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COVID-19 is still taking swings at the global markets - Weekly Review, October 12-16

COVID-19 is still taking swings at the global markets - Weekly Review, October 12-16

The earnings season moved the US markets

Monday: Following the Apple "Hi, Speed" Event, USA30 went up 1.01%, while USA500 gained 2%. TECH100 added 3.22%.

Microsoft's stock price gained 1.7% after the company announced its revised work-from-home strategy. According to the news, the company's employees can permanently work remotely if their respective managers allow it.

Eli Lilly applied to the Food and Drug Administration for emergency use of its potential Y-CoV555 possible COVID-19 vaccine. The drug showed promising results, reducing the need for hospitalization for people with moderate symptoms. The company's stock price gained 0.71% higher.

Carnival Cruise Line announced that it would cancel all the cruises scheduled for November. According to the statement, it is not feasible to operate. It lost 2.3% after the announcement.

Tuesday: In Europe, the markets ended in the red as the new wave of COVID19 infections was still a threat to the ongoing economic recovery. France40 lost 0.5%. UK100 and Germany30 went down 0.4% each.

Johnson & Johnson stock price lost 1.56% after it halted the COVID-19 vaccine trials as a volunteer got sick unexpectedly. Currently, an independent company evaluates the participants, as well as the physicians.

Starting in 2021, Southwest will begin operating from two new airports. The announcement came as the American airlines continue to look for ways to cut costs to survive the pandemic-induced drop in demand.

Citigroup posted promising Q3 financial results. The revenue figures came in at $17.30 billion, beating the $17.21 billion consensus. After the report, Citigroup stock price went up 2%.

Wednesday: The Asian markets traded mixedly; some of them were driven by the temporary pause in the human trials of the JnJ potential COVID-19 vaccine, while others focused on the earnings season.

Japan225 gained 0.07%, while HongKong45 went up 0.04%.

Dropbox will make work-from-home a standard. The company extended remote work until June 2021. The decision came after various surveys showed that employees are more productive at home. The stock price ended the trading session 1.55% higher.

Some of the largest American banks reported mixed Q3 figures. Bank of America revenue fell 10.8% at $20.34 billion.

Goldman Sachs figures showed that the net income doubled compared to last year's numbers, coming in at $3.48 billion. The revenue went up 29.5% to $10.78 billion.

Wells Fargo's revenue decreased 14% to $18.86 billion, while the net income fell to $172 billion.

Thursday: Wells Fargo fired 100 employees that have been illegally profited from one of the Coronavirus relief funds coordinated by the US Small Business Administration.

According to the numbers released by the US Department of Labor, the US labor market continues to stall. In the past week, 898,000 people filed for unemployment benefits.

Walgreens Q3 profit fell to $373 million, from last year's $677 million. The pharma chain sales rose 2.3% to $34.75 billion.

Following the news, its stock price gained nearly 3%.

Friday: Morgan Stanley profit went up 25% to $2.72 billion, or $1.66 /share. After the news hit the wire, the bank's stock price closed 1.3% higher.

The upcoming US presidential elections and the recent global events made Twitter revise its hacked materials policy. However, if a hacked content is not posted directly by hackers or people working with them, the content will not be removed but labeled. Twitter stock price gained 0.11% after the news.

Schlumberger experienced a 38% decrease in revenue, coming in at $5.26 billion. The EPS came in at $0.16. The company's stock price lost 1.3% following the news.

Read more about it here!

Sources: marketwatch.com, investing.com

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