friday’s session. Meanwhile, the S&P 500 and Nasdaq were up 0.80% and 1.20%, respectively. The yield on 10-Year Treasuries slid one basis point to 1.76%. Germany’s 10-Year yield rose two basis points to -0.38%. Britain’s 10-Year yield climbed three basis points to 0.655%. The US Treasury will auction $45 billion in three-month bills, and $42 billion in six-month bills on October 28th.
Consumer sentiment hit 95.50 in October, just below the Street estimate of 96.00. In September, consumer sentiment rose to 93.20, a major rebound from August when sentiment fell the most since 2012 amid an escalating trade war between the U.S. and China. The US suspended a planned tariff hike on $250 billion worth of goods due to progress in trade negotiations. However, a 15.00% tariff is still set to take effect on December 15th, right in the midst of the holiday shopping season. A senior government official appointed by Education Secretary Betsy DeVos resigns, saying the student loan system is “broken” and calling for billions of dollars in debt to be forgiven. Half of student loan borrowers haven’t paid even $1 toward their debt’s principal, according to the Education Department’s own data. And 40.00% of student loan borrowers could default by 2023, according to an analysis by the Brookings Institution.
The curve has bull-flattened with the UST 10-Year yield down 0.16 bps from prior closing.