Commodities & Agriculture:
- Brent crude (UKOIL) rose 91 cents, or +0.9%, to $105.31 a barrel at 0811 GMT.
- U.S. West Texas Intermediate (WTI) crude (USOIL) gained $1.16, or +1.2%, to $96.14.
- Gold futures edged down -0.15% to $1,715.20 by 11:52 PM ET (3:52 AM GMT). The dollar, which normally moves inversely to gold, edged down on Wednesday morning.
- Silver fell -0.28%. Platinum fell -0.23% while Palladium climbed +0.38%.
Forex:
- At 1055 GMT, the dollar index was down -0.2% at 106.93.
- the Euro (EURUSD) edged +0.33% higher to $1.0149 but failed to recoup much of Tuesday’s 1.0% slide, its biggest fall in over two weeks
- The British pound (GBPUSD) firmed marginally against the dollar, with another key rate decision expected from the Bank of England due out next week, rising +0.33%.
- The Australian dollar (AUDUSD) was up +0.12% to $0.69455 as Australian inflation sped to a 21-year high in the last quarter.
During Market hours yesterday — (Tuesday – 26.07.2022)
- The Dow (Symbol: DIA) went down -0.76%. The S&P 500 (Symbol: SPY) lost -1.18%. and the Nasdaq (Symbol: QQQ) fell -1.96%.
- Walmart (Symbol: WMT) – Shares of Walmart slid -7.6% after the company cut its quarterly and full-year outlook, saying that inflation is shifting consumer spending towards essentials and away from things such as clothing and electronics. The news also dragged other retail stocks such as Target, Kohl’s, Amazon and Costco lower.
- Shopify (Symbol: SHOP) – Shares dropped -14.06% after the e-commerce company said it is laying off about 1,000 employees, or roughly 10% of its workforce. Shopify cited a pullback in online spending after a pandemic boom.
- 3M (Symbol: MMM) –3M jumped +5% after the company posted quarterly earnings that beat Wall Street’s expectations. The company also announced Tuesday that it will spin off its health-care business into its own publicly traded entity.
- General Electric (Symbol: GE) – General Electric climbed +4.6% after the industrial giant posted a beat in quarterly earnings. The company’s quarterly profit and cash flow were higher after a recovery in aviation fueled its jet engine business.
- General Motors (Symbol: GM) –The automaker’s stock dropped -3.4% after the company reported second-quarter earnings that missed Wall Street’s estimates. GM was unable to ship nearly 100,000 vehicles by quarter-end due to parts shortages. GM also confirmed that it has secured the battery materials needed to build 1 million EVs a year by 2025.
- Coinbase (Symbol: COIN) — Coinbase shares dropped -21.08% after Bloomberg News reported that the company is facing a probe from the Securities and Exchange Commission regarding its listings of digital coins. A decline in crypto may also have weighed on the stock, with the price of bitcoin falling more than 4%.
- Coca-Cola (Symbol: KO) – Coca-Cola gained +1.64% after the beverage company posted quarterly results that beat Wall Street’s expectations. The company also updated its full-year organic revenue growth numbers, saying it expects growth to be 12% or 13%, up from a previous guidance of 7% or 8%.
- McDonald’s (Symbol: MCD) – McDonald’s advanced +2.68% after the fast-food chain posted quarterly earnings that topped analysts estimates, even though revenue can in less than expected. Price hikes and value items drove growth in the U.S., according to the company, as inflation weighed on the quarter.
- Roku (Symbol: ROKU) – Shares of the streaming video stock sank -7.89% after Wolfe Research downgraded Roku to underperform from peer perform. The firm said in a note to clients that inflation and new advertising-supported subscription tiers from Netflix and Disney could hurt Roku.
During Premarket hours today — (Wednesday – 27.07.2022)
- Boeing (Symbol: BA) – Boeing posted a wider-than-expected quarterly loss with revenue that fell below consensus estimates. However, Boeing reported positive operating cash flow and, unlike in prior quarters, did not see any charges related to the production of its 737 MAX jet. Boeing jumped +4.4% in premarket action.
- Hilton Worldwide (Symbol: HLT) – Hilton rallied +4.8% in the premarket after the hotel operator’s second-quarter results beat top and bottom line estimates. Hilton also raised its full-year forecast, as travel demand continues to rebound.
- Spotify (Symbol: SPOT) – Spotify reported a wider-than-expected quarterly loss, but its revenue exceeded analyst forecasts as it saw a 14% increase in paying subscribers for its premium streaming service. Spotify jumped +6% in premarket trading.
- Garmin (Symbol: GRMN) – The GPS device maker’s stock slumped -9.3% in the premarket after its quarterly earnings beat estimates, although revenue fell short of analyst predictions. Garmin said its results were negatively affected by underperformance in its fitness segment.
- Shopify (Symbol: SHOP) – The e-commerce platform provider slumped -6.8% in premarket action after posting a wider-than-expected loss and saying losses will increase in the current quarter. Shopify said inflation and rising interest rates will hurt consumer spending.
- Microsoft (Symbol: MSFT) – Microsoft gained +3.5% in the premarket despite missing on both the top and bottom lines for its latest quarter. The company saw its slowest earnings growth in two years amid a slowdown in its cloud business. Microsoft, however, issued an upbeat outlook, saying currency-adjusted sales and operating income will increase by a double-digit percentage this quarter.
- Alphabet (Symbol: GOOGL) – Alphabet also rallied, rising +3.7% in premarket action, even though its quarterly sales and profit missed Wall Street forecasts. The Google parent’s results were impacted in part by a pullback in spending by advertisers, but some investors had apparently braced for even worse results.
- PayPal (Symbol: PYPL) – PayPal added +6.8% in the premarket after the Wall Street Journal reported that activist investor Elliott Management took a stake in the company. The size of the stake and Elliott’s intentions could not be learned.
- Teva Pharmaceutical (Symbol: TEVA) – Teva shares surged +22.9% in premarket trading after it reached a national settlement worth up to $4.25 billion over its alleged role in the opioid crisis.
- Enphase Energy (Symbol: ENPH) – Enphase reported better-than-expected sales and profit for its latest quarter, sparking a +9% premarket rally in its shares. The solar equipment company’s results benefited from a jump in its European business.
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