Tech Shares Rise Amid Mixed Earnings; Oil Declines

Shares of technology stalwarts rose while the broader U.S. equity market was mostly lower amid a slew of earnings reports, a decline in commodity prices, and renewed concerns about economic growth. Bonds gained.

Google parent Alphabet Inc., Inc., and Tesla Inc. pushed the tech-heavy Nasdaq 100 higher for the third day. The S&P 500 and Dow Jones Industrial Average fluctuated between gains and losses after setting closing record highs Tuesday. 

  • Stoxx Europe is down by 0.36%
  • Dow Jones is down by 0.29%
  • NASDAQ is up by 0.64%

Meme Coin Shiba Inu Hits Another All-time High

Meme coin Shiba Inu on Wednesday hit another all-time high of $0.00006681, skyrocketing over 40% in the last 24 hours. A petition on asking Robinhood to list Shiba Inu now has more than 326,000 signatures, the fuel behind the run. It has a market cap of $24 billion, more valuable than many companies in India including Adani Enterprises, Tata Steel, Tech Mahindra, and HDFC Life. India has the highest number of Shiba Inu holders on WazirX.

Tokyo Stock Exchange To Extend Trading Day By 30 Minutes

The Tokyo Stock Exchange is planning to extend the trading day by 30 minutes, from the current 5-hour trading. Tokyo has one of the shortest trading hours in the world. The Tokyo market trades between 9 a.m. and 3 p.m. local time, with a lunch break between 11:30 a.m. and 12:30 p.m. Japan is the world’s third-largest stock market with a total market capitalization of about $6.8 trillion.

NRF Estimates U.S. Holiday Sales To Rise More Than 10%

The National Retail Federation (NRF) said on Wednesday that U.S holiday sale is expected to increase between 8.5% and 10.5%, to between $843.4 billion and $859 billion(Rs 643 lakh crores), from November to December, compared with a previous high of $777.3 billion in 2020. The numbers don’t include automobile dealers, gasoline stations, and restaurants. NRF also said supply chain disruptions will have a huge impact on these numbers.

Higher Sales Help Harley To Beat Supply Chain Challenges

Shares of the motorcycle maker Harley-Davidson rose more than 8% on Wednesday on NYSE after higher sales beat estimates despite supply chain disruptions. Adjusted profit was reported at $1.18 per share compared to the estimate of 78 cents. Third-quarter revenue from motorcycles and related products rose 20%, to $1.16 billion (~Rs 8,694 crores).

Malaysia Says Risk from Biscuits Low After H.K. Group’s Warning

Health risk from cancer-causing substances in some ingredients used in biscuits is low, Malaysia’s Health Director-General Noor Hisham Abdullah said. Monitoring of biscuit products by the health ministry’s food safety and quality division since 2015 found that the average level of acrylamide was 246 microgram per kilo, below the 350 microgram level set by the European Union Commission Regulation, Noor Hisham said in a statement on Wednesday.

Robinhood’s Crypto Boom Collapses With Rivals Crowding Into the Market

The difference in Robinhood Markets Inc.’s crypto trading revenue between the second and third quarters is staggering. Crypto revenue totaled $233 million in the second quarter and $51 million in the third. There are so many options for buying and selling crypto now — even payment companies like Venmo are jumping in. The market for crypto wallets is saturated, yet growing. A wallet could make Robinhood a one-stop shop for retail traders who want to dabble in stocks and cryptocurrencies.