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US markets in decline: Netflix disappoints, Trump increases pressure on China!
Find out the latest stock market news and economic developments in Bangkok, including important market movements and export controls.
US markets in decline: Netflix disappoints, Trump increases pressure on China!
In recent days, the US stock markets have experienced some turbulence, keeping investors' minds on edge. The Dow Jones closed October 22, 2023 with a notable decline of 334.33 points, ending at 46,590.41 points, down 0.71%. The S&P 500 also suffered, falling 35.95 points to 6,699.40 points, while the Nasdaq closed with a loss of 213.27 points to 22,740.40 points. Today Line reports that the industrial and luxury goods sectors in particular hit the brakes, with declines of 1.31% and 1%, respectively.
What was the reason for this decline? Disappointing company figures, especially from Netflix, provided plenty of talk. Netflix reported lower-than-expected profit, sending shares plunging over 10%. Still, 87% of S&P 500 companies that have already reported results beat expectations. Analysts forecast earnings growth of 9.3% in the third quarter of 2023 compared to the previous year. InfoQuest also notes that concerns about the U.S. government's new export controls on software products to China have raised concerns among investors.
Export controls and trade agreements
Amid these market moves, President Trump expressed hope for a happy trade deal with China. However, he warned that a meeting with President Xi Jinping may not take place. As the US government plans to control exports of products such as laptops and aircraft engines, tensions between the two world powers are rising. These uncertainties could have long-term effects on trade relations, such as daily news determines.
Interesting developments are also emerging outside the money markets. The US Consumer Price Index (CPI) will be released on October 24th. Experts expect an annual increase of around 3.1% in September. This could direct investors' attention to inflation developments and potentially influence the central bank's decisions.
Overall, the situation on the US stock exchanges remains tense. Although some sectors are showing positive developments, there are still major uncertainties that are testing investor confidence. The next few days will show whether the market can stabilize or whether there is a risk of further setbacks. It remains exciting!