Commodities & Agriculture:

  • Oil falls on demand concerns, strong dollar. Brent crude was down 56 cents, or -0.6%, to $93.54 a barrel. U.S. West Texas Intermediate crude fell 44 cents, or -0.5%, to $88.04.
  • Spot gold was largely unchanged after finishing the prior session around $1,697.42 an ounce, while gold futures fell -0.1% to $1,707.30 an ounce.

Forex:

  • Dollar Gains Strength; Yen Returns to Downward Path. The Dollar Index, which tracks the greenback against a basket of six other currencies, traded +0.2% higher to 109.593, not far removed from its two-decade peak of 110.79.
  • The yuan sank -0.7%, coming close to a two-year low. The Taiwan dollar lost -0.6%.

During Market hours Yesterday (Wednesday – 14.09.2022)

  • The Dow (Symbol: DIA) gained +0.11%. The S&P 500 (Symbol: SPY) earned +0.38%. and the Nasdaq (Symbol: QQQ) gained +0.79%.
  • Starbucks (Symbol: SBUX) — Shares jumped +5.5% after the coffee chain raised its long-term financial forecast on Tuesday, and said it expects double-digit growth for revenue and per-share earnings as it makes changes to its cafes.
  • Nikola (Symbol: NKLA) — Nikola leapt +6.8% after BTIG upgraded shares to buy from neutral, saying the electric vehicle company is “well positioned” to get a boost from truck decarbonization.
  • Moderna (Symbol: MRNA) — Moderna spiked +6.2% after CEO Stéphane Bancel said the company is open to supplying Covid-19 vaccines to China, according to a Reuters report.
  • Johnson & Johnson (Symbol: JNJ) — Shares of the health-care company rose +2.1% after announcing it will repurchase up to $5 billion of its common stock. The move comes ahead of the Inflation Reduction Act’s 1% tax on buybacks, which goes into effect in 2023. Johnson & Johnson does not expect to incur debt to fund the repurchase program, the company said.
  • SoFi Technologies (Symbol: SOFI) — Shares of the consumer finance app rose +5.8% after Bank of America upgraded the stock to buy from neutral, saying it could benefit from the student loan payment moratorium ending. The bank also said SoFi’s high-profile NFL-aligned marketing investments are good for driving user growth and engagement.
  • Block (Symbol: SQ) — The payment stock dropped -1.5% after Evercore ISI downgraded Block to underperform from outperform and slashed its price target, saying challenges are mounting for the company.

During Premarket hours today (Thursday – 15.09.2022)

  • AIG (Symbol: AIG) — The insurer’s life insurance unit CoreBridge raised $1.68 billion in the biggest initial public offering of 2022. In the IPO, 80 million CoreBridge shares were sold at $21 per share, at the low end of the projected $21-to 24 range. AIG gained 1.75 in the premarket.
  • Nordstrom (Symbol: JWN) —The department store operator’s shares jumped +2.6% in premarket action after Jeffries upgraded the stock to “buy” from “hold”. The firm said younger and wealthier consumers will be spending on major wardrobe upgrades, and Nordstrom is best poised to benefit from that trend.
  • Netflix (Symbol: NFLX) — The streaming service’s shares were up +2.5% in premarket trading following an Evercore ISI upgrade to “outperform” from “in line”. Evercore based its opinion on Netflix’s revenue opportunities from its planned ad-supported tier and limits on password sharing.

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