Jul 15, 2022 | Blog
Commodities & Agriculture:
• Brent crude futures for September delivery rose $1.77, or +1.79%, to $100.87 a barrel by 12:06 GMT
• WTI crude rose $1.32, or +1.38%, to $97.10.
• Gold futures inched up +0.04% to $1,706.50 by 11:58 PM ET (0358 GMT). The dollar, which normally moves inversely to gold, jumped on Friday morning.
Forex:
• EUR/USD traded flat at 1.0016, holding above parity despite the widely respected Mario Draghi offering his resignation as Prime Minister of Italy in the wake of losing the support of one of the country’s largest political parties from his broad coalition government.
• USD/JPY fell -1% to 138.79, having touched 139.38 overnight for the first time since September 1998 with the differing monetary policies between the Fed and the Bank of Japan weighing heavily on the Japanese currency.
• GBP/USD fell -0.1% to 1.1816, after slumping to a 28-month low of 1.1761 overnight, heading for its worst week since early May as political turmoil casts a shadow over the U.K. currency.
During Market hours Yesterday — (Thursday – 14.07.2022):
• The Dow (Symbol: DIA) went down -0.44%. The S&P 500 (Symbol: SPY) lost -0.24%. and the Nasdaq (Symbol: QQQ) gained +0.36%.
• JPMorgan Chase (Symbol: JPM) — Shares of JPMorgan Chase sunk -3.49% and hit a 52-week low after the bank reported quarterly earnings that missed analyst expectations, as the bank built reserves for bad loans. CEO Jamie Dimon said that high inflation, waning consumer confidence and geopolitical tension are likely to hurt the global economy going forward. The bank also announced it would temporarily suspend share buybacks.
• Goldman Sachs (Symbol: GS) — Shares of Goldman Sachs fell -2.95% following disappointing earnings from JPMorgan and Morgan Stanley. The bank is scheduled to report its own quarterly earnings on Monday.
• Cisco (Symbol: CSCO) — Shares of Cisco fell nearly -1% after JPMorgan downgraded the stock to neutral from outperform. The bank also recommended investors rotate into a “more diversified supplier” such as rival Juniper Networks.
During Premarket hours today – (Friday – 15.07.2022):
• Wells Fargo (Symbol: WFC) — The bank reported quarterly earnings of 74 cents per share, which included an 8-cent equity impairment charge, compared with a consensus estimate of 80 cents. Revenue fell short of Wall Street forecasts during the quarter. Wells Fargo’s profit fell from a year ago as it set aside more money to cover possible bad loans, and the stock fell -1% in premarket trading.
• Pinterest (Symbol: PINS) — The image-sharing company’s stock soared +15.9% in premarket action after the Wall Street Journal reported that activist investor Elliot Management became a
• BlackRock (Symbol: BLK) — The asset management firm earned an adjusted $7.36 per share for the second quarter, missing the consensus estimate of $7.90, with revenue also falling short of forecasts. Profit was down 30% from a year ago amid the global market turmoil that discouraged investors. BlackRock fell -1% in premarket trading.
• Solar stocks — Stocks in solar-related companies fell in the premarket after Democratic Sen. Joe Manchin said he would not support new climate change funding bills. Sunrun (Symbol: RUN) slid -7.6%, SunPower (Symbol: SPWR) fell -5%, SolarEdge Technologies (Symbol: SEDG) lost -3.7% and First Solar (Symbol: FSLR) fell -3.1%.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance.