Commodities & Agriculture:
- Brent crude (UKOIL) futures for September settlement, due to expire on Friday, gained $2.30 to trade at $109.44 a barrel by 1200 GMT after touching their highest since July 5. The more active October contract was up $2.24 at $104.07.
- U.S. West Texas Intermediate (WTI) crude (USOIL) rose $2.20 to $98.62 a barrel.
- Gold futures were up +0.40% to $1,757.30 by 11:37 PM ET (3:37 AM GMT). The dollar which normally moves inversely to gold, edged down on Thursday morning. The dollar has spent most of July hovering around 20-year highs.
Forex:
- The U.S. dollar was broadly a bit softer elsewhere on Friday, too, and the dollar index headed for a second straight weekly loss. It fell -0.5% to 105.680, its lowest since July 5.
- The Yen climbed against the dollar +0.8% on Friday to 133.17 yen to its highest levels since mid-June.
- The pound also strengthened against the dollar by +0.59% to $1.2238. Traders are mulling over the expectations that the Bank of England will raise interest rates by 50 basis points when it meets next week.
During Market hours Yesterday — (Thursday – 28.07.2022):
US GDP fell 0.9% in the second quarter, following the 1.4% decline in the first quarter. This represents a strong recession signal.
- The Dow (Symbol: DIA) went up +1.00%. The S&P 500 (Symbol: SPY) gained +1.25%. and the Nasdaq (Symbol: QQQ) jumped +0.98%.
- Meta Platforms (Symbol: META) — Shares of the Facebook parent company slid -5.22% on the back of disappointing quarterly results. Meta Platforms posted a miss on the top and bottom lines in the second quarter as digital advertising slowed. The company also issued a weak forecast for the current period.
- Qualcomm (Symbol: QCOM) — Shares of the chipmaker fell -4.54% after the company issued guidance for the current quarter that was short of consensus expectations. Qualcomm’s forecast suggested that the company’s handset sales growth would slow during its fiscal fourth quarter, reflecting a decline in smartphone demand. Still, the company’s third-quarter earnings slightly beat Wall Street expectations.
- Teladoc (Symbol: TDOC) — Shares plummeted -17.67% after the telemedicine company issued a weak outlook in its earnings report. Teladoc reported a $3 billion noncash goodwill impairment charge.
- Etsy (Symbol: ETSY) — Etsy jumped +9.86% after the e-commerce company beat estimates for quarterly earnings. The company’s quarterly revenue grew more than 10% even amid tough economic conditions.
- Harley-Davidson (Symbol: HOG) — Shares of Harley Davidson jumped +7.76% after it reported quarterly results that beat Wall Street’s expectations. The company also reiterated its full-year guidance, even after it had a two-week halt in production during the quarter due to an issue with a supplier.
During Premarket hours today – (Friday – 29.07.2022):
- Amazon.com (Symbol: AMZN) – Amazon shares rallied +12.5% in premarket trading after it posted better-than-expected quarterly revenue and issued an upbeat outlook. Amazon logged an overall quarterly loss, owing largely to a $3.9 billion negative impact from its investment in electric vehicle maker Rivian (Symbol: RIVN).
- Roku (Symbol: ROKU) – Roku stock was slammed -23.2% in premarket trading after it reported a larger-than-expected quarterly loss and its revenue missed estimates as well. Roku also issued weaker-than-expected guidance as both ad sales and sales of its video streaming devices remain under pressure.
- Intel (Symbol: INTC) – Intel shares tumbled -11.2% in premarket action after the chip maker’s quarterly profit and revenue fell short of Wall Street forecasts. Its revenue drop from a year ago was its largest in more than a decade, and its current-quarter guidance fell short of forecasts. Intel said supply chain issues and delays in the rollout of new data center chips were among the factors weighing on results.
- Chevron (Symbol: CVX) – Chevron rallied +3.6% in premarket trading after beating top and bottom line estimates for its latest quarter, and increasing the top end of its share buyback guidance to $15 billion from the prior $10 billion.
- Exxon Mobil (Symbol: XOM) – Exxon Mobil added +2% in premarket action after the company posted a better-than-expected second-quarter profit. As with rival Chevron, Exxon benefited from higher prices for oil and natural gas as well as strong margins.
- Apple (Symbol: AAPL) – Apple gained +2.3% in the premarket, after reporting quarterly profit and revenue that exceeded Wall Street forecasts. Earnings were down from a year ago, but Apple did see iPhone sales continue to grow.
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