Wall street ends lower after run of weak economic data
08-24 10:00uSMART

U.S. stocks closed lower on Tuesday as a run of downbeat economic data pressured markets. When the closing bell rang on Wall Street, the S&P 500 was down 0.2%, the Dow off 0.5%, and the Nasdaq Composite was flat

 

MACRO

US Markets posted their third day of losses in the U.S as market participants await Fed outlook at Jackson Hole

EU Markets closed lower  after a rise in oil prices and fresh economic data alongside a 20-year low of the euro

Asia Markets mostly slipped as concerns over aggressive Fed hikes reemerged, but Chinese markets rose after China cut its benchmark lending rates

 

SECTORS

Golds rises as dollar, Treasury yields fall after weak U.S. economic data

WTI Crude Oil falls slightly as fears of imminent OPEC+ output cut recede

 

COMPANY

Xpeng misses on earnings and guidance. Its share price fell near to 11% overnight

JD.com posts slowest quarterly growth on record. However, share price rose 3.4% due to earnings beat

Intuit is 5.7% higher in the after trading hours due to earnings beat. Management remains upbeat and gives strong sales guidance for the current fiscal year

KE Holdings jumped 7% overnight after Q2 earnings beat. In terms of guidance, the company expects total net revenues to be between RMB 16.5 billion and RMB 17 billion for Q3

Toll Brothers fell 2% after hours. It cut outlook for home sales and deliveries due to unforeseen delays with municipal inspectors, continued labor shortages, supply chain disruptions, softer demand

 

EVENTS

Today’s Earnings:

  • Nvidia(NVDA)
  • Salesforce(CRM)
  • Snowflake(SNOW)
  • Autodesk(ADSK)
  • Splunk(SPLK)

 

Economic Calendar (24 Aug 2022)

  • Durable Goods
  • Pending Home Sales
  • Crude Oil Inventories

 

 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.