Slight fluctuations on Wall Street, bond yields plunge; Biogen flies 35%

Trade review: current reports, trends, indices, stock prices, bonds, forex, commodities and analyst recommendations

17:20

The S&P 500 and Dow Jones are swinging between gains and slight declines, and are now up about 0.2% each. Nasdaq, on the other hand, falls by about 0.1%, with the main effect being the Apple share, which is cut by about 4%. In the bond market, yields continue to fall: the 10-year bond yield drops to 3.82% and the two-year bond yield retreats to 4.17 %.

Hamida basket The Israeli one drops to nearly 15%. The biomed company reported that it received financing in the amount of 45 million dollars through the issuance of shares (in the amount of about 20 million dollars) and the balance in external financing through a guaranteed convertible promissory note.

Forsyth The dual climbs. The company announced today that its subsidiary i-Net Mobile signed a five-year commercial cooperation agreement with Pango. Eye-Net Protect products, designed to prevent road accidents by alerting drivers and road users about imminent collisions, will be integrated into the Pango application.

16:31

While the Tel Aviv Stock Exchange completes several days of declines and is painted red, Wall Street sees a slight recovery. The Dow rises by 0.2%, the S&P 500 by 0.1% and the Nasdaq retreats by 0.1%, mainly thanks to Apple, which loses almost 3%.

At the same time, bond yields fall sharply. The 10-year bond yield loses 15 points compared to its level last night and drops to 3.81%, when earlier today it jumped and crossed the 4% line. The two-year bond yield falls by 17 points to the level of 4.13%. These are still the highest levels in the last 15 years.

Most of the stocks of the tech giants are trading stable or with slight increases. in contrast, Dark falling after Bloomberg reported that it backed out of its plans to increase production of its new iPhone 14 after the expected increase in demand did not materialize. The cooperative travel company Lift It is also losing ground after announcing a hiring freeze until the end of the year, in an effort to cut costs.

Biogen continues to stand out favorably with a jump of almost 40%, following its and its Japanese partner Eisai’s report that their experimental Alzheimer’s drug dramatically slowed the progression of the disease and reduced cognitive and functional decline by 27%.

15:18

The chip company Valence reported today on a collaboration with Intel to develop solutions compatible with the MIPI A-PHY standard, for transmitting video at fast rates inside the car. According to the company, this is a rapidly developing standard as one of the highest quality standards for video communication in the interior of the vehicle, for the promotion of protection and safety systems and other vehicle applications.

14:35

Following the announcement by the Bank of Great Britain, sharp increases are recorded in British government bonds (Gilt). The yield on the 10-year bond drops by 25 basis points to 4.25%, and the yield on the 10-year bond drops by -46 basis points to 4.52%.

The technology company for the defense market Cognate Today published the reports for the second fiscal quarter (the quarter that ended at the end of July). Similar to the previous quarters, the company’s revenues were lower than analysts’ forecasts and amounted to $81.3 million, compared to the analysts’ forecast of $92.5 million. However, the net loss on a non-GAAP basis was narrowed in relation to forecasts and amounted to 4 cents per share, while analysts expected a loss of 17 cents per share. According to the accepted accounting rules, an operating loss of 26.4 million dollars was recorded.

According to CEO Elad Sharon, “In the second quarter our revenues were disappointing, but we are encouraged by the orders growing at a higher rate than the revenues. We are taking steps to focus our resources on opportunities with the highest potential and reduce our cost structure.”

14:05

The declines are moderating in Europe – the leading indices are now retreating at rates of up to 0.8%. In futures trading on US stock market indices, the trend is mixed.

stock Biogen Jumps 47% in early trading, after the company reported success in a trial of a drug to treat Alzheimer’s disease.

Dark Drops by about 4% amid reports that the company is reducing iPhone 14 production.

13:24

Trading in European stock exchanges is conducted with declines of up to 2.1% in the leading indices. Futures trading on the leading indices in New York recorded declines of 0.4%-1.1%.

Against the background of the upheaval in the bond markets in the world in general and in the United Kingdom in particular, the Bank of Great Britain announced a short time ago that it will stop the sale of long-term bonds and intervene in trading (temporarily) in the purchase of long-term bonds of the British government.

Ari Wald, senior technical analyst at Oppenheimer, sees in his weekly review a continuation of the negative trend in the short term, up to the support level of 3,500 in the S&P 500 index. At the same time, the technical strategist of Oppenheimer emphasizes the signs of excessive pessimism as a basis for the formation of investment opportunities in the medium-long term , and continues to believe in a recovery scenario in the markets this coming October, in accordance with a historical pattern of behavior.

Wald points out that last week a downward trend continued in the markets, when the positive sentiment rate OPCO Bullish Sentiment Composite dropped to a low of only 8%, its lowest reading since March 2009, when a low was recorded after the global financial crisis. In this context, Wald mentions the famous statement of the financier Nathan Rothschild: “When blood flows in the streets – it’s time to buy.” He also notes that the historical examination indicates that investing in the index of the top 500 stocks when the sentiment index is lower than 10% (a rare situation observed in only 2% of cases), yields a relatively high return over time.

11:15

The declines in Asia deepened. In Hong Kong, the Hang Seng index closed down 3.6%, and the Shanghai index ended down 1.6%.

Trading in European stock exchanges is conducted with declines of 1%-2% in the leading indices, with the exception of Zurich, which advances 0.3%. The pan-European Stoxx 600 index shed 1.2%.

Futures trading on the leading indices in New York recorded declines of 0.4%-1.1%.

10:05

The trading day in European stock markets opened with a negative trend. In futures trading on US stock market indices, declines of 0.5%-0.9% are recorded.

The yield on the 10-year US government bond continues to rise and is now at 4.01%.

The Nikkei index in Tokyo recorded a decrease of 1.5% today. The Hang Seng index falls by 2.8% towards the end of trading in Hong Kong.

08:00

Asian stock markets are trading lower today. The Nikkei index in Tokyo falls by 2%, the Hang Seng index falls by 2.3%, and Shanghai falls by about 0.7%.

In futures trading on US stock market indices, declines of 0.5%-0.9% are recorded. This is after trading in New York last night closed in a mixed trend: the Dow Jones shed 0.4%, the S&P 500 index fell by 0.2% (both fell to new lows since the bear market began), while the Nasdaq advanced by 0.2%.

The yield on the 10-year US government bond continues to rise and now stands at about 3.98%, while the yield on the two-year bond stands at 4.29%.

In the commodity trading arena, oil contracts are down by 1.3%-1.4%, and gold is down by about 0.3%.

The dollar continues to strengthen and rises by about 0.4% against the euro to around $0.955 per euro and against the pound by about 0.7% to around $1.065 per pound. The Japanese yen remains stable, and the Chinese yuan weakened by 0.65% around 7.222 yuan to the dollar.

In the crypto arena, Bitcoin is down 1.5% and is trading around $18,780, and Ethereum is down 2.7% and is trading around $1,285.

By Editor

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