Commodities & Agriculture:
- The most actively traded product, September Brent crude futures (UKOIL), was up 28 cents, or +0.3%, to $112.73 a barrel by 0911 GMT. The Thursday expiring August contract was down 11 cents, or 0.1 percent, at $116.15.
- West Texas Intermediate (WTI) crude futures (USOIL) for the United States increased by 20 cents, or +0.2%, to $109.98.
- At 12:56 AM ET, gold futures (XAU/USD) were down -0.04% at $1,816.75. (0456 GMT). On Thursday morning, the dollar, which typically swings in opposition to gold, slowly declined. The dollar was close to its most recent two-decade heights. The demand for non-yielding bullion has been impacted by the stronger dollar.
- The Japanese yen (JPY) climbed to 137.0 against the euro, its highest level since 1998, before paring gains. The Japanese yen weakened -0.29% to 136.55 per dollar.
- The euro (EUR) recently traded at $1.044, down -0.74%. The ECB is anticipated to follow its global colleagues and increase interest rates in July for the first time in ten years in an effort to slow down the global inflation rate.
- The Swiss franc (CHF) reached its highest point against the euro since 2015 at 1.0034, reaching its highest level since 2015. At 1.0024, it was recently up +0.96%.
- In the midst of a “crypto winter,” Coinbase (Symbol: COIN) is expanding its operations into many European nations. Vice president of Coinbase Nana Murugesan disclosed plans to register in Italy, Spain, France, and the Netherlands despite the company firing many employees and withdrawing job offers.
- Bitcoin last fell -0.72% to $20,107.70.
- Ethereum last fell -4.39% to $1,109.25.
During Market hours Yesterday — (Wednesday – 29.06.2022)
- The Dow (Symbol: DIA) went up +0.23%. The S&P 500 (Symbol: SPY) lost -0.08% and the Nasdaq (Symbol: QQQ) up +0.09%.
- Bed Bath & Beyond (Symbol: BBBY)— Shares of the retailer plummeted -23.6% after the company missed revenue estimates and posted a wider-than-expected loss in the recent quarter. Bed Bath & Beyond also announced it is replacing CEO Mark Tritton.
- Carnival (Symbol: CCL)— Shares of the cruise line operator fell -14.1% after Morgan Stanley cut its price target on the stock roughly in half and said it could potentially go to zero in the face of another demand shock, given Carnival’s debt levels. The call dragged other cruise stocks lower. Royal Caribbean (Symbol: RCL) and Norwegian Cruise Line Holdings (Symbol: NCLH) dropped -10.3% and -9.3%, respectively.
- Upstart (Symbol: UPST) — Shares of the AI lending platform dropped -10.2% after Morgan Stanley downgraded the stock to underweight from equal weight. The Wall Street firm said rising interest rates and a troublesome macroenvironment is hurting Upstart’s growth trajectory.
- Bath & Body Works (Symbol: BBWI) — The retailer’s stock fell nearly -9% after JPMorgan downgraded shares to neutral from overweight. The firm lowered its second quarter and full-year earnings estimates for Bath & Body Works after reducing second quarter average unit retail estimates by 4% year over year.
- Teradyne (Symbol: TER) — Shares of the semiconductor testing company slid -5.2% following a downgrade to neutral from buy from Bank of America. The firm said Teradyne’s exposure to Apple could ding the stock in the near term, given uncertainty around iPhone demand.
- Tesla (Symbol: TSLA) — Shares declined -1.8% following a Wall Street Journal report that said Tesla is closing its San Mateo, California, office and laying off 200 workers. CNBC confirmed the report.
- McDonald’s (Symbol: MCD) — Shares climbed +2% following an upgrade to overweight by Atlantic Equities. The firm said hamburger chain will hold out as consumer spending slows.
During Premarket hours today (Thursday – 30.06.2022)
- Acuity Brands (Symbol: AYI) – The maker of building management systems saw its stock jump +5% in premarket trading after it beat top and bottom-line estimates for its latest quarter. Acuity’s results were driven by strength in its lighting business.
- RH (Symbol: RH) – RH slid -7.7% in premarket trading after the home goods and furniture retailer lowered its full-year financial guidance. The company formerly known as Restoration Hardware cited a deteriorating economy and a slowdown in home sales.
- Spirit Airlines (Symbol: SAVE) – Spirit delayed a shareholders’ vote on its proposed merger with Frontier Group (Symbol: ULCC) until July 8. The postponement comes as JetBlue (Symbol: JBLU) continues to push Spirit to accept its rival bid. Spirit rose +1.2% in the premarket, while Frontier Group added +1.8% and JetBlue slid -3%.
*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.