Company / Analytics

Analytics, 02 November 2020

What will drive the markets this week?

Last week, major technology stocks led the broad market lower as Apple, Amazon, Twitter, and Facebook all saw their shares drop after quarterly results.

Market volatility will continue this week as investors worry about the U.S presidential election and the uncertainty surrounding it, rising Covid-19 infections, and further government stimulus.

In addition to Tuesday’s presidential election, voters in California will be voting on #CaliforniaProposition22, which will determine whether app-based transportation (rideshare) and delivery drivers should be defined as independent contractors or employees. Proposition 22 has a substantial investment impact on app-based companies such as Uber, Lyft & Doordash (promoters of the Bill), as it will determine whether they keep their present business models or overhaul them entirely, in California at least.

Investors will also be looking at U.S. unemployment and non-farm payrolls, and Q3 earnings from more than 100 of the S&P 500 companies, including Marathon Petroleum, Mondelez International, and PayPal Holdings, Emerson Electric, Ferrari, and Gartner, Expedia Group, Hilton Worldwide Holdings, and Qualcomm. Meanwhile, Alibaba controlled AntGroup’s highly anticipated IPO lists in Hong Kong this Thursday.

Read more on this and other insights on what will drive the market this week.

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