Jul 26, 2022 | Market Updates
Commodities & Agriculture:
- Brent crude (UKOIL) futures rose $1.14, or +1.1%, to $106.29 a barrel by 1029 GMT, extending a 1.9% gain the previous day.
- WTI crude (USOIL) futures increased $1.31, or +1.4%, to $98.01 a barrel, having gained 2.1% on Monday.
- Gold futures jumped +0.27% to $1,723.75 by 11:31 PM ET (3:31 AM GMT).
- Silver jumped +0.51%. Platinum was up +0.92% while Palladium inched up +0.09%.
- As of 02:39 EST (0639 GMT), the dollar index – which measures the greenback against a basket of other major currencies – was trading marginally lower by -0.07% at 106.285. The dollar recently touched a 20-year high of 109.290 in mid-July.
- the Euro (EURUSD) ticked slightly higher against the dollar, up +0.06% to $1.0226. But the common currency still faces headwinds from fresh uncertainty around Russian gas supplies.
- The British pound (GBPUSD) also made gains versus the dollar, rising +0.14% to $1.2058. Investors are mulling a Bank of England policy decision next week, with the central bank expected to raise borrowing costs by as much as 50 basis points.
- The Australian dollar (AUDUSD) pulled back slightly after touching a one-month high against the dollar to trade at $0.6957.
During Market hours on Yesterday (Monday – 25.07.2022):
- The Dow (Symbol: DIA) went up +0.28%. The S&P 500 (Symbol: SPY) gained +0.12%. and the Nasdaq (Symbol: QQQ) fell -0.57%.
- World Wrestling Entertainment (Symbol: WWE) — Shares of World Wrestling Entertainment jumped more than +8.4% after Loop Capital upgraded and raised its price target on them “based on a greater likelihood that the company is sold with Vince McMahon stepping down.” McMahon, WWE’s top shareholder, is being investigated for sexual misconduct claims and stepped down as CEO on Friday.
- JD.com (Symbol: JD) — The Chinese e-commerce company climbed +2.3% after Morgan Stanley named JD.com a “catalyst-driven idea.” The Wall Street firm said it’s particularly bullish on JD.com heading into earnings in August, as revenue growth is expected to accelerate from June’s level.
- Ryanair (Symbol: RYAAY) — Shares of Ryanair surged +4.6% after the budget airline reported quarterly earnings that beat Wall Street’s profit estimates. The company also expects to return to pre-Covid profit levels this year or next, even though the recovery is fragile.
- Philips (Symbol: PHG) – The Dutch medical equipment maker’s shares fell -7.2% after the company reported weaker-than-expected quarterly earnings, citing lockdowns in China and supply chain issues. It also cut its estimate for full-year sales growth to between 1% and 3%, down from 3% to 5%.
- Energy stocks surged on the back of rising oil prices Monday. Diamondback Energy (Symbol: FANG) jumped +5.8%, while Valero (Symbol: VLO) and Hess (Symbol: HES) gained +5.1% and +4.9%, respectively.
During Premarket hours today (Tuesday – 26.07.2022):
- Walmart (Symbol: WMT) – Walmart slumped -9.5% in the premarket after cutting its outlook for the current quarter and full year. The retail giant said higher prices for food and fuel are prompting consumers to cut back, and it’s had to cut prices at its stores to reduce excess inventory. Other retail stocks fell during premarket trading in the wake of the Walmart warning, including a -3.2% drop for Amazon (Symbol: AMZN), -5.2% for Target (Symbol: TGT) and -2.5% for Home Depot (Symbol: HD).
- General Motors (Symbol: GM) – The automaker’s stock fell -3.7% in premarket trading after quarterly earnings fell short of estimates, though revenue was better than expected. GM also said it was preparing for an economic slowdown and hiring fewer people.
- 3M (Symbol: MMM) – 3M jumped +4% in the premarket following a flurry of news, including better-than-expected profit and revenue for the second quarter and the announcement that it would spin off its health care business.
- General Electric (Symbol: GE) – GE added +3.9% in the premarket after reporting much better than expected second-quarter profit and revenue. GE’s results were boosted by a strong recovery in its jet engine business.
- Unilever (Symbol: UL) – Unilever gained +2.3% in premarket action after raising its full-year sales forecast. Unilever – the seller of popular consumer brands like Dove Soap and Hellman’s mayonnaise – has been able to successfully raise prices to offset higher costs.
- Coinbase (Symbol: COIN) – Coinbase shares slid -5.2% in premarket trading, following a Bloomberg report saying the cryptocurrency exchange operator is the target of a government probe over the trading of digital assets. The probe is said to focus on whether those digital assets should have been registered as securities.
- UBS (Symbol: UBS) – UBS tumbled -7.5% in the premarket after the Swiss bank reported a lower-than-expected quarterly profit. The bank’s bottom line was hurt by market turmoil which impacted its investment banking and wealth management businesses.
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