Micron Earnings, Bank Stress Test Results May Generate Buying Interest

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Thursday, 29 June 2023 09:06:21 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a higher open on Thursday, with stocks likely to move to the upside following the mixed performance seen in the previous session. Early buying interest may be generated in reaction to upbeat earnings news from Micron Technology (MU), as the chipmaker is jumping by 2.4 percent in pre-market trading. The advance by Micron comes after the company reported better than expected fiscal third quarter results and provided upbeat revenue guidance for the current quarter. Banking stocks may also move to the upside after the Federal Reserve released the results of its annual bank stress test after the close of trading on Wednesday. The Fed said the results demonstrate that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession. ?All 23 banks tested remained above their minimum capital requirements during the hypothetical recession, despite total projected losses of $541 billion,? the Fed said. After an early move to the downside, stocks turned in a relatively lackluster performance over the course of the trading session on Wednesday. The major averages bounced back and forth across the unchanged line before closing mixed. While the Nasdaq pulled back well off its best levels of the day, the tech-heavy index still closed up 36.08 points or 0.3 percent at 13,591.75. Meanwhile, the S&P 500 edged down 1.55 points or less than a tenth of a percent to 4,376.86 and the Dow dipped 74.08 points or 0.2 percent to 33,852.66. Weakness among semiconductor stocks weighed on the markets in early trading after a report from the Wall Street Journal said the Biden administration is considering new restrictions on exports of artificial intelligence chips to China. Citing people familiar with the situation, the Journal said the Commerce Department could move as soon as early next month to stop the shipments of chips to customers in China and other countries of concern without first obtaining a license. The Journal noted the potential restrictions come amid concerns China could use AI chips for weapon development and hacking. Selling pressure waned shortly after the start of trading, however, with strong gains by stocks like Netflix (NFLX) and Tesla (TSLA) contributing to the turnaround by the Nasdaq. Traders also kept an eye on remarks by Federal Reserve Chair Jerome Powell during a panel discussion at the European Central Bank Forum on Central Banking in Sintra, Portugal. Powell reiterated that he expects additional interest rate hikes in the months ahead and said raising rates at consecutive meetings is not off the table The Fed Chief was joined by European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda. While most of the major sectors showed only modest moves on the day, utilities stocks saw considerable weakness, dragging the Dow Jones Utility Average down by 1.6 percent. Gold stocks also moved notably lower along with the price of the precious metal, with the NYSE Arca Gold Bugs Index falling by 1.1 percent to its lowest closing level in three months. Steel and semiconductor stocks also moved to the downside, while some strength was visible among networking and airline stocks. --------------------------------------------------------------- Do you day trade? 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A separate report released by the Commerce Department showed the U.S. economy grew by much more than previously estimated in the first quarter of 2023. The Commerce Department said gross domestic product jumped by 2.0 percent in the first quarter compared to the previously estimated 1.3 percent increase. Economists had expected the pace of GDP growth to be unrevised. The stronger than previously estimated growth reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to nonresidential fixed investment and federal government spending. At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of May. Pending home sales are expected to inch up by 0.2 percent in May after coming in unchanged in April. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? 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Sweden's crown hit a record low after the Riksbank modestly raised its policy rate and accelerated bond sales. Data from Bank of England revealed earlier in the day that British lenders approved 50,524 mortgages in May, up from a revised 49,020 in April. A measure of Eurozone economic sentiment fell from 96.4 to 95.3 in June, slightly below expectation of 96.0. In corporate news, British outsourcing firm Serco has moved sharply higher after raising its full-year guidance. 3i Group, a private equity and venture capital firm, has also advanced after Action, which it invests in, showed sales growth in the year-to-date. Swedish retailer H&M Group has also jumped after posting stronger than expected March-May profits. French automaker Renault has also surged. The company lifted its annual operating margin outlook following the success of its recent launches. On the other hand, shares of luxury brand Burberry Group have shown a notable move to the downside on going ex-dividend. Office-space provider IWG has also plunged after issuing a cautious outlook for the rest of 2023. --------------------------------------------------------------- [Sell every Stock except ONE]( Markets are down... But Jeff Clark couldn't care less because he ignores almost every stock in the market except ONE. He lives financially free trading this One Stock Once per month... [Ticker Revealed.]( --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks ended mixed in thin trading on Thursday, with markets in India, Singapore, Indonesia and Malaysia closed for holidays. Amid continued concerns of a global economic slowdown, investors awaited Chinese PMI data due on Friday for direction. Technology stocks came under selling pressure after reports suggested that the U.S. is considering new curbs on AI chip exports to China. The U.S. yield curve inversion deepened, and the dollar held near a more than seven-month high versus the Japanese yen after leading global central bankers asserted the need to keep raising interest rates to tackle persistent inflation. Gold lingered near four-month lows while oil prices gave back some ground after rising sharply in the U.S. trading session overnight on data showing a bigger-than-expected decline in U.S. crude stockpiles. China's Shanghai Composite Index slipped 0.2 percent to 3,182.38 as traders awaited key Chinese economic data this week for additional clues on the country's post-COVID recovery. Hong Kong's Hang Seng Index slumped 1.2 percent to 18,934.36 as heavyweight technology stocks tumbled after reports that the U.S. may impose more restrictions on semiconductor exports to China. Japanese shares edged up slightly after data showed retail sales in the country rose for the 15th straight month in May, adding to signs of economic recovery. The Nikkei 225 Index edged up 0.1 percent to 33,234.14 to extend gains for a second day running, while the broader Topix Index ended 0.1 percent lower at 2,296.25. A softer yen lifted exporters, with Suzuki Motor and Nissan Motor rallying 3-4 percent. Seoul stocks ended lower for a third consecutive session as traders reacted to Fed Chair Jerome Powell's hawkish remarks at an ECB forum in Portugal and awaited the outcome of the first bilateral meeting between Japan and South Korea in seven years. The Kospi dropped 0.6 percent to 2,550.02. Australian markets gave up earlier gains to end on a flat note as strong retail sales data stoked concerns over more interest rate hikes by the Reserve Bank. The benchmark S&P/ASX 200 Index finished marginally lower at 7,194.90 before next week's RBA policy decision, while the broader All Ordinaries Index ended little changed with a positive bias at 7,389.60. Miners and gold stocks led losses, while banks ended on a positive note. --------------------------------------------------------------- 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]( --------------------------------------------------------------- Commodities Crude oil futures are slipping $0.18 to $69.38 a barrel after surging $1.86 to $69.56 a barrel on Wednesday. Meanwhile, after edging down $1.60 to $1,922.20 ounce in the previous session, gold futures are falling $12.80 to $1,909.40 an ounce. On the currency front, the U.S. dollar is trading at 144.70 yen versus the 144.48 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.0903 compared to yesterday?s $1.0913. --------------------------------------------------------------- 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