ADDX GO Market Morning Wrap - 24th Oct

Stock Market

 

On Thursday Eastern Time, driven by strength in tech stocks, the three major U.S. indices closed higher, with the Nasdaq rising nearly 1%.

 

(Intraday Chart of Major Indices, Source: TradingView)  

 

At the close, the Dow Jones Industrial Average rose 0.31% to 46,734.61 points, the S&P 500 gained 0.58% to 6,738.44 points, and the Nasdaq climbed 0.89% to 22,941.80 points.  

 

The S&P 500’s rebound on Thursday fully recovered the previous day’s ~0.5% drop, while the Dow had fallen 0.7% and the Nasdaq 0.9% as investors pulled back from high-risk assets.  

 

“Don’t underestimate this bull market due to short-term volatility,” said Giuseppe Sette, co-founder and president of Reflexivity. “Previously, only a few tech stocks led the rally, but we’ll soon see hundreds of global companies benefit from AI-driven productivity gains.”  

 

Investors continue to focus on U.S. corporate earnings, with many believing they will determine whether the current bull market can persist. According to FactSet, over 80% of S&P 500 companies reporting so far have beaten profit expectations.  

 

Emily Bowersock Hill, CEO and founding partner of Bowersock Capital Partners, said: “While some stocks face sell-offs after missing expectations, overall earnings strength should support stock prices in the near term. This earnings season is unlikely to disappoint investors enough to trigger a significant market pullback.”  

 

Beyond earnings, Friday’s upcoming inflation data is drawing attention, as investors seek more clues about economic health ahead of the Fed’s late-October meeting. Markets widely expect a 25-basis-point rate cut at that time.

Global Hotspots

Putin: Budapest Meeting with Trump More Like Postponed Than Canceled  

 

On October 23, responding to U.S. President Trump’s recent comments on a U.S.-Russia leaders’ meeting, Putin said that during their October 16 call, Trump proposed the meeting and suggested Budapest as the location. Putin noted that rushing into a meeting without adequate preparation, risking failure to achieve expected outcomes, would be a mistake.  

 

Putin clarified that Trump’s decision to cancel or postpone the meeting was more accurately a postponement. He reiterated that dialogue is always preferable to any form of confrontation or war, and Russia’s stance on favoring dialogue remains unchanged.

 

White House: Trump-Putin Meeting Not Entirely Impossible  

 

On October 23, the White House said Trump believes Russia has not done enough for peace and is increasingly disappointed, hoping for action rather than talk to end the conflict.  

 

The White House added that a meeting with Russian President Putin is not entirely impossible. Press Secretary Levitt said at a briefing, “The President and the administration hope to hold a meeting someday, but we want to ensure it yields tangible positive results.”  

 

On October 22, Trump confirmed he canceled plans for a near-term meeting with Putin, citing a lack of potential results, but said he would meet Putin “at some point in the future.”

 

Zelenskyy: Any Form of Territorial Swap with Russia Is “Unacceptable”  

 

On October 23, Ukrainian President Zelenskyy said at a Brussels press conference that any territorial exchange with Russia is “unacceptable,” and peace plans should start with a ceasefire followed by negotiations. He stressed the need to increase pressure on Russia to bring them to the table.  

 

Zelenskyy also said frozen Russian assets should be used to buy European and U.S. weapons, and Ukraine should access these funds to develop its own arms production. He clarified that Ukraine has not used U.S.-supplied long-range weapons to strike Russian territory and revealed that Ukraine’s domestically developed long-range strike capability now reaches 3,000 km.

 

EU Struggles to Resolve Divisions on Using Frozen Russian Assets for Ukraine  

 

On October 23, EU leaders met in Brussels to discuss using frozen Russian Central Bank assets to provide loans to Ukraine. Mainstream media reported that significant divisions remain over legal and financial risks and implementation details. Even if the EU Commission is approved to draft a formal proposal, discussions on specifics could take months.

 

Flight Data Shows U.S. B-1B Bomber Approached Venezuelan Coast  

 

On October 23, flight tracking data showed at least one U.S. B-1B bomber approached Venezuela’s coast, marking the second U.S. military show of force in a week.

 

California Billionaires May Face One-Time 5% Wealth Tax  

 

California billionaires could face a one-time 5% wealth tax, with supporters claiming it could raise ~$100 billion for healthcare costs. The proposal faces significant hurdles but would target ~200 residents with net worths of $1 billion or more if passed.

