US Markets closed firmly in the green with major indices closing higher for the fourth consecutive week
08-15 11:38uSMART

Stock Market Recovery Faces a New Hurdle As Record Buybacks Slow

 

MACRO

US Markets closed firmly in the green with major indices closing higher for the fourth consecutive week

EU Markets concluded higher even as fresh data showed the UK economy contracting in Q2 2022

Asia Markets were mixed Friday with Japan’s Softbank leading gains on the $34.5 billion pre-tax gains to be incurred should it reduce its stake in Alibaba

US Import Prices recorded a larger than expected decline – falling 1.4% in July, mainly due to lower fuel costs

 

SECTORS

Gold briefly topped the $1800 levels and is on track to record its fourth consecutive weekly gain on a softer dollar  

WTI Crude Oil tumbled more than 2%, trading just below $92/barrel on recession fears and supply disruption in the US Gulf of Mexico

 

COMPANIES

$Peloton(PTON.US)$ soared 13.6% following its decision to reduce its headcount, close several of its physical stores to cut expenses  

$Illumina(ILMN.US)$ shed almost 9% having reported poorer-than-expected Q2 revenue and profits alongside an underwhelming guidance

$Rivian(RIVN.US)$ closed 0.13% lower despite reiterating its delivery guidance as it anticipates a bigger-than-expected loss

$Toast(TOST.US)$ soared 8% having posted a 58% revenue growth as more restaurants embark on the path of going digital

 

EVENTS

Today’s Earnings

  • $Compass(COMP.US)$
  • $Tencent Music(TME.US)$
  • $Weber(WEBR.US)$

 

Economic Calendar (16 Aug 2022)

  • Australia RBA Meeting Minutes
  • Euro Area Balance of Trade (June)
  • US Building Permits (July)
  • US Housing Starts (July)

 

 

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