Hello friends and Coins2Day readers.
Wall Street stock futures are adding to Wednesday’s gains after world markets also withstood the test of sentiment from the minutes of the Federal Reserve’s latest Federal Open Market Committee meeting. Asian and European indices are mostly up by 1% or more, while crude oil futures have also held above $42 a barrel after rising in sympathy with stocks.
Today’s must-read story is from Coins2Day‘s Don Reisinger and it looks at the growing number of Internet users in India, which could soon challenge China for the world’s largest connection population.
Here’s what else you need to know today.
1. Markets tell Fed: Bring It On
The rally in U.S. Stocks that followed the release of the Federal Reserve’s latest deliberations has continued around the world. After being spooked by the Fed’s indecision in October, market participants have reacted with relief to guidance that the first U.S. Rate rise in nearly a decade will come when the Federal Open Market Committee meets again in December.
2. Square and Tinder going public
Mobile payments startup Square and Match Group, the company behind dating services OkCupid and Tinder, make their market debuts today after both companies priced shares for their respective initial public offerings Wednesday afternoon. Square, which faces questions over its cofounder and CEO Jack Dorsey pulling double duty as CEO of Twitter and Square, priced its shares at $9 apiece for its IPO, which is well below the $11 to $13 range the company cited in earlier filings. Match priced at $12 a share, also toward the low end of the marketed range.
3. Retailers report mixed results
Troubled apparel retailer Gap (GPS) today reports third-quarter results that are expected to fall below Wall Street’s forecasts for quarterly profits, as the company’s namesake brand continues to see declining sales. Meanwhile, electronics retailer Best Buy (BBY) is expected to post third-quarter profits that outpace analysts’ expectations, as the company sees the benefits of cost-cutting measures as well as increased sales of Apple’s (AAPL) new iPhones.
4. J.M. Smucker earnings
The packaged foods company behind brands such as Folgers coffee and Jif peanut butter, as well as its namesake jams and spreads, reports second-quarter figures today. J.M. Smucker (SJM) is expected to beat expectations for quarterly revenue, thanks to the introduction of new, smaller Folgers cans as well as a spike in demand for K-Cup pods made by partner Dunkin’ Donuts (DNKN).
5. Weekly jobless claims
The Labor Department is expected to report that the number of Americans who filed applications for unemployment insurance last week dipped by 5,000 claims, to 271,000. The number of weekly jobless claims still remains at historic lows and is well below the key benchmark of 300,000.
— Reuters contributed to this post.