US stocks were dragged lower on Tuesday after Micron Technology warned a drop in demand for its chips, Philadelphia Semiconductor index sank 4.6% with all 30 members falling

MACRO

US Markets retreated ahead of the release of monthly CPI data alongside disappointing Q2 earnings results from chipmakers

EU Markets closed lower despite a 1.6% increase in UK retail sales, supported by a heatwave which boosted the sale of clothes and picnic items

Asia Markets were mixed, with Nikkei leading losses on the back of Softbank’s underwhelming quarterly results

SECTORS

Gold edged higher, trending above the $1790 levels as the dollar softened ahead of US CPI data    

WTI Crude Oil continues to trend sideways on the back of recession fears and Russian pipeline limitations     

COMPANY

Norwegian Cruise Line plunged 10% after reporting poorer-than-expected Q2 results while its occupancy rate of 65% indicated a slow recovery

Novavax sank 29% having slashed its full-year revenue guidance amid weak demand for its COVID-19 vaccines  

Occidental Petroleum climbed almost 4% on news that Berkshire Hathaway had increased its holdings to surpass the 20% threshold

Micron Technology shed 3.8% after the company reported a drop in demand for its chips while anticipating a tough market environment ahead

EVENTS

Today’s Earnings:

• Wix (WIX)
• Fox (FOX)
• Sonos (SONO)
• Walt Disney (DIS)
• Coupang (CPNG)

Economic Calendar (11 Aug 2022)

• China Inflation Rate YoY (July)
• US Inflation Rate YoY (July)

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