Abstract: Wall Street is seeing positive gains due to heightened investor anticipation around the quarterly earnings season for businesses.
• Wall Street is seeing positive gains due to heightened investor anticipation around the quarterly earnings season for businesses.
• The S&P 500 has risen by 0.25% to 4565 points, while the Russell 2000 has jumped by 1.30%. In contrast, the Nasdaq 100 is stable, trading at 15845 points. These Wall Street index trends continue to showcase year-high records.
• Stocks for Apple are reaching unprecedented peaks after their announcement of a groundbreaking new artificial intelligence model. The tech giant is currently shaping its strategy around this model, which is currently used internally. With these developments, Apple's market valuation stands at a whopping $3.06 trillion today.
• Data from the real estate sector, including housing starts and building permits, shows a slightly weaker state in the American real estate market, which is associated with higher rates.
• The report from the Energy Information Administration (EIA) reveals that the change in oil inventories was -0.71 million barrels, which is less than the expected -2.2 million barrels and significantly lower than the previous result of 5.95 million barrels.
• Inflation in the UK dropped to 7.9% YoY for June, with an expectation of 8.2% YoY and a previous level of 8.7% YoY.
• Goldman Sachs announced its results for the second quarter of 2023, which did not meet expectations. Its profits dropped to $1.07 billion or $3.08 per share, compared to $2.79 billion or $7.73 per share in the same period last year.
• Goldman Sachs' results were anticipated after other banks published good results, with the investment segment being the weakest (Goldman Sachs' main area).
• Car sales in Europe continue their upward trend. According to the European Automobile Manufacturers' Association, new vehicle registrations increased by 19% to 1.27 million vehicles in June, with electric cars accounting for 55% of the growth. Diesel cars, on the other hand, experienced a decline of nearly 10%.
• Shares of Kering (KER.FR), the owner of Gucci, Yves Saint Laurent, and Balenciaga, are gaining over 6.5% at the beginning of the session following the resignation of the company's CEO. This change is intended to revitalize the Group's businesses.
• Today, the Canadian dollar (CAD) is one of the stronger currencies, but the US dollar is also gaining. The EURUSD pair is falling below the 1.12 level.
• Energy commodities are gaining today, with LSGASOIL leading the increases with a 1.8% gain. Brent oil contracts are trading slightly above $80 per barrel.
• Cryptocurrencies are trading flat, with BTC holding just below the $30,000 level and ETH at $1,900. However, XRP is gaining momentum again, with its price rising to around $0.80 cents.
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Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.