Snap Warning May Contribute To Pullback On Wall Street

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Tuesday, 24 May 2022 10:10:29 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( [Worried about the market? CEO says this could be worth 35 Amazons]( Amazon's Jeff Bezos surprised investors recently when he revealed that one emerging technology is the key to Amazon?s future success... In fact, Bezos argues that "it?s hard to overstate the impact" of this game-changing technology. The CEO of ARK Investments takes Bezos further: "We think [it] could approach $17 trillion in market cap ? which would be 35 Amazons." [What in the world could be worth 35 Amazons? Find out in our new report.]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a lower open on Tuesday, with stocks likely to give back ground following the strong upward move seen in the previous session. A steep drop by shares of Snap Inc. (SNAP) may weigh on the markets, with the Snapchat parent plunging by 33.2 percent in pre-market trading. The slump by Snap comes after the company warned of weaker than expected second quarter results, saying the ?macroeconomic environment has deteriorated further and faster than anticipated.? Weakness overseas may also carry over onto Wall Street, as a broad package of Chinese measures to support the economy underwhelmed investors. The downward momentum also comes amid lingering concerns aggressive interest rate hikes by the Federal Reserve could lead to a recession. On Wednesday, the Fed is due to release the minutes from its latest monetary policy meeting, which may shed additional light on the outlook for rates. Following the extreme volatility seen over the past few sessions, stocks showed a strong move to the upside during trading on Monday. The major averages advanced early in the session and managed to remain firmly positive throughout the day. The major averages held on to their strong gains going into the close. The Dow surged 618.34 points or 2 percent to 31,880.24, the Nasdaq jumped 180.66 points or 1.6 percent to 11,535.27 and the S&P 500 shot up 72.39 points or 1.9 percent to 3,973.75. The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday. The S&P 500 climbed well off its worst levels to end the day roughly flat after tumbling more than 20 percent from January's record closing high, which is seen as signaling a bear market. Buying interest may also have been generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods. "I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said. Banking stocks helped to lead the rebound on Wall Street, with the KBW Bank Index spiking by 4.1 percent on the day. Financial giant JPMorgan Chase (JPM) surged 6.2 percent after ending last Friday's trading at its lowest closing level in over a year. The rebound comes after JPMorgan said a key performance target may be achieved this year. Substantial strength was also visible among oil service stocks, as reflected by the 4.8 percent jump by the Philadelphia Oil Service Index. The rally by oil service stocks comes even though the price of crude oil ended the day flat. Steel stocks also turned in a strong performance on the day, driving the NYSE Arca Steel Index up by 2.6 percent. Brokerage, telecom and natural gas stocks also saw significant strength, moving higher along with most of the other major sectors. Among individual stocks, shares of VMWare (VMW) moved sharply higher following reports the cloud computing company is in advanced talks to be acquired by chipmaker Broadcom (AVGO). --------------------------------------------------------------- [Dominate the Markets with A.I.]( Artificial intelligence is the #1 tool used by traders. Our A.I. predicts major trend reversals... 1 - 3 days in advance. Grab your seat at our FREE, LIVE online class. [Save your spot now!]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Commerce Department is scheduled to release its report on new home sales in the month of April at 10 am ET. New home sales are expected to slump by 1.7 percent to an annual rate of 750,000. At 12:20 pm ET, Federal Reserve Chair Jerome Powell is due to give welcoming remarks before the National Center for American Indian Enterprise Development 2022 Reservation Economic Summit. The Treasury Department is scheduled to announce the results of this month?s auction of $47 billion worth of two-year notes at 1 pm ET. --------------------------------------------------------------- [Looking to spice up your portfolio?]( You?re invited to our Free Class on artificial intelligence for traders. But spots are filling up fast, so register now for this live event. [Register Here, Capacity is Limited.]