U.S. stocks edged higher on Thursday after disappointing US home sales data followed better than expected labour market and manufacturing reports. US Markets closed higher, with the S&P 500 ended the day up 0.24%, and the Nasdaq up 0.2%

MACRO

US Markets closed higher, with the Dow and S&P 500 entering positive territory for the week

US Initial Jobless Claims slid to 250,000 for the week concluding 13 August, while existing home sales tumbled almost 6% in July

EU Markets concluded higher, while July’s final euro zone inflation came in at a record high of 8.9%

Asia Markets were broadly lower, with the Philippine central bank hiking cash rate by 50 basis points

SECTORS

Gold extended its slide on the back of a firmer dollar though losses were capped by a drop in Treasury Yields

WTI Crude Oil rose 4% Thursday, trading above $90/barrel at time of writing while crude stocks dipped by 7.1 million barrels last week

COMPANY

Cisco Systems popped 5.8% having topped revenue and profit expectations while providing a stronger-than-expected 2023 outlook  

Kohl’s Corporation plunged 7% after the company slashed its 2022 guidance citing a high inflationary environment

BJ’s Wholesale climbed 7.1% upon delivering stronger-than-expected quarterly results alongside an upgrade from Bank of America   

EVENTS

Today’s Earnings:

• Buckle (BKE)
• Deere (DE)
• Foot Locker (FL)

Economic Calendar (22 Aug 2022)

• China Loan Prime Rate 1Y
• US Chicago Fed National Activity Index (July)

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