Why IMU is a multi multi bagger, page-17489

Stock markets were mixed overnight.

In Europe, the FTSE rose 24 points (.33%), the DAX rose 12 points (.082%) and the CAC rose 21 points (031%).

The story in the US was very different.

The DOW fell 105 points (.32%) - the DOW was down over 300 points at one stage.

The NASDAQ Biotech Index fell 61 points (1.63%), the NASDAQ Composite closed down 318 points (2.43%) and the Russell small cap index fell 28 points (1.67%).

The fall in the NASDAQ came as a result of mixed earnings results - Alphabet was dragged down by falls in revenue from its cloud business. Microsoft went up marginally but in a muted way only after posting a good result.

Amazon and Meta will be releasing its earnings reports tomorrow.

China has announced a US$139bil stimulus package - construction and other projects. This will not be in the property construction sector which is under a lot of pressure.

Brent crude oil price is at US$87.26 a barrel.

US Treasury 10yr bond yields at 4.87%.

Mike Johnson has been named the new house speaker in the US. This has renewed hopes of avoiding a gov't shutdown. He has stated that he has a plan to avoid the shutdown.