MIEX Offical

High-flying video conferencing service Zoom, which has seen skyrocketing demand during the coronavirus pandemic, is now worth more than ExxonMobil, one of the world’s largest oil and gas companies. As of 2:30 p.m. ET, Zoom sported a market valuation of $139 billion, compared to Exxon’s $138.9 billion. Zoom began the year with a market cap of $19 billion. While Zoom posted $1.35 billion in revenue over the past 12 months, Exxon, by comparison, posted $213.8 billion in revenue during that time period.   Exxon announced on Thursday that it would lay off 1,900 U.S. employees, the latest effort to reduce costs and improve efficiency during the pandemic. Exxon has seen its operations pressured by coronavirus like other energy companies, many of which have taken steps to improve balance sheets, reduce staff and in some cases suspend dividends. West Texas Intermediate, the U.S. oil benchmark, currently trades at around $36 per barrel, down from over $62 as recently as January. ...

A slew of big tech companies–including FAANG firms Facebook, Amazon, Alphabet and Apple–are set to report earnings Thursday after the market closes, shining a light on a sector that's been outperforming during the pandemic and during pre-election uncertainty. But the party for tech stocks could soon fizzle if Democrats sweep next week’s election. Wall Street firms are expecting some of tech’s biggest names to beat bullish third quarter expectations, and Goldman Sachs says Alphabet and Amazon could continue to lead strong stock market gains in 2021; their shares have surged 16% and 71% this year, compared to a 5% gain for the S&P 500, but trouble could be on the way for tech giants.   These third-quarter earnings reports "will underscore the positive digital transformation tailwinds in the internet sector, and we have highest confidence in the media sector (Google and Facebook) for potential upside in the second half,” Bank of America analyst Justin Post said in a w...

EUR/USD is trading above 1.18, recovering from Monday's fall-related to rising coronavirus cases, fading chances for US stimulus, and election uncertainty, one week to go. US data is eyed.   EUR/USD supported above 1.1800 amid US dollar pullback. 10-year Treasury yields drop below the key 0.80% level. Coronavirus updates in Europe to cap the euro’s bounce. US Durable Goods and Consumer Confidence next of note. EUR/USD trades well bid above 1.1800, extending its renewed upside ahead of the European open, as the US dollar retreats across the board despite the downbeat market mood.   The main currency pair benefits, as the haven demand for the greenback, is on the back foot so far this Tuesday, even though Asian equities flash red.   The US dollar reverses a part of Monday’s surge, mainly dragged down by the weakness in the Treasury yields, especially after the benchmark 10-year Treasury yield dropped below the key 0.80% level.   The overall mark...

The bitcoin and cryptocurrency community has been set alight by news payments giant PayPal PYPL -4.3% will allow its 346 million users buy and spend bitcoin and a handful of other major cryptocurrencies.   The announcement, coming from a traditional financial industry giant and perceived enemy of bitcoin, has been taken as vindication for long-time bitcoin believers.   However, celebrations were somewhat stifled by small print that revealed PayPal wouldn't let users transfer their cryptocurrency into or out of PayPal—nor would users have control of the private keys, a long string of numbers and letters that allow holders to move their digital assets.   "Currently, you can only hold the cryptocurrencies you buy on PayPal in your account," the company wrote in materials outlining its bitcoin and crypto plans. "Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal."   PayPal didn't respond to an enquir...

The price of Bitcoin (BTC) has been rallying strongly while Ethereum (ETH) and other large-cap alternative cryptocurrencies (altcoins) have slumped. In previous bull cycles, ETH front ran BTC, not the other way around.   The current market dynamics are uncanny because Bitcoin has been solely increasing in price, while the cryptocurrency market stagnates. In fact, major altcoins, including Ethereum, have been dropping in value against both BTC and the U.S. dollar in the past nine days.   Three factors are likely causing the underperformance of Ethereum and altcoins against Bitcoin. First, profits are seemingly cycling back into BTC. Second, the technical momentum of BTC remains strong. Third, BTC’s volume share is rising against other cryptocurrencies.   Three factors are likely causing the underperformance of Ethereum and altcoins against Bitcoin. First, profits are seemingly cycling back into BTC. Second, the technical momentum of BTC remains strong. Third, B...

GBP/USD trims early-day gains, eases from 1.2945, while staying positive for the second consecutive day. Moody’s downgraded UK on Friday over virus woes, Brexit worries and budget problems for Tories, BOE’s Bailey also spoke bearish. EU’s Brexit negotiator Michael Barnier is up for visiting London, UK’s Gove earlier warned “the door is ajar”. US dollar regains even as risk tone cheers Trump’s push for stimulus, virus vaccine. Having recently stepped back from the intraday high of 1.2945, GBP/USD wobbles around 1.2925/30 while heading into Monday’s London open. Sterling buyers paid a little heed to the Brexit, coronavirus (COVID-19) woes at home while cheering risk-on mood off-late. However, fears of a no-deal divorce between the UK and the European Union (EU) join the BOE Governor Andrew Bailey’s downbeat comments to probe the bulls. Also challenging the sentiment is the scheduled visit of the EU’s chief Brexit negotiator Michel Barnier to England.   Will Barnier’s arri...

