Trade overview: current reports, trends, indices, stock prices, bonds, foreign exchange and commodities and analyst recommendations
23:00
The trading day on Wall Street closed with sharp price increases. The Nasdaq jumped about 2.3%, the S&P 500 rose 1.6% and the Dow Jones climbed 1.4%.
In the US debt market, government bond yields soared. The 10-year yield jumped 10 basis points to trade around 3.92% and the two-year yield climbed 15 basis points to 4.1%.
22:07
As part of the report season, the agricultural machinery manufacturer pen jumps by more than 8% after surpassing the forecasts in the financial results it presented for the quarter. The company posted a profit of $6.29 per share and revenues totaled $11.39 billion. Early forecasts were $5.63 per share and $10.84 billion in revenue.
stock Robin Hood Jumps by about 6% after Deutsche Bank upgraded the stock to a buy rating, noting the attractive entry point following the recent sales and earnings results.
21:15
The positive trend on Wall Street continues. Nasdaq jumps by 2.3%, S&P 500 by 1.5% and the Dow Jones rises by 1.2%.
stock Nike Interest is gathering after it was reported that Bill Ackman, the Jewish billionaire and founder of the Pershing Square Fund, owns more than 3 million shares of Nike, as of the end of June, a share worth about 229 million dollars.
Also a share Lumentum Holdings Jumping over 14% after the optics supplier reported strong results for its fiscal quarter. Earnings per share came in at 6 cents per share, above FactSet estimates of 2 cents per share. At the same time, the company’s revenues exceeded forecasts.
19:58
stock Eltech The Israeli one drops by about 15% after the company, a printed circuit manufacturer from Petach Tikva, published reports. Altec disappointed investors when it reported a quarterly drop in revenue, from $11 million in the corresponding quarter to $10.5 million. The profitability rates also decreased and in the bottom line Altec registered a net profit of 0.8 million dollars and EBITDA in a similar amount.
CEO Eli Yaffe said that Altec showed consistent growth in the previous quarters, but in the second quarter there was a decrease due to the timing of orders from large customers. According to him, despite the damage in the short term, Altec is confident in its long-term strategy and its position in the market.
On the other hand, a share Gauzy Jumps by about 7% following a positive report: Israel’s Gauzi, which developed technology to control the passage of light in glass, reported that its market share in shading the cockpits of commercial and private aircraft reaches 95%, which is expected to generate revenues of $240 million in the next 10 years. In the first half of 2024, revenues from the field were $20.2 million.
19:08
The trading day in Europe ended in a green trend: the British Potsi rose by 0.8%, the French CAC by 1.2% and the Dax rose by 1.7%.
On Wall Street, the rate increases continue to strengthen. Nasdaq jumps by 2.1%, S&P 500 by 1.4% and the Dow Jones rises by 1.1%. Against the background of the green trend on Wall Street: encouraging retail sales data that felt investors’ fears of a recession in the US.
“The retail sales data released today are a reminder that the sky is not falling on the US economy,” said Wolfe Research’s chief economist, Stephanie Roth, in an interview with CNBC. “Yes, economic momentum has cooled, but it doesn’t look like we’re headed for an actual recession.” Roth added.
Following this, US government bond yields are soaring. The 10-year yield jumps by about 11 basis points to a level of 3.93% and the two-year yield climbs by 15 basis points to a level of 4.1%.
17:38
The gains on Wall Street are getting stronger: the Nasdaq jumps 1.8%, the Dow Jones rises 0.9%, and the S&P 500 jumps 1.1%.
Walmart jumps by about 7% after the company surpassed early forecasts in the line of profit and revenue in its financial results for the quarter: the profit per share amounted to 67 cents per share and the revenue was 169.34 billion dollars. At the same time, the company raised its forecasts for the rest of the year.
16:45
stock Cisco Jumping by about 9%, after the American communications network equipment manufacturer reported yesterday (Wednesday) after the lockdown on quarterly revenues and profit that exceeded expectations, and also provided a strong forecast for the current quarter. The company reported that it will restructure and lay off about 7% of its workforce. Its revenues in the quarter were 13.6 billion dollars, a 10% decrease compared to the corresponding period of the previous year, but above forecasts of 13.5 billion dollars.
