Aug 12, 2022 | Market Updates
Commodities & Agriculture:
- Brent crude (UKOIL) futures were down $1.33, or -1.3%, at $98.27 a barrel by 1225 GMT
- U.S. West Texas Intermediate (WTI) crude (USOIL) fell $1.51, or -1.6%, to $92.83.
- Gold futures held around $1,803.50. Still, both instruments were set for mild gains this week, marked by a sharp fall in the dollar.
- Platinum futures fell -0.6%, while Silver retreated -0.4%.
- Dollar Index, which tracks the greenback against a basket of six other currencies, traded +0.1% higher at 105.045, but still significantly lower than last Friday’s peak of 106.93.
- USD/JPY climbing +0.3% to 133.36 as U.S. Treasury yields bounced off their recent lows.
- GBP/USD fell -0.1% to 1.2203 after data showed that the U.K. economy shrank in the second quarter for the first time in five quarters, but by a fraction less than expected.
- EUR/USD traded largely flat at 1.0316, with the single currency struggling to make any gains given the difficulties the Eurozone’s economy is having to battle.
During Market hours Yesterday — (Thursday – 11.08.2022):
- The Dow (Symbol: DIA) gained +0.15%. The S&P 500 (Symbol: SPY) maintained with no change 0.00%. and the Nasdaq (Symbol: QQQ) lost -0.57%.
- Six Flags (Symbol: SIX) — Shares dropped -18.7% after the theme park company sharply missed second-quarter earnings expectations. Six Flags reported earnings of 53 cents per share on revenue of $435 million. Analysts surveyed by Refinitiv forecast earnings of $1.01 per share on revenue of $519 million. The theme park operator attributed the miss to weak attendance, or a 22% drop in visitors.
- Walt Disney (Symbol: DIS) – Disney shares jumped +4.68% after the company posted better-than-expected results for the quarter on the top and bottom lines, helped by strong attendance at its theme parks and better-than-expected streaming numbers. The company also revealed a new pricing structure for its streaming service that includes an ad-supported tier.
- Pharma stocks –Shares of Pfizer (Symbol: PFE), GSK (Symbol: GSK) and Sanofi (Symbol: SNY) slipped -3.32%, -6.71% and -3.94% respectively as investors watched ongoing litigation around Zantac, a recalled heartburn medication. The drug was pulled from shelves in 2020 after the Food and Drug Administration found an impurity in Sanfoli’s version that could cause cancer.
- Ralph Lauren (Symbol: RL) – Shares of Ralph Lauren climbed +3.77%, continuing a rally that began after the company reported earnings earlier in the week that beat Wall Street’s expectations on the top and bottom lines.
- Bank stocks – Shares of Goldman Sachs (Symbol: GS), Wells Fargo (Symbol: WFC) and JPMorgan (Symbol: JPM) gained more than +1% Thursday, outperforming the broader market. The stocks may have been boosted by easing concerns about a recession after a second soft inflation report in a row.
- Vacasa (Symbol: VCSA) —Shares of Vacasa jumped +33.22% after the vacation rental services company boosted its full-year outlook, citing a surge in demand. The company also posted a quarterly profit, surprising Wall Street.
During Premarket hours today – (Friday – 12.08.2022):
- Illumina (Symbol: ILMN) – Illumina tumbled -15.1% in the premarket after the gene-sequencing technology company reported quarterly profit and revenue that was lower than expected and issued an outlook that was well short of analyst estimates. Illumina said a challenging economic environment is offsetting growth in the use of its gene-sequencing platform.
- Toast (Symbol: TOST) – Toast surged +15.3% in premarket action after the restaurant payment technology company raised its full-year earnings outlook. Toast reported a quarterly loss, but it was narrower than analysts had predicted, with Toast noting a record number of new locations using its technology.
- Olo (Symbol: OLO) – Olo plunged -33% in premarket trading after the restaurant software maker issued a weaker-than-expected current quarter and full-year revenue outlook.
- LegalZoom (Symbol: LZ) – LegalZoom added +2.1% in the premarket after the purveyor of online legal forms reported better than expected quarterly earnings.
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