Nasdaq Composite sank 1.2% after weak results from semiconductor companies
08-10 14:00uSMART

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)

 

Disclaimer:

The information contained in this article has been obtained from public sources which the writer has no reason to believe are unreliable and any analysis, forecast, projections, expectations and opinion (collectively “Research”) contained in this article are based on such information and are expressions of belief only. The writer has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this presentation is subject to change, and the writer shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will the writer be liable for any loss, including any special, indirect, incidental or consequential damages, which may be incurred from the use of the information or Research made available.

 

This article is intended for general circulation and educational purposes only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Past performance figures as well as any projection or forecast used in this article, are not necessarily indicative of future performance of any investment products. You should seek advice from a financial adviser regarding the suitability of the investment products mentioned. In the event you choose not to seek advice from a financial adviser, you should consider whether the investment product in question is suitable for you. Views and any strategies described in this article may not be suitable for all investors. Any reference to or discussion of investment products in this article is purely for illustrative purposes only and must not be construed as a recommendation, an offer or solicitation for the subscription, purchase or sale of the investment products mentioned.