16:33
The trading day on Wall Street opened with a positive trend against the backdrop of positive macro data. The Nasdaq rises 1.1%, the S&P 500 climbs 1% and the Dow Jones jumps 1.2%.
Earlier, positive retail sales data were published that surprised early expectations and calmed investors’ fears of a recession in the US.
In the US debt market, government bond yields jump at this time. The 10-year yield jumps 12 basis points to 3.95% and the two-year yield rises 15 basis points to 4.1%.
15:49
Retail sales in the US surprised positively in July when they rose by 1% at a monthly rate. The expectation was 0.1% and the previous figure indicated a decrease of 0.2%. This is the sharpest jump recorded by the index in the last year and a half.
It seems that investors are responding positively to the data in light of the fears of an approaching recession in the US: the futures contracts at this time are trading up about 0.8%.
The initial unemployment benefit claims that rose this week by 227,000, contrary to estimates of 235,000 claims, also contribute to the positive sentiment in early trading on Wall Street.
15:11
Trading in Europe continues and continues with slight increases – KAC and POTSI increase by 0.1%, in Germany Dax increases by 0.3%.
Even overseas, on Wall Street, the futures indicate slight increases, with the leading indices now rising by about 0.2%.
news fromnice : With the publication of the first quarter reports, Nice’s veteran CEO, Barak Elam, surprised and announced his intention to retire. Now alongside the publication of the second quarter reports, the technology company is updating on the replacement: Scott Russell, who is coming to Nice from SAP.
Russell, an Australian born in 1973, has held senior positions at SAP in recent years, including Chief Revenue Officer. He also promoted mergers and acquisitions, strategic planning and corporate governance processes in the company. In his last role, according to Nice’s statement, Russell was responsible for revenues of $31 billion. Previously, Russell worked at IBM and PwC. He will manage NICE from its offices in New Jersey, similar to outgoing CEO Barak Elam.
12:08
In Europe, calm trading is now underway with slight price increases – KAC and POTSI are up by 0.1%, in Germany Dax is up by 0.3%.
Macro – This morning it was announced that the British economy grew by 0.6% in the second quarter, in line with expectations and slightly less than the first quarter, 0.7%.
10:41
Trading in Europe opened this morning with gains – DAX by 0.5%, CAC by 0.2 and POTSI by 0.1%. In Asia, the morning closed mostly with gains – Nikkei and Shanghai rose 0.7% – 1% respectively, Hang Seng fell 0.1%.
08:51
In Asia, the morning gains following yesterday’s Wall Street, the Nikkei rose by 0.9%, the country’s second quarter gross product was released this morning and exceeded expectations, which may lead the central bank to raise interest rates again, which may hurt the stock market in Japan. In China following the increase in retail sales in the country, the Shanghai index rises by 1% and the Hang Seng by 0.6%. In South Korea and India the markets are closed today.
The US futures this morning indicate further increases – NASDAQ by 0.5%, Dow Jones by 0.2% and S&P 500 by 0.3%.
Yesterday on Wall Street, following the publication of the consumer price index in the US for July, 2.9%, a three-year low, the indices on Wall Street closed with moderate gains – the Nasdaq rose by 0.03%, the Dow Jones by 0.6% and the S&P 500 at 0.4%. For the S&P 500, this is the fifth consecutive day of gains.
The VIX fear index fell by 10% to 16.2 points. Last week, amid the sharp falls in the stock market, it soared above the level of 65 points, a level that indicates panic among investors. The long-term average of the VIX index is 20 points.
stock Alphabetical (Google) It fell 2.4% after Bloomberg reported that the Justice Department is considering breaking up Google’s parent company following a ruling that Google is an illegal monopoly in the online search engine market.
The Ministry of Justice has several options on the table, the most extreme of which is the splitting of central units in the company, such as the Android division and the Chrome browser. Another option is to oblige the company to sell the AdWords advertising platform, with the aim of breaking its control in the field of online search. As time progresses, it will become clear how far the Ministry of Justice will decide to go, and how much the global technology industry, which relies heavily on Google services, will be affected.
