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US Stock Market Continues to Rise

11/8/2022 1:01 PM

The Dow Jones is correcting in a local uptrend, trading at 32849.0.

Quotes of stock indicators took advantage of the slowdown in the bond market and continue to grow after the publication of positive corporate reports. According to financial company Refinitiv Lipper, the average value of shares of US funds increased by 8.7% in October, which served as a catalyst for the DJIA quotes to strengthen by 14.0% during the month.

Warren Buffett's investment firm Berkshire Hathaway posted a loss of 1.22 dollars per share for the first time in 25 years, following a fall in the cost of insurance claims related to natural disasters. Despite this, the issuer still confirmed revenue of 76.9 billion dollars, well above the average of 71.0 billion dollars at the end of 2021. Tech giant Meta Platforms Inc., in turn, announced that it plans to notify its employees about the impending start of large-scale staff cuts due to serious legal costs and a drop in overall revenue.

The bond market continues to correct: key 10-year Treasuries are still off their highs, trading at 4.233%, while global 20-year Treasuries are trading at 4.5717%, up 0.17% today.

The growth leaders in the index are Walgreens Boots Inc. (+4.10%), Salesforce Inc. (+3.45%), Boeing Co. (+3.06%).

Among the leaders of the decline are Nike Inc. (-2.45%), Verizon Communications Inc. (-0.13%), 3M Co. (-0.13%).

Index quotes continue corrective dynamics, rising in the direction of the daily channel resistance line.

Technical indicators hold a buy signal, which continues to strengthen: the range of EMA fluctuations on the Alligator indicator expands in the direction of growth, and the histogram of the AO oscillator is forming new ascending bars in the purchase zone.

Support levels: 32000.0, 30650.0. | Resistance levels: 33300.0, 34300.0.

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