GDP, Jobless Claims, ECB and Big Tech Earnings – What’s up in Markets

Investing.com | Oct 29, 2020 at 1:00 AM
  • Big Tech reports in the shape of Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) and Facebook (NASDAQ:FB); the U.S. will publish third-quarter GDP figures that will break records but not bring GDP back to where it was before the pandemic; weekly jobless claims will give a more up-to-date look at the state of the economy; the European Central Bank meets a day after France and Germany tightened their public health measures to stop the coronavirus, and central banks became net sellers of gold for the first time in a decade in the third quarter.
  • The sell-off in Microsoft (NASDAQ:MSFT) stock after it beat expectations on Tuesday night has generated some caution among analysts, amid signs that investors are starting to worry about sky-high valuations for a bunch of Big Tech names that have been seen by many as a safe haven from the rout elsewhere in the market this year.
  • Of the two, there’s no question which is the more important as regards the current dynamic of the economy: the weekly jobless numbers are much more up to date and have a more direct impact on consumer and voter sentiment with less than a week to go before the elections.