Commodities & Agriculture:
- The price of crude oil (USOIL) fell -4% today due to reports that U.S. President Joe Biden intended to reduce fuel prices for motorists as well as worries about a probable economic downturn following recent rate hikes by central banks, which also weighed on equities.
- On Wednesday morning, the dollar, which often swings in opposition to gold, nudged up, which decreased demand for non-yielding bullion. Silver fell -1.60% compared to other precious metals. Palladium dropped -1.22% and platinum dropped -0.75%.
- Wheat was selling for about $975, having dropped by about $100 on Friday and $55 on Tuesday (a -5.38% decline). Wheat prices rose by almost $500 during the Russia-Ukraine conflict, when they briefly reached $1,300. Since that time, the price of wheat has been fluctuating between $1,000 and $1,200, which is still significantly higher than its price of $700 to $800 over the previous 12 months. Analysts’ production projections for certain significant wheat growers are blamed for the most recent price decline.
- Due to capital controls, an advantageous forthcoming tax year, and Russia’s trade surplus, the rouble (RUB) surged on Wednesday to its best level against the dollar and the euro in seven years. The rouble had previously risen to 52.80, its highest level since June 2015, and was 1.4 percent firmer against the dollar at 53.07 at 7:34 GMT. It has increased by +1.6% to reach its highest level since May 2015, 55.36 against the euro.
- On Wednesday, the euro (EUR) and sterling (GBP) declined as investors fled riskier assets for the safe haven dollar, causing a stock market surge to stall. Additionally, data revealed that consumer price inflation in the UK reached a record 40-year high. After British consumer prices increased to 9.1% last month, the highest pace among the Group of Seven countries, underscoring the depth of the cost-of-living squeeze, the pound fell -0.8% to $1.2198, its lowest level in in a week.
- The yen (JPY), which had earlier dropped to its lowest level since October 1998 at 136.71 per dollar, was last moving -0.3% lower at 136.3.
Over the course of the previous day, Polkadot fell more than -7%, Solana more than -6%, Cardano more than -5%, and Ethereum more than -4%. One bitcoin cost around $20,400 at the time of writing, down about 2 percent from the day before.
During Market hours yesterday for US Market— (Tuesday – 21.06.2022)
- The Dow (Symbol: DIA) went up +2.20%. The S&P 500 (Symbol: SPY) gained +2.52%. and the Nasdaq (Symbol: QQQ) jumped +2.33%.
- Exxon Mobil (Symbol: XOM) — Shares of Exxon Mobil jumped +6.3% after Credit Suisse upgraded them to outperform from neutral and said they can jump another 45% from current levels. The oil and gas company’s divergent corporate strategy sets it up well to capitalize on the jump in oil prices, the firm said.
- Kellogg (Symbol: K) — The cereal company’s shares gained +2% after Kellogg announced plans Tuesday to split into three separate public companies that would be centered around its snacking, cereal and plant-based businesses. The tax-free spinoffs are expected to be completed by the end of 2023.
- Tesla (Symbol: TSLA) — The EV maker’s shares climbed +9.4% after CEO Elon Musk gave more clarity on planned job cuts that were announced earlier this month. Musk said the company will lay off 3.5% of the workforce, calling the amount “not super material.”
- Palantir Technologies (Symbol: PLTR) — Shares surged +5.7% after Bank of America initiated coverage of the defense tech company with a buy rating. The firm said investors are underestimating the demand for artificial intelligence that should boost Palantir’s stock.
During Premarket hours today for US Market — (Wednesday – 22.06.2022)
- Winnebago (Symbol: WGO) – The recreational vehicle maker saw its stock jump +3.4% after it beat top and bottom-line estimates for its latest quarter. Winnebago earned an adjusted $4.13 per share, compared with a consensus estimate of $2.96, helped by higher prices and a jump in its gross profit margins.
- Revlon (Symbol: REV) – Revlon shares surged +32% in premarket trading, continuing a rally that began after the cosmetics maker filed for Chapter 11 bankruptcy protection last week. Revlon soared 91% Friday and jumped another 62% yesterday.
- Korn Ferry (Symbol: KFY) – The consulting firm reported an adjusted quarterly profit of $1.75 per share, beating consensus estimates by 20 cents, with revenue also topping Wall Street forecasts. Results were boosted by a 30% jump in fee revenue compared with a year earlier. Korn Ferry also announced a 25% dividend increase, and its stock rallied +3.1% in premarket trading.
- Airbnb (Symbol: ABNB) – Airbnb fell -2.4% in the premarket after JMP Securities downgraded it to “market perform” from “market outperform,” saying that the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
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