Commodities & Agriculture:
- European Gas rises as region feels impact of Energy Crisis.
- Ethanol could get boost from carbon capture credits in Biden climate law.
- Gold in a Holding Pattern, Copper Slips on China Jitters.
Forex:
- Dollar increases as Fed prepares for protracted war on inflation.
- Asian FX Falls on Rate Risks, Yuan Rattled by Real Estate Woes.
Cryptocurrency:
- The crypto market was lower this morning, with the majority of the top 10 cryptos registering losses over the past 24 hours. Bitcoin was down around -3%, trading above $23,000. Ethereum and XRP were also around -3% lower, and Cardano and Solana were down -6% and -7%, respectively.
During Market hours Yesterday — (Wednesday – 17.08.2022)
- The Dow (Symbol: DIA) went down -0.45%. The S&P 500 (Symbol: SPY) lost -0.71% and the Nasdaq (Symbol: QQQ) dropped -1.14%.
- Bed Bath & Beyond (Symbol: BBBY) — Shares of the meme stock jumped about +12% on Wednesday, continuing a torrid August rally for the challenged retailer. The stock has seen abnormally high trading volume and is the most popular topic on Reddit page WallStreetBets.
- Krispy Kreme (Symbol: DNUT) — The doughnut chain slid -12% after it reported quarterly results that included lower-than-expected profit and revenue. The company also said it has seen significant deceleration in commodity costs in recent weeks.
- Teladoc Health (Symbol: TDOC) — Shares of Teladoc slipped almost -9% after Guggenheim downgraded the company to sell from neutral. The firm said Teladoc’s pace of growth is set to slow in a challenging macroeconomic environment with a weakening consumer.
- Tech stocks — Shares of Amazon (Symbol: AMNZ), Netflix (Symbol: NFLX), Alphabet (Symbol: GOOGL) and Meta Platforms (Symbol: META) dropped by about -2% after the 10-year Treasury yield moved sharply higher.
During Premarket hours today (Thursday – 18.08.2022)
- Estee Lauder (Symbol: EL) — Estee Lauder shares fell -1.3% in the premarket after the cosmetics maker forecast full-year sales below consensus, due to Covid-related lockdowns in China. Estee Lauder’s profit and revenue for its most recent quarter beat Wall Street estimates.
- Canadian Solar (Symbol: CSIQ) — The solar equipment and services company reported better-than-expected quarterly profit and solar module shipments that were at the high end of its prior forecast. Canadian Solar also raised its full-year revenue forecast, and its stock jumped +6.2% in premarket trading.
- Bath & Body Works (Symbol: BBWI) — Bath & Body Works reported better-than-expected quarterly profit and revenue, but gave a current-quarter forecast that was weaker than expected. The personal care products retailer also said it eliminated 130 positions as it moves to control costs and become more efficient.
- Cisco Systems (Symbol: CSCO) — Cisco rallied +5% in premarket trading after beating top and bottom line estimates for its latest quarter. The networking equipment maker also gave a stronger-than-expected outlook for the current quarter as supply chain issues ease.
- Bed Bath & Beyond (Symbol: BBBY) — Bed Bath & Beyond tumbled -14% in the premarket after investor Ryan Cohen filed a notice of intent to sell 7.78 million shares of the housewares retailer. Cohen’s prior purchases of call options had contributed to a buying spree in Bed Bath & Beyond, with the stock up in 15 of the past 16 sessions and increasing more than five-fold in value over that time.
*Any information contained in this article, including any information contained in external third party links, if any, is solely for informational purposes and does not contain, or should not be construed as containing, investment advice or an investment recommendation, or, an offer of or solicitation for any transactions in financial instruments. Past performance does not guarantee or predict future performance. Colmex Pro Ltd does not take into account your personal investment objectives or financial situation and makes no representation, and assumes no liability to the accuracy or completeness of the information provided, nor for any loss arising from any investment based on presented information.