SVET Reports
Wednesday's Markets Update (November 8, 2023)
On Wednesday, Nasdaq flattened out, recording its longest winning streak in two years, as the Dow closed in the red. Real estate and tech outperformed, while utilities and energy lagged behind. eBay's earnings outlook missed estimates, and Lucid Group changed its production forecast. Meanwhile, BTC and ETH remain stalled below 36K and 1.9K, respectively. Also, SOL, MATIC, ADA, XRP, DOGE are rising as traders continue to accumulate select altcoins.
Details
Wholesale inventories increased by 0.2% in September 2023, reversing a six-month trend of declines. Durable goods inventories rose by 0.2%, while nondurable goods inventories increased by 0.1%. This means that businesses are stocking up on goods in anticipation of future demand. However, the impact of this on the future of the economy is uncertain, as it depends on various still fluctuating factors such as inflation, job growth, and business activity.