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Today in the Market (10/31/2022)

Good Evening. Wall Street is awaiting earnings from some of the market’s largest participants, and U.S. equities gained on Monday to begin a pivotal week.

The S&P 500 increased by 0.75%, while the Dow Jones increased by 0.39%. The  Nasdaq Composite Index gained 1.03%.

MIXED EARNINGS

ON Semiconductor (ON), also known as Onsemi, surpassed Wall Street’s expectations for the third quarter but provided mixed forecasts for the current quarter. The news caused a drop in ON stock.

  • Earnings Per Share: $1.45 vs. $1.31
  • Revenue: $2.19 Billion vs. $2.12 Billion

Hassane El-Khoury, president and CEO of Onsemi, stated “has delivered another quarter of record results stemming from continued growth in our focus markets of automotive and industrial.”

However… the outlook does not look as good. Onsemi forecasts adjusted earnings per share of $1.26 on revenue of $2.07 Billion. This is based on the median of its forecast. Wall Street had anticipated fourth-quarter earnings of $1.25 per share on revenue of $2.09 billion.

CRAZY VOLUME

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Monday was an unusual day for GameStop Corporation (GME). Minutes after the opening bell rang on the New York Stock Exchange, both the share price and trade volume of the company soared.

Then, around five minutes after the market began, the NYSE abruptly halted trading in GameStop shares, citing the “Limit Up Limit Down” regulation. According to the website, “every security has an upper and lower price band with the reference price as the mid-point. If an offer reaches the lower price band or a bid reaches the upper price band that stock will enter a limit state (a pause) for 15 seconds.”

During the first hour of trading on Monday, 12,696,871 shares were traded. According to DJMD, this is over 1,200% greater than the average volume for this period over the previous 30 trading sessions which caused the stock to freeze twice.

THE WEEK AHEAD

An economic week filled with activity. On Wednesday, the Fed will almost certainly raise interest rates by an enormous 75 basis points for the fourth consecutive meeting. Friday’s employment report for October could provide evidence that its anti-inflation effort is effective.

Plus: an increase in earnings.

It will soon be really dark. Sunday at 2:00 a.m. Eastern Time is the conclusion of Daylight Saving Time, so while we’ll gain an hour of sleep that night, we’ll spend the next several months watching the sunset from our desks at work.

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