Commodities & Agriculture:
- At the time of writing, OIL was trading around $104 and had lost $4 over the previous 24 hours. The price of oil was above $120 only a week and a half ago, and yesterday it dropped below $102 before rising. Investors are concerned that interest rate increases could cause a recession, which would reduce demand for oil, which is why oil prices have continued to decline.
- GOLD futures were down -0.21% to $1,834.45 by 12:32 a.m. ET (0432 GMT). The dollar which normally moves inversely to gold, edged up on Thursday morning. In other precious metals, SILVER plunged -0.65%. PLATINUM edged up +0.14% while PALLADIUM gained +0.69%.
- After statistics revealed that the U.K. government borrowed more than expected in May due to an increase in interest payments to service the national debt by 70%, the EUR/USD declined -0.2% to 1.0549 and the GBP/USD fell -0.4% to 1.2214. The risk-sensitive AUD/USD sank -0.6% to 0.6887. Additionally, USD/JPY declined -0.4% to 135.71, retreating from a 24-year high of 136.71 hit on Wednesday. The yen was aided by the closing yield differential between Japanese and U.S. Treasury notes.
- Most gains and losses in the top cryptocurrencies yesterday were within 1%. Solana stood out, increasing by more over +3%. At the time of writing, Bitcoin was trading about $20,400, with just slight losses over the previous day.
During Market hours Yesterday — (Wednesday – 22.06.2022)
- The Dow (Symbol: DIA) went down -0.22%. The S&P 500 (Symbol: SPY) lost -0.18% and the Nasdaq (Symbol: QQQ) slid -0.15%
- Nike (Symbol: NKE) — Shares of the athleticwear retailer fell more than -3% after Seaport downgraded the stock to neutral from buy. The Wall Street firm said Nike faces rising inflation and supply chain disruptions.
- Altria Group (Symbol: MO) — The tobacco company dropped -9% after The Wall Street Journal reported that the Food and Drug Administration is preparing to order Juul Labs to take its e-cigarettes off the U.S. market. The Biden administration also plans to propose a rule to establish a maximum nicotine level in cigarettes.
- Coinbase (Symbol: COIN) — Shares of the crypto services firm fell -7.6% on Wednesday after rival crypto exchange Binance.US said it’s dropping spot bitcoin trading fees for customers. Coinbase historically has relied heavily on trading volumes for revenue but in recent months has been looking to diversify its revenue streams.
- Airbnb (Symbol: ABNB) — The vacation rental company saw its shares drop -2% after JMP Securities downgraded it to market perform from market outperform. The analyst said the post-pandemic jump in travel demand is already reflected in Airbnb’s valuation.
During Premarket hours today (Thursday – 23.06.2022)
- Accenture (Symbol: ACN) — The consulting firm’s shares fell -3.3% in the premarket after its quarterly revenue beat forecasts but earnings were impacted by the cost of its Russia exit. Accenture raised its full-year revenue forecast but cut the top end of its projected earnings range due to a greater-than-expected negative impact from foreign exchange.
- Occidental Petroleum (Symbol: OXY) — Berkshire Hathaway (Symbol: BRK.B) bought an additional 9.6 million shares of Occidental Petroleum, raising its stake in the energy producer to 16.3%. Occidental rallied +2.9% in premarket action.
- WeWork (Symbol: WE) — The office-sharing company’s stock rose +3.3% in the premarket after Credit Suisse initiated coverage of the stock with an “outperform” rating. Credit Suisse feels WeWork is among the companies that will benefit from the increase in hybrid work and co-working, as well as demographic trends.
- Snowflake (Symbol: SNOW) — The cloud computing company’s stock was upgraded to “overweight” from “neutral” at J.P. Morgan Securities, which pointed to an attractive valuation as well as extremely high satisfaction levels among Snowflake customers. Snowflake surged +6.1% in premarket trading.
- Revlon (Symbol: REV) — Revlon slid -5% in the premarket, signaling a possible end to the three-day win streak that followed its Chapter 11 bankruptcy filing last week. The cosmetics maker’s shares have surged more than fourfold over the past 3 sessions.
*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.