Mid-Market: S&P/ASX 200 Trading Higher By 1.12%; SQ2 Gained Over 23%

On 03 November 2023, at AEST 12:00 PM, the benchmark index S&P/ASX 200 is trading higher today, gaining 77.40 points or 1.12%, and is currently trading at 6,977.10 levels. Out of 11 sectors, 9 sectors are trading higher along with the S&P/ASX 200.

The A-REIT and Industrials sectors are the top 2 gaining sectors, gaining 2.21% and 1.71% in their index values. On the other hand, the Consumer Staples and Energy sectors are the top 2 losing sectors, declining 0.20% and 0.10% in their index values.

Block Inc. (ASX: SQ2) and Weebit Nano Ltd (ASX: WBT) are the top-gaining stocks, gaining 23.562% and 15.229% in their stock prices. On the other hand, Treasury Wine Estates Limited (ASX: TWE) and Gold Road Resources Limited (ASX: GOR) are the top-losing stocks and are declining by 10.579% and 2.965% in their stock prices.

Factors influencing the market-

• The S&P/ASX 200 is gaining today, following profits on Wall Street, following hopes that the Federal Reserve may finally be done with raising interest rates gathered momentum.
• Block Inc. climbed 23% after the company boosted projections for adjusted profit. The company estimates adjusted EBITDA for 2023 to be in the US$1.66 billion to US$1.68 billion range.
• Treasury Wine Estate’s shares tumbled over 10% after it completed the institutional component of its entitlement offer after the company announced aout buying 100% of US Daou Vineyards..
• Oil prices were little changed today, heading for their second straight week of losses as the U.S. central bank left the door open for possible future rate hikes and worries that the Middle East conflict would disrupt supply eased.
• The Dow has closed up by 1.70%, the S&P 500 up by 1.89%, and the NASDAQ ended higher by 1.78%.
• Hang Seng is up by 0.75%, and FTSE 100 is up by 1.42%.

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