With negotiations for a pre-election federal stimulus bill coming down to the wire, Senate Majority Leader Mitch McConnell (R-Ky.) threw a wrench in the works on Thursday, saying that the $1.8 trillion plan recently proposed by the White House as a compromise with House Speaker Nancy Pelosi (D-Calif.) and top Democrats is “a much larger amount than I can sell to my members.” With Pelosi and the White House still trying to find common ground between the $1.8 trillion plan and Democrats’ $2.2 trillion plan, McConnell added that he would not put a bill that large on the Senate floor for a vote.  Without support from McConnell and at least some of his Republican caucus, no deal that the White House makes with Pelosi stands any reasonable chance of becoming law.  According to Pelosi spokes Drew Hammill, Mnuchin told Pelosi Thursday afternoon that Trump would “weigh in” with McConnell about bringing a comprehensive bill to the Senate floor for a vote if Pelosi and the White House ar...

In a contentious interview with CNN’s Wolf Blitzer, House Speaker Nancy Pelosi (D-Calif.) reiterated that she is not prepared to accept the White House’s $1.8 trillion proposal for the next round of federal coronavirus aid legislation. Asked by Blitzer about a recent tweet from fellow liberal Rep. Ro Khanna (D-Calif.) suggesting that Democrats should accept the Trump administration’s offer in order to force Senate Republicans into accepting a plan more expensive than the one they want, Pelosi said, “that isn’t what we’re going to do.”   Khanna has taken the position that if the White House can meet the Democratic ask for Covid-19 testing and tracing funding along with adequate legislative language to create a testing plan, Democrats should accept a $1.8 trillion package.   On CNN Tuesday evening, Pelosi said Khanna is “not negotiating this situation,” adding that the majority of her caucus wants to hold out for a larger bill.   She has repeatedly said the Wh...

Although US stimulus deadlock is still far from breaking, gold prices stay above $1,900, currently down 0.07% to $1,929, while heading into the European open on Monday.   With the US Treasuries off from trading, due to the Columbus Day holiday, commodities couldn’t react to the weekend challenges to American President Donald Trump’s coronavirus (COVID-19) aid package. Although the Republican leaders’ readiness to offer $1.8 trillion propelled markets on Friday, House Speaker Nancy Pelosi’s rejection suggests no more money is going to flow through the Congress before the US presidential election.   Even so, the risk-on sentiment gains mildly optimism from Asia as the Chinese central bank reused FX trading routes to ease the strong domestic currency. Also favoring the market mood could be Australia’s easing of travel restrictions.   On the contrary, Brexit and COVID-19 woes in Europe raise bars for the risk-takers, which in turn challenge the gold prices’ furthe...

Earlier today, payments company Square SQ +1.8% announced that it had purchased $50 million worth of bitcoin, a development that generated significant visibility.   Square, which was cofounded by Twitter TWTR +0.3% CEO Jack Dorsey, bought more than 4,700 units of the digital currency, enough to account for roughly 1% of the organization’s assets as of the end of this year’s second quarter.   Square revealed this transaction shortly after business intelligence firm MicroStrategy MSTR +7.1% purchased more than $400 million worth of bitcoin over the last few months.   MicroStrategy revealed in August that it had acquired $250 million worth of the cryptocurrency, and announced an additional $175 million investment in September.   Several experts commented on the recent purchase made by Square, weighing in on its implications.   Tim Enneking, managing director of Digital Capital Management, described this latest news as “a tremendous endorsement” ...

House Speaker Nancy Pelosi (D-Calif.) and Treasury Secretary Steven Mnuchin are continuing to hash out the terms of the next federal coronavirus aid bill this week, but progress is slow. Pelosi and Mnuchin spoke over the phone on Monday for an hour to “discuss the justifications for various numbers” in the new bill, according to Pelosi spokesperson Drew Hammill.   In a call with House Democrats Monday evening, Pelosi said talks with Mnuchin are progressing “very slowly,” Politico reported.   Hammill said the two top negotiators, who suddenly resumed urgent conversations last week after negotiations fell apart in August, plan to speak again Tuesday.   Federal supplemental unemployment benefits remain a major point of contention between Democrats and the White House and GOP.   The clock is ticking for Congress to pass an aid bill before November, with just 28 days before the election and any Senate votes delayed until at least October 19 because of ...

The announcement that President Donald Trump tested positive for coronavirus triggered a sell-off in early morning trading around the world on Friday that tapered off by day’s end. Tech stocks, however, failed to recover, as Wall Street investors prepare for increased volatility in the weeks leading up to the election.   The tech-heavy Nasdaq ended the day down 251 points, or 2.2%, while the Dow Jones Industrial Average shed 134 points, or 0.5%, and the S&P 500 fell 1%.   Tech stocks were among Friday’s biggest losers, with Tesla and Netflix falling 7% and 5%, respectively, while Apple and Microsoft were each down 3%.   Cboe's VIX Index, which measures volatility expectations based on options contracts, at one point jumped up more than 7%, reaching its highest point since early September, when tech stocks corrected and the Nasdaq had its fastest 10% plunge in history.   U.S. airline stocks proved a bright spot in the Friday market after House Spea...