Commodities & Agriculture:
- Oil slips to six-month low as recession fears weigh.
- Gold Trades Flat, Copper Rises on China Stimulus Hopes.
- The dollar index was last broadly flat on the day at 106.510. It has recovered by around +2% since last week’s post-inflation data low, but remains more than 2% off the two-decade high of 109.29 hit in mid-July.
- Asian FX Muted Before Fed Minutes, Australian Dollar Dips Below $0.7.
- Dogecoin topped top cryptocurrencies with gains of around +10%, followed by Cardano and XRP with gains of more than +4% each. At the time of writing, Bitcoin had risen just +1% in the previous day and had pushed above the $24,000 mark.
During Market hours yesterday — (Tuesday – 16.08.2022)
- The Dow (Symbol: DIA) went up +0.70%. The S&P 500 (Symbol: SPY) earned +0.20%. and the Nasdaq (Symbol: QQQ) fell -0.23%.
- Bed Bath & Beyond (Symbol: BBBY) — The home retailer’s shares skyrocketed about +64%. At its highest, shares added more than 70% to touch an intraday high of $28.60 Tuesday amid multiple trading halts due to volatility. The rally came as retail traders active on social media piled into the stock, encouraged by news that GameStop chair Ryan Cohen placed another bet on the struggling retailer.
- Nu Holdings (Symbol: NU) — Shares of the Warren Buffett-backed digital banking company surged more than +23% after the firm reported quarterly revenue that rose 230% from a year earlier. Berkshire Hathaway owned $400 million of Nu Holdings shares at the end of the second quarter, unchanged from the prior quarter.
- Zoom Video (Symbol: ZM) — Shares of the video teleconferencing service fell about -5% after Citi downgraded the company, saying growing competition from Microsoft Teams could push the stock down 20%. The bank said Zoom has too many post-pandemic challenges in addition to rising competition, including macro-related weakness hitting businesses and margin risk.
- Snowflake (Symbol: SNOW) — The cloud computing company’s shares fell -5% after UBS downgraded them to neutral from buy amid mounting macro and competitive pressures. UBS also cited a slowdown in customer spending of cloud computing as well as rising competition.
During Premarket hours today — (Wednesday – 17.08.2022)
- Mortgage demand fell last week even as rates declined slightly
- Manchester United (Symbol: MANU) — Manchester United rose +4.6% in the premarket after Elon Musk tweeted that he was buying the British football team and then subsequently said he was joking.
- Bed Bath & Beyond (Symbol: BBBY) — Bed Bath & Beyond surged +22.8% in the pre-market after registering over 20% gains in each of the past three sessions. The retailer’s shares – which have been popular with “meme stock” investors, are up in 14 of the past 15 sessions, more than quadrupling in value over that stretch.
- Southwest Gas (Symbol: SWX) — Southwest Gas rose +4.7% in premarket action after investor Carl Icahn raised his stake in the utility company to 8.7% from 7.6%.
- Sanofi (Symbol: SNY) — Sanofi shares slid -5.4% in premarket trading after the French drug maker halted development of breast cancer treatment amcenestrant. The halt came after a trial showed no signs that the drug was effective.
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