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WEEK OF OCTOBER 21, 2024

Welcome to the Traderverse Weekly Newsletter!

We’re thrilled to announce that Traderverse will be attending DC Startup Week

This exciting event brings together innovators, entrepreneurs, and investors, and we’re eager to showcase our vision for the future of social trading. We look forward to connecting with the vibrant startup community, sharing our journey, and exploring new opportunities for growth. If you’re attending, we’d love to meet you and discuss how Traderverse is transforming the trading experience. 

See you in D.C.!

Important Prices

What’s Moving The Markets?

Traders are betting on further European Central Bank (ECB) rate cuts after consecutive reductions, driven by a worsening economic outlook and easing inflation, as eurozone bonds gain slightly but the euro weakens amidst concerns over economic risks and external pressures like U.S. tariffs.

Taiwan Semiconductor Manufacturing Co. (TSM) reported a 54% surge in quarterly profits, driven by strong AI chip demand, while increasing capital spending and projecting nearly 30% full-year revenue growth, solidifying its dominance in the global semiconductor market and positioning itself for future success.

A new report reveals that AI models from major tech companies like Meta (META), OpenAI, and Alibaba (BABA) are falling short of EU regulations on cybersecurity resilience and bias, potentially leading to significant fines and reputational damage as the EU prepares to enforce its comprehensive AI Act.

Netflix (NFLX) exceeded Wall Street expectations by adding 5.1 million new subscribers in Q3, boosting stock by 4.8% in after-hours trading, while focusing on revenue growth and profit margins, with earnings of $5.40 per share and revenue of $9.825 billion, driven by ad-supported plans and upcoming content releases like “Squid Game.”

Boeing (BA) aims to raise $15 billion through common stock and mandatory convertible bonds amid ongoing financial strain from a labor strike and operational challenges, while also exploring a $5 billion structured finance transaction to bolster its liquidity and protect its investment-grade credit rating.

In a pivotal move for global trade, BRICS has adopted cryptocurrencies for investment payments, as announced by Russian President Vladimir Putin at the BRICS Business Forum, enhancing economic resilience and paving the way for the new BRICS Pay platform to facilitate transactions in local currencies.

S&P Outlook

Bear Case: To establish a bearish momentum, bears need to decisively break and maintain the price below 5810. Successfully achieving this could pave the way to target the next crucial level at 5770. These steps are essential for bears aiming to reverse the current market trends and instigate a significant downward movement.

Bull Case: Bulls continue to excel in creating and reinforcing demand zones. A new potential demand zone has been identified starting at 5836, which could play a pivotal role if the market retraces. Maintaining support at this level is crucial for bulls to harness and continue their push towards setting new all-time highs, underlining their dominant market presence.

EARNINGS RELEASE CALENDAR

FOR WEEK OF OCTOBER 21ST

Economic Data Calendar

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