( --------------------------------------------------------------- Stocks in Focus Shares of Abercrombie & Fitch (ANF) are moving sharply lower in pre-market trading after the apparel retailer reported an unexpected first quarter loss and provided disappointing guidance. Auto parts retailer Advance Auto Parts (AAP) may also come under pressure after reporting weaker than expected first quarter results and forecasting full-year comparable sales below analyst estimates. On the other hand, shares of Zoom Video (ZM) are likely to see initial strength after the videoconferencing company reported first quarter results that exceeded expectations and raised its full-year profit outlook. Pet supplies retailer Petco (WOOF) is also likely to move to the upside after reporting better than expected first quarter results. --------------------------------------------------------------- [Watch A.I. Forecast Your Stocks in Less than a Minute]( Artificial intelligence makes trading simple. See what stocks are on the rise this week, and what trades you should probably exit?before it?s too late. Save your seat at our LIVE online demonstration and see your stock forecasted today. [Join LIVE online demonstration]( --------------------------------------------------------------- Europe European stocks have fallen on Tuesday amid growth worries, as a broad package of Chinese measures to support the economy underwhelmed investors and Snapchat parent Snap warned of deteriorating macroeconomic trends. While the U.K.?s FTSE 100 Index has edged down by 0.1 percent, the German DAX Index and the French CAC 40 Index are both down by 0.8 percent. The British pound has dropped to a more than one-week low against the euro after the latest PMI data signaled a severe slowing in economic activity in May, contrasting unfavorably with figures showing continued robust growth for the Eurozone. Sweden's Tele2 has slumped after investment company Kinnevik sold a 7.2 percent stake in the telecoms operator. The risk around a windfall tax on the power sector sent shares of power companies tumbling in London, with SSE, Centrica and Drax Group posting steep losses. On the other hand, Renewi shares have surged. The company, which converts waste into secondary products, said full year revenues rose 10 percent, while underlying earnings jumped 83 percent. Greencore Group, a manufacturer of convenience food, has also spiked. The company reported first-half profit before tax of 1 million pounds, compared to last year's loss of 1.8 million pounds. Lender Barclays has also shown a notable move to the upside after launching a 1-billion-pound share buy-back program. Norwegian advertising firm Adevinta has also advanced after reporting solid first quarter financial results. --------------------------------------------------------------- Do you have a full view of the market? Level 2 lets you see all of the orders to buy and sell shares, allowing you to see what is really going on in the market. If you don?t have this in your trading toolkit, you?re at a serious disadvantage. [Learn More / Upgrade]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks fell on Tuesday after social media platform Snap warned that it would miss earnings forecasts for the current quarter due to a deteriorating macroeconomic environment. Oil prices slipped on concerns over a possible recession and China's COVID-19 curbs, while the euro held near one-month highs amid signs that the European Central Bank is turning more hawkish. ECB President Christine Lagarde surprised market players on Monday with a blog post stating that the central bank could increase rates in July. China's Shanghai Composite Index plunged 2.4 percent to 3,070.93 as COVID-19 curbs dragged and fresh Chinese stimulus to support the economy underwhelmed investors. Investment banks UBS Group and JPMorgan Chase downgraded their forecasts for China's economic growth this year, citing disappointing April activity data and the impact of the coronavirus strategy. Hong Kong's Hang Seng Index closed 1.8 percent lower at 20,112.10, led by declines from Chinese ecommerce giant Alibaba and video-sharing platform Kuaishou. Japanese shares ended lower as a survey showed activity in the country's manufacturing sector grew at the slowest pace in three months in May amid supply bottlenecks. The Nikkei 225 Index dropped 0.9 percent to 26,748.14, while the broader Topix ended down 0.9 percent at 1,878.26. Staffing agency Recruit Holdings led the losses with a 6.6 percent fall, while Toyota Motor shed 0.6 percent after announcing a cut in its global production plan. Seoul stocks fell sharply amid fears that the Federal Reserve's tightening to curb inflation could hurt economic growth. The Kospi tumbled 1.6 percent to 2,605.87. Market bellwether Samsung Electronics gave up 2.1 percent and No. 2 chipmaker SK Hynix declined 4 percent, while state-run utility Korea Electric Power rallied 3.5 percent. A measure of South Korea's consumer sentiment stood at 102.6 in May, down 1.2 points from a month earlier, according to the survey from the Bank of Korea. Australian markets fluctuated before ending slightly lower, dragged down by technology stocks. The benchmark S&P/ASX 200 Index slipped 0.3 percent to 7,128.80, while the broader All Ordinaries Index dropped 0.4 percent to settle at 7.373.20. Block Inc. shares plunged 7.3 percent and Tyro Payments shed 5.2 percent. --------------------------------------------------------------- Do you day trade? Trader Alerts streams stocks reaching new highs and lows as well as stocks breaking out of previous volume highs as they happen. It?s a powerful tool for day trading ideas. [Learn More / Upgrade]( --------------------------------------------------------------- Commodities Crude oil futures are creeping up $0.02 to $110.31 a barrel after inching up $0.01 to $110.29 a barrel on Monday. Meanwhile, after rising $5.70 to $1,847.80 an ounce in the previous session, gold futures are climbing $7.90 to $1,855.70 an ounce. On the currency front, the U.S. dollar is trading at 127.39 yen compared to the 127.90 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.0696 compared to yesterday?s $1.0691. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49