Home > Market wrap: stocks steady, oil wavers on China news, Bitcoin breaks $62k again

Market wrap: stocks steady, oil wavers on China news, Bitcoin breaks $62k again

  • S&P 500, Dow Jones, and Nasdaq all closed positive following Apple-Amazon news sell-off scare

  • Oil prices fell on China’s release of gasoline and diesel reserves

  • Bitcoin price jumped above $62,000 again after retesting $60k on Sunday

Asian stocks open higher on positive news from Japan, with the trend likely to hold across the US and European markets after Friday closed higher across global stocks. Bitcoin’s dump to lows of $60k has provided another buying opportunity while oil prices have dropped slightly following a statement from Chinese authorities regarding its gasoline and diesel reserves.

US stocks shrug off Apple/Amazon sell-off

Stocks closed positive on Friday after a slowdown during the morning session, fueled by negative financial news from Apple and Amazon.

Apple (AAPL) closed -1.50% and Amazon (AMZN) -1.83% following their respective disappointing earnings reports, with the negative reaction having earlier seen the broader market waver.

After the early morning sell-off in the top tier stocks, the markets rallied to close in the green, with the S&P 500 Index closing at +0.19%, while the Dow Jones Industrials Index ended the day at +0.25%. Nasdaq 100 Index also edged slightly north to close at +0.46%. 

Asian stocks were largely green on Monday morning, edging higher by 2% and buoyed by Japan’s election results that saw the Liberal Democratic Party of Prime Minister Fumio Kishida retain the parliamentary majority.

While the G20 meeting in Rome had no major impact on the market, traders are likely to factor in upcoming UK, US, and Australian central bank meetings.

Oil prices drop on Chinese gasoline and diesel reserves release

According to Reuters, global oil prices shrunk on Monday on news that China had released gasoline and diesel reserves. Brent crude futures had declined by 0.6% to $83.26 at the time of writing, with Brent crude futures slipping 0.8% to $82.92.

Meanwhile, Sunward Trading chief analyst Chiyoki Chen says that investors are likely to sell more as the market approaches the OPEC+ meeting scheduled for 4 November.

Bitcoin breaks above $62k, again

Bitcoin saw some sell-off over the weekend, falling by about 1.2% to test the $60,000 price level. The declines began Friday and mirrored the slowdown in the stock market.

Monday however sees the benchmark cryptocurrency seek to establish support above $62k. As of writing, BTC/USD has ridden a bullish start to the week to test highs of $62,444 although it has also hit an intraday low of $59,500 on Coinbase.

With a short-term outlook bullish, BTC price might yet reclaim its all-time high as institutional demand grows. The same perspective could hold for Ethereum (ETH), which is trading above $4,300 and about 5.2% higher over the week.

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