Equities Fall On Hawkish Fed Comments, Uber, Disney Jump
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US equities fell yesterday on the back of two important factors: hawkish comments from the Federal Reserve (Fed) members, and the unexpected surge in the American used car prices.
Stocks market
The S&P500 fell more than 1%, while Nasdaq slid around 1.80%.
Inside Nasdaq, Google had a particularly rough day, to say the least. The company posted a Tweet showing Bard in action, and the tweet went wrong, as Bard gave the wrong answer!
The stock price slumped by more than 9% at some point.
Microsoft
Microsoft on the other hand was upbeat on the news, and its valuation shortly surpassed the $2 trillion mark.
Uber, Disney
Elsewhere, Uber jumped more than 5.5% on stronger than expected results. Disney also jumped by more than 5% in the afterhours, after reporting better than expected results, and the promise to slash $5.5 billion in costs, along with 7000 jobs.
The US futures are in the positive at the time I am talking here, but the bears are not far away.
Forex
In the FX, the US dollar remains upbeat, but the 50-DMA offers remain a solid resistance to a bullish breakout. Likewise, the EURUSD remains bid at around the 50-DMA, and the dollar-yen remains offered into the 50-DMA. So that 50-DMA mark is the key resistance that must be cleared to set the dollar bulls free for further appreciation, and de-block the situation in the FX space.
Energy
In energy, US crude extended gains above its own 50-DMA yesterday. Could it extend gains higher, and by how much?
Watch the full episode to find out more!
- 0:00 Intro
- 0:50 Equities fall on hawkish Fed comments…
- 3:45 … and sudden jump in used-car prices
- 5:54 Bard’s gaffe costs Google more than $100bn in market cap
- 7:22 Uber, Disney jump after earnings
- 8:29 USD must clear 50-dma for further appreciation
- 9:00 Crude’s next challenge
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
#Google #Bard #AI #gaffe #Microsoft #ChatGPT #Fed #hawkish #comments #inflation #jobs #USD #EUR #JPY #XAU #crude #oil #earnings #Uber #Disney #layoffs #SPX #Dow #Nasdaq #investing #trading #equities #stocks #cryptocurrencies #FX #bonds #markets #news #Swissquote #MarketTalk #marketanalysis #marketcommentary
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