 

U.S. Senate Rejects Bill to Pay Military During Shutdown  

 

On October 23, the U.S. Senate rejected a bill to pay active-duty military and essential federal employees during the government shutdown. The vote was 54-45, falling short of the 60 votes needed, with the bill proposed by Wisconsin Republican Senator Ron Johnson.

Company News

OpenAI Acquires Ex-Apple Team’s AI Startup to Bolster ChatGPT Desktop Interaction  

 

On Thursday (October 23), AI research firm OpenAI announced it acquired startup Software Applications.  

 

An OpenAI spokesperson said all 12 team members from Software Applications will join OpenAI. The deal’s value was undisclosed. Founded in 2023 by former Apple employees, Software Applications’ product, Sky, allows Mac users to interact via natural language for writing, coding, planning, and scheduling, recognizing on-screen content and performing tasks through apps.  

 

“Sky’s deep integration with macOS accelerates our vision of embedding AI into everyday tools,” said Nick Turley, OpenAI’s ChatGPT lead.

 

Anthropic Confirms Multi-Billion-Dollar Deal with Google Cloud  

 

Anthropic confirmed a multi-billion-dollar deal with Google Cloud, granting access to up to 1 million TPU chips and over 1 gigawatt of computing capacity. Anthropic will train and deploy next-generation Claude models on Google Cloud.

 

Intel: Q3 Adjusted EPS at $0.23, Turning Profit from Last Year’s Loss  

 

Intel’s Q3 revenue was $13.65 billion, up 2.8% YoY; adjusted gross margin was 40%, above estimates of 36.1%; adjusted EPS was $0.23, compared to a $0.46 loss last year. Intel projects Q4 revenue of $12.8-$13.8 billion, adjusted gross margin of 36.5%, and adjusted EPS of $0.08, below estimates of $0.10.  

 

Intel shares rose up to 9% after hours.

 

Ford Cuts Full-Year Adjusted EBIT Forecast to $6-6.5 Billion  

 

Ford’s Q3 revenue was $50.5 billion, up 9.3% YoY; net income was $2.4 billion; adjusted EPS was $0.45, above estimates of $0.36. Ford lowered its full-year adjusted EBIT forecast to $6-6.5 billion from $6.5-7.5 billion. It maintained a full-year capex forecast of ~$9 billion, above estimates of $8.78 billion, and projects adjusted free cash flow of $2-3 billion.  

 

Ford shares fluctuated sharply after hours, dropping nearly 5% before rising over 5%.

Forex & Commodities  

International crude futures settled sharply higher. WTI crude futures rose 5.62% to $61.79/barrel; Brent crude futures gained 5.43% to $65.99/barrel.  

 

COMEX gold futures rose 1.62% to $4,131.20/oz; COMEX silver futures gained 1.81% to $48.545/oz.  

 

At the New York close, the dollar index rose 0.03% to 98.94, with most non-U.S. currencies declining.

Key Events

Yen’s Sharp Depreciation May Worsen Japan’s Policy Dilemma  

 

Sanae Takaichi, LDP president, was elected Japan’s 104th prime minister. Japanese experts believe political instability and leadership changes significantly reduce the likelihood of a Bank of Japan rate hike at its late-October meeting.

 

These analyses and expectations have further fueled the yen’s depreciation, posing tough choices for Japan’s economic policy.

Cryptocurrency  

Bitcoin rose 2.32% in 24 hours to $110,073.  

 

Ethereum (ETH-USD) gained 1.34% to $3,855.  

 

XRP (XRP-USD) rose 1.17%, BNB (BNB-USD) jumped 5.25%, and Solana (SOL-USD) surged 6.28%.  

 

Dogecoin (DOGE-USD) rose 2.60%, and Cardano (ADA-USD) gained 3.03%.

Key Events  

Analysts Bullish on Bitcoin, Less So on XRP and Ethereum  

 

This week, the crypto market stabilized, with prices rising and bullish sentiment returning. As of writing, Bitcoin rebounded from a low of $104,700 to $108,900, XRP rose from $2.22 to $2.40, and Ethereum climbed from $3,600 to $3,800.  

 

Despite modest gains, these increases provided relief after mid-October volatility, with traders now eyeing Friday’s CPI report.  

 

After heavy selling, the outlook for Bitcoin, XRP, and Ethereum is brightening. However, an emerging market is drawing the most attention: Bitcoin Hyper. Currently in presale, it has raised $246,000. Its explosive growth, early-stage development, and promising use cases make HYPER a contender for the most attractive crypto to buy now.