Bitcoin Up, Q3 Earnings, Stocks to Watch Out This Week

UTC by Steve Muchoki · 3 min read
Bitcoin Up, Q3 Earnings, Stocks to Watch Out This Week
Photo: Depositphotos

Among the major United States banks that are expected to release Q3 earnings results include JPMorgan Chase, Goldman Sachs, Bank of America, Morgan Stanley, Wells Fargo, and Citigroup.

Meituan (HK: 3690) and Bitcoin price opened this week’s stock market on a high note. Notably, this week marks the onset of third-quarter earnings results with big American banks leading the way. Some high-impact economic news released by the United States is expected during the week. Some stocks also started the week with a rise.

The Meituan stock market surged over 7% during the Hong Kong market following a lower than expected time from the Chinese regulators. Notably, the Meituan shares traded around HK$ 274.00 at the time of reporting. On Friday, China’s State Administration for Market Regulation (SAMR) slapped the food delivery giant with a $500 million antitrust fine. However, analysts had expected more than that. Thereby the reason for the stock jump during Monday’s trading market.

As for the crypto market that is 24/7, a notable enthusiasm was recorded after Bitcoin continued with its quest for a new all-time high. As per our data, Bitcoin traded around $56,924, having gained approximately 27%, 17%, and 2.3% in the past 30 days,7 days, and 24 hours respectively. Notably, the asset reclaimed the $1 trillion market capitalization, whereby it had a market cap of approximately $1.07 trillion at the time of reporting.

Stocks to Watch Out This Week

From a broader perspective, investors and analysts are tentative of the stock market as critical data is expected during the week. Among the major United States banks that are expected to release third-quarter earnings results include JPMorgan Chase (NYSE: JPM), Goldman Sachs Group Inc (NYSE: GS), Bank of America  Corp (NYSE: BAC), Morgan Stanley (NYSE: MS), Wells Fargo & Co (NYSE: WFC), and Citigroup Inc (NYSE: C).

The earliest Q3 earnings results are expected from Wednesday onwards. The third-quarter earnings results are crucial as they will significantly dictate the fourth-quarter stock market directions. Moreover, they will give analysts more data to work with for future forecasts.

Side Notes

On Wednesday, the United States Bureau of Labor Statistics will release the Consumer Price Index. Notably, the Consumer Price Index is used to measure the change in the price of goods and services purchased by consumers. On Thursday, the Australian Bureau of Statistics will announce the change in the number of employed people during the previous month. Additionally, the Australian Bureau of Statistics will release the unemployment change during the same day.

Other key data is expected to be released by different governments that will significantly affect the stock market.

As for the crypto market, a notable amount of focus is on the monthly close for Bitcoin. Should the asset close above its previous ATH, around $64k, the next leg of the bull market will have fully been validated.

Bitcoin News, Business News, Cryptocurrency news, Market News, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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