The US government aims to limit the power of the major technology companies in order to maintain free competition. However, such a move could negatively affect millions of businesses that use Google to promote their business, harm the company’s ability to continue to provide innovative products and services, and limit competition and investment in research and development , due to concerns about regulatory interference. If it is decided to carry out the split, it will be the most dramatic move to break up a company since the breakup of AT&T in the 1980s, according to Bloomberg reports.
Cisco the American communications network equipment manufacturer, reported yesterday after the lockdown on quarterly revenues and profit that exceeded expectations, and also provided a strong forecast for the current quarter. The company will restructure and lay off about 7% of its workforce. The company’s stock jumped about 6% in late trading. Its revenues in the quarter were $13.6 billion, a 10% decrease compared to the same period last year, but above forecasts of $13.5 billion.
Two chip stocks that traded in opposite trends are Intel and-Arm British. The first went down by about 2% yesterday and the second went up by a similar amount. Yesterday it was reported that Intel sold about 1.18 million of its shares in Arm. Most of Arm’s shares are held by the Japanese Softbank, 90%. In addition, Arm is developing in Israel under the radar a graphics processor that competes with that of Nvidia and Intel – this is what Globes learned.
A huge deal in the candy market in the USA – March 5Calanovamaker of Pringles and Cheez-It in negotiations for a $36 billion merger deal. Mars, which is the fourth largest private company in the US, is willing to pay $83.50 per Calanova share, a 33% premium. The company is fully owned by the Mars family.
in the USA The yield on ten-year bonds decreased by three basis points, to the level of 3.82%. The yield on two-year bonds, which is considered more sensitive to changes in interest rates in the short term, increased by two basis points, to the level of 3.96%.
In the commodity market, oil prices fell by about 1% to $77 for a barrel of American oil and $80 for a barrel of Brent oil. US crude oil inventories increased by 1.4 million barrels last week, after six consecutive weeks of declines, the US Department of Energy said yesterday.
Cryptocurrencies fell by about 3%, Bitcoin to $59,250 and Ethereum to $2,665.
Yesterday the consumer price index for July was published in the US and it stood at 2.9%, a three-year low, down from 3% last month and less than the expected 3%, the monthly index rose by 0.2% in line with expectations.
Core inflation excluding food and energy was 3.2% compared to the expected 3.2% annualized, like last month, and 0.2% compared to June, slightly higher than last month’s 0.1%. Let’s recall that on Tuesday, the producer price index in the US also indicated a smaller slowdown than expected.
Yoni Penning, chief strategist, Mizrahi Tefahot trading room, commented on the cooling of prices in the US: “The trend of moderation in inflation in the US continues. The move is even more noticeable in view of the increase in fuel prices at the station, although with a slight help from domestic gas. Today’s figure can be attributed to the continuation The structural processes of the moderation of global inflation. This is clearly reflected in the prices of tradable products, among other things, thanks to the interest rate hikes of the last few years, and the drop in car prices this month illustrates this. But the service components also show slight shades of optimism – the declines in flight prices, in particular “.
“The US market has been anticipating for some time the first interest rate cut, the Fed’s decision in about a month. As seen in the Fed’s statements in recent weeks, it does not seem interested in challenging this expectation. And yet, both the market and the Fed are still arguing about the price – a cut of 0.25% or 0.5%. In our view, given the same distance between inflation and the target, today’s figure is not the one that will open the dam, despite the slowdown in the latest employment market data. But he is definitely another step in the right direction.”
At the Pickett wealth management bank, chief investment officer Cesar Perez-Ruiz estimates that “a weaker-than-expected forecast by American home rental companies regarding weaker demand emphasizes our theme of a shift from consumer stocks to productive stocks.
“We anticipate that the current period of uncertainty and volatility in the market will continue, so there is no urgency to generally increase exposure to stocks. During the reporting season for the second quarter, American companies led with a 5% growth in sales compared to 2% in Europe.”