Aug 16, 2022 | Market Updates
Forex:
- Dollar Edges Higher; Recession Fears Boost Safe Haven.
- Chinese Yuan Hits 3-Mth Low After Surprise Rate Cut, Asia FX Sinks.
Commodities:
- Brent crude futures fell 84 cents, or -0.9%, to $94.26 a barrel by 0953 GMT. WTI crude futures dipped 45 cents, or -0.5%, to $88.96 a barrel. The oil future benchmarks fell about 3% in their previous sessions.
- Copper futures dropped -0.4% to $3.859 a pound by 21:28 ET (01:28 GMT), extending sharp losses from Monday on fears of a bigger slowdown in Chinese demand.
During Market hours on Yesterday (Monday – 08.08.2022):
- The Dow (Symbol: DIA) went up +0.46%. The S&P 500 (Symbol: SPY) earned +0.41%. and the Nasdaq (Symbol: QQQ) jumped +0.81%.
- Disney (Symbol: DIS) — Shares of the entertainment company gained +2.22% after Daniel Loeb’s Third Point took a new stake in the giant. In a letter to Disney CEO Bob Chapek, the activist investor said there is a strong case that sports network ESPN should be spun off. Loeb also called on Disney to accelerate integrating streamer Hulu.
- Vroom (Symbol: VRM) — Shares of automotive sales platform Vroom shed -10.38% after JPMorgan said it’s time to sell the company, which has shed more than 80% this year so far. The firm took a bearish stance on the used car industry as well, seeing it struggling in a potential recession.
- Unity (Symbol: U), AppLovin (Symbol: APP) — Unity Software fell -7.13% after the company announced that it was rejecting an unsolicited takeover offer from AppLovin. As part of the decision, Unity is continuing with its previously announced acquisition of ironSource. Shares of AppLovin dropped -7.63%.
- Bed Bath & Beyond (Symbol: BBBY) — Shares of Bed Bath and Beyond spiked +23.88% amid a continued meme stock trading frenzy that’s lifted shares of the retailer. So far in August, the stock is up nearly 180%.
- Energy stocks — Energy names slumped with the price of oil, which fell Monday after China reported weak economic data. Valero (Symbol: VLO) shed -2.8%, Marathon Oil (Symbol: MRO) slipped nearly –2.78% and Chevron (Symbol: CVX) slumped -1.9%.
- Moderna (Symbol: MRNA) — Shares of the biopharmaceutical company rose +3.2% after news Monday that the U.K. approved Moderna’s updated Covid-19 vaccine. The dual vaccine, which targets both the original virus and newer omicron variant, is expected to be available to adults as a booster in the fall.
- Illumina (Symbol: ILMN) — Illumina surged +8.77%, rebounding after it slipped last week when it reported earnings that missed Wall Street’s expectations. The company reported quarterly results that missed on both profit and revenue and issued an outlook that disappointed analysts.
During Premarket hours today (Tuesday – 09.08.2022):
- Home Depot (Symbol: HD) — Home Depot reported a quarterly profit of $5.05 per share, 11 cents above estimates, with revenue and comparable store sales also topping Street forecasts. However, the number of customer transactions fell during the quarter. Home Depot moved between gains and losses in premarket trading.
- Walmart (Symbol: WMT) — Walmart rallied +3.4% in premarket trading after reporting better-than-expected top and bottom line results for the second quarter. Comparable store sales also beat estimates, and Walmart projects adjusted earnings will fall slightly less this year than previously thought.
- Philips (Symbol: PHG) — Philips shares were up +2.6% in the premarket after the Dutch health technology company announced that CEO Frans van Houten will leave that job on October 15
- Nu Holdings (Symbol: NU) — Nu Holdings shares leaped +13% in the premarket after the Warren Buffett-backed digital banking company reported quarterly revenue that more than doubled from a year earlier.
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