Jun 29, 2022 | Blog
Commodities & Agriculture:
By 11:32 GMT, August Brent crude (UKOIL) futures were up 87 cents to $118.85 per barrel. Thursday marks the expiration of the August contract, while the more active September contract was trading at $114.79, up 99 cents or +0.87%.
U.S. West Texas Intermediate (WTI) crude (USOIL) futures were up $1.20, or +1.1%, to $112.96 a barrel.
Forex:
The Swiss franc (CHF), which had previously reached its best level against the euro since March at 0.9993, increased +0.6% to 1.0005 at 1210 GMT.
Following news that Spanish 12-month inflation increased to 10.2 percent in June from 8.7 percent in May and above 10 percent for the first time since April 1985, the euro reversed some of its earlier losses. After falling as low as $1.0486 earlier, the euro stabilized versus the dollar at $1.0519.
GBP/USD marginally increased to 1.2187, USD/JPY fell -0.1% to 136.04, while the risk-sensitive AUD/USD fell -0.4% to 0.6882.
Cryptocurrencies:
Bitcoin’s price has dropped by nearly -70% from its all-time high of $68,000 in June — to its lowest level in 18 months. Ethereum followed bitcoin’s lead and so did just about every other cryptocurrency.
During Market hours yesterday — (Tuesday – 28.06.2022)
- The Dow (Symbol: DIA) went down -1.60%. The S&P 500 (Symbol: SPY) lost -2.04%. and the Nasdaq (Symbol: QQQ) dropped -3.05%.
- Nike (Symbol: NKE) — Shares of Nike fell -7% even after the company topped Wall Street’s earnings and sales expectations for the fiscal fourth-quarter. Nike said it anticipates flat to slightly higher revenue for its fiscal first-quarter versus the prior year, and low double-digit revenue for the full year 2023 on a currency-neutral basis.
- Las Vegas Sands (Symbol: LVS), Wynn Resorts (Symbol: WYNN) — Easing Covid restrictions in China boosted casino stocks. Shares of Las Vegas Sands and Wynn Resorts each surged more than +3%.
- Occidental Petroleum (Symbol: OXY) — The energy stock jumped +4.8% on news that Warren Buffett’s Berkshire Hathaway upped its stake in the company by $44 million. It comes less than a week after securities filings revealed that Berkshire bought an additional 9.55 million shares in Occidental Petroleum.
- Robinhood (Symbol: HOOD) — The trading platform’s stock fell –2.8% after FTX CEO Sam Bankman-Fried shut down a Bloomberg News report that FTX is reportedly interested in buying Robinhood, telling CNBC there are no active M&A talks in the works.
During Premarket hours today — (Wednesday – 29.06.2022)
- Carnival (Symbol: CCL) – The cruise line operator’s shares slid -7.8% in premarket trading after Morgan Stanley cut the price target to $7 per share from $13. Morgan Stanley said the price could potentially go to zero in the face of another demand shock, given Carnival’s debt levels. Rival cruise line stocks fell in sympathy, with Royal Caribbean (Symbol: RCL) down -4% and Norwegian Cruise Line (Symbol: NCLH) falling -4.6%.
- Bed Bath & Beyond (Symbol: BBBY) – The housewares retailer announced the departure of CEO Mark Tritton, saying it was time for a leadership change. Independent director Sue Gove will serve as interim CEO while the search for a permanent replacement is conducted. Separately, the company reported a wider-than-expected quarterly loss. Bed Bath & Beyond plummeted -10.1% in premarket action.
- McCormick (Symbol: MKC) – The spice maker’s stock slumped -7.3% in premarket trading after the company reported lower-than-expected quarterly results and cut its full-year outlook. McCormick said it is seeing a negative impact from factors like higher costs, supply chain issues and unfavorable foreign currency trends.
- Pinterest (Symbol: PINS) – Pinterest co-founder Ben Silbermann stepped down as CEO and will transition to the newly created post of executive chairman. He’ll be replaced by Bill Ready, who had been president of commerce at Google. The image-sharing company’s stock rose +2.5% in the premarket.
- Nio (Symbol: NIO) – Nio is denying a report by short-seller Grizzly Research that accuses the electric car maker of exaggerating its financial results. Nio said the report is without merit and contains numerous errors. Nio slumped -7% in premarket trading.
- Upstart Holdings (Symbol: UPST) – The cloud-based lending company’s shares tumbled -9.6% in the premarket after Morgan Stanley downgraded it to “underweight” from “equal-weight.” Morgan Stanley cites a number of factors, including deteriorating underwriting performance.
- Tesla (Symbol: TSLA) – Tesla is closing a Silicon Valley office and laying off 200 workers, according to people familiar with the matter who spoke to the Wall Street Journal. Tesla is in the midst of an ongoing effort to reduce headcount and cut costs. Its stock lost -1.6% in premarket action.
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