Aug 9, 2022 | Market Updates
- Euro (EUR) was up around +0.35% at $1.0226
- Sterling (GBP) gained +0.2% to $1.2102
- Dollar (USD) slipped -0.1% to 134.86 yen.
- The dollar index, which measures the currency’s value against a basket of other peers, -0.2% lower at 106.15. It held below a more than one-week peak hit on Friday at 106.93.
- Brent crude (UKOIL) was up $1.28, or +1.3%, to $97.93 a barrel at 1136 GMT, after earlier falling as low as $94.90.
- U.S. West Texas Intermediate (WTI) crude (USOIL) gained $1.18, or +1.3%, to $91.94.
- Spot gold was down slightly at $1,785 an ounce, while gold futures held around $1,801. Both instruments had rallied nearly 1% on Monday,
- Platinum Futures fell -0.1% after a 1.7% rally on Monday, while Silver Futures fell -0.4% after a nearly 5% rally.
- Bitcoin was around +2% higher, trading above $23,000.
- Ethereum was up around +3%.
During Market hours on Yesterday (Monday – 08.08.2022):
- The Dow (Symbol: DIA) went up +0.14%. The S&P 500 (Symbol: SPY) lost -0.12%. and the Nasdaq (Symbol: QQQ) fell -0.32%.
- Bed Bath & Beyond (Symbol: BBBY), AMC (Symbol: AMC) — Shares surged +39.8% and +8% respectively as social media traders appeared to invest in the two meme stocks, even without an apparent catalyst.
- Barrick Gold (Symbol: GOLD) — The miner jumped +3.9% after beating analyst expectations in its second-quarter results, because of higher copper production.
- Palantir Technologies (Symbol: PLTR) — Shares of Palantir tumbled more than -14.2% after the software company known for its work with the government reported a loss of 1 cent per share in its most recent quarter. Analysts were expecting earnings of 3 cents per share, according to Refinitiv. CFO David Glazer told CNBC the company’s miss was due to a decline in investments and marketable securities.
- Nvidia (Symbol: NVDA) — The semiconductor stock dropped -6.3% after Nvidia reported a revenue miss in its second-quarter results. The chipmaker generated $6.7 billion in revenue, compared to analyst expectations of $8.1 billion, citing gaming weakness.
- BioNTech (Symbol: BNTX) — The German biotech company, which partnered with Pfizer on its Covid-19 vaccine, dropped -7.5% after reporting earnings and revenue that missed expectations. The company said its variant-adapted Covid-19 vaccine should provide an uptick in demand in the fourth quarter.
During Premarket hours today (Tuesday – 09.08.2022):
- Novavax (Symbol: NVAX) — The drugmaker’s stock plummeted -32.3% in the premarket after posting an unexpected quarterly loss and cutting its full-year revenue guidance in half. Novavax said it did not expect any further U.S. sales of its Covid-19 vaccine this year amid soft demand and a supply glut.
- Micron Technology (Symbol: MU) — The chip maker said it expected negative free cash flow for the current quarter, as well as declines in revenue and profit margins. Chip shipments are falling due to weakening demand from PC and video game companies. Micron lost -3.7% in premarket action.
- Take-Two Interactive (Symbol: TTWO) — Take-Two fell -3.4% in the premarket after the video game publisher issued a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming following a pandemic-era boom.
- Occidental Petroleum (Symbol: OXY) — The energy producer’s stock added +2.3% in the premarket following news that Berkshire Hathaway (BRK.B) had increased its stake in Occidental to more than 20%. That means that Berkshire can record part of Occidental’s profits as its own.
- SoFi (Symbol: SOFI) — The online financial services company’s stock fell -3.4% in premarket trading after Japan’s SoftBank said it would some or all of its 9% stake in SoFi.
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