Aug 3, 2022 | Market Updates
Commodities & Agriculture:
- Brent crude (UKOIL) futures were up 78 cents, or +0.8%, at $101.32 a barrel at 1150 GMT.
- West Texas Intermediate (WTI) crude (USOIL) futures rose 94 cents, or +1%, to $95.36 a barrel.
- Gold price has fallen to about $1,770 an ounce from a high of $2,069.89 in March as the U.S. Federal Reserve and other central banks increased interest rates rapidly in an effort to tame inflation.
- Silver cost about $20 an ounce on Wednesday, down from a high of $26.94 in March and a significantly larger fall than gold’s.
- The Japanese yen (JPY) – which had lost more than 1% versus the dollar on Tuesday – edged 0.1% lower on the day at 133.355 yen per dollar.
- The euro (EUR) gained +0.2% to $1.01855, despite separate data showing monthly drops in both business activity and retail sales in the euro zone.
- Sterling (GBP) gained ground on the dollar, up +0.2% at $1.21770, ahead of a Bank of England policy meeting on Thursday at which it is expected to raise rates for the sixth straight time.
- The Dollar index pulled back slightly on Wednesday, down –0.25% at 106.170.
During Market hours yesterday — (Tuesday – 02.08.2022)
- The Dow (Symbol: DIA) went down -1.22%. The S&P 500 (Symbol: SPY) lost -0.66%. and the Nasdaq (Symbol: QQQ) fell -0.30%.
- Uber Technologies (Symbol: UBER) — Uber shares popped +18.9% after the ride-hailing giant reported a quarterly revenue that beat analyst expectations. The company’s revenue came in at $8.07 billion, topping a Refinitiv consensus forecast of $7.39 billion. Still, Uber also reported a big loss per share.
- Pinterest (Symbol: PINS) — Shares of the image-sharing company surged +11.5% on the back of better-than-expected user numbers. Activist investor Elliott Management also confirmed separately that it’s Pinterest’s top investor and said it has “conviction in the value-creation opportunity” at the company. All that said, Pinterest’s earnings and revenue missed estimates for the second quarter, and the company gave weak guidance for the third quarter.
- Marathon Petroleum (Symbol: MPC) — Shares advanced +3.7% after the refining company reported second-quarter earnings that exceeded profit and revenue estimates, boosted by the surge in oil prices.
- Caterpillar (Symbol: CAT) — Caterpillar shares slipped -5.8% after the company missed revenue expectations in the second quarter. The industrial giant said its top line was hurt by its exit from Russia and supply chain issues.
- Avis Budget (Symbol: CAR) — The vehicle rental company’s stock slipped -4.7% despite a better-than-anticipated quarter. Avis Budget reported earnings of $15.94 per share excluding items on revenues of $3.24 billion. Analysts polled by Refinitiv expected a profit of $3.17 billion.
- ZoomInfo Technologies (Symbol: ZI) — ZoomInfo jumped +11.2% after reporting better-than-expected quarterly results. The company also raised its guidance for the full year.
During Premarket hours today — (Wednesday – 03.08.2022)
- Under Armour (Symbol: UAA) – The athletic apparel maker gained +2% in premarket action despite cutting its full-year earnings forecast. Increased promotional activity and currency headwinds have impacted Under Armour’s profit margins, but it did report earnings for its most recent quarter that matched estimates and revenue that was slightly ahead of consensus.
- Moderna (Symbol: MRNA) – The vaccine maker reported better-than-expected profit and revenue for its latest quarter and also announced a $3 billion share repurchase program. Moderna also maintained its full-year sales outlook, and its stock gained +2.6% in premarket action.
- Starbucks (Symbol: SBUX) – Starbucks shares rose +1.8% in the premarket after it reported better-than-expected quarterly profit and revenue. Global comparable store sales did come in below forecasts, however, due to weakness in the locked-down China market.
- Airbnb (Symbol: ABNB) – Airbnb reported better-than-expected quarterly earnings with its revenue essentially in line, as travel demand boomed. However, the stock slid -7.3% in premarket trading after it issued a lighter-than-expected bookings forecast for the current quarter.
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