Looming Jackson Hole Summit, Nvidia Earnings May Lead To Choppy Trading

[ADVFN]( [[Global Email] World Daily Markets Bulletin]( Wednesday, 23 August 2023 10:15:15 [ADVFN Twitter]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Breaking: Price of Gold & Silver set to EXPLODE in 2023! Read Now... Attention investors and retirement savers...Investment experts and even mainstream news publications are predicting a windfall for gold and silver prices in 2023! This could be the year we see the value of precious metals like gold and silver EXPLODE! You won't want to miss out! [Reserve Your FREE Gold & Silver Kit Today!]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a roughly flat open on Wednesday, with stocks likely to extend the lackluster performance seen in the previous session. Traders may remain reluctant to make significant moves ahead of the highly anticipated economic symposium in Jackson Hole, Wyoming, which kicks off on Thursday. The symposium will feature meetings by global central bank leaders as well as a speech by Federal Reserve Chair Jerome Powell that could impact the outlook for interest rates. Traders are also looking ahead to earnings news from Nvidia (NVDA), with the chipmaker due to release its fiscal second quarter results after the close of trading. The results from Nvidia, a leader in the AI space, could have a significant impact on the outlook for the technology sector. Following the rebound seen over the course of Monday's session, stocks showed a lack of direction over the course of the trading day on Tuesday. The major averages spent most of the day bouncing back and forth across the unchanged line. The major averages eventually ended the day mixed. While the Nasdaq inched up 8.28 points or 0.1 percent to 13,505.87, the S&P 500 fell 12.22 points or 0.3 percent to 4,387.55 and the Dow slid 174.86 points or 0.5 percent to 34,288.83. The lackluster performance on Wall Street came as traders continued to look ahead to the economic symposium in Jackson Hole, Wyoming. Early volatility in the bond market may also have contributed to the choppy trading, with the yield on the benchmark ten-year note showing wild swings back and forth across the unchanged line before eventually closing modestly lower. Concerns about the outlook for interest rates have contributed to a recent surge in bond yields, driving the ten-year yield to its highest levels in over fifteen years. On the U.S. economic front, the National Association of Realtors released a report showing existing home sales in the U.S. slumped by much more than expected in the month of July. NAR said existing home sales tumbled by 2.2 percent to an annual rate of 4.07 million in July after plunging by 3.3 percent to an annual rate of 4.16 million in June. Economists had expected existing home sales to edge down to an annual rate of 4.15 million. Existing home sales decreased for the fourth time in the past five months, falling to their lowest annual rate since hitting 4.00 million in January. While most of the major sectors showed only modest moves on the day, banking stocks moved sharply lower, dragging the KBW Bank Index down by 2.6 percent to its lowest closing level in almost two months. The sell-off by banking stocks came after S&P Global Ratings downgraded several regional banks by one notch, citing "tough operating conditions." Oil service stocks also saw considerable weakness amid a decrease by the price of crude oil, resulting in a 1.3 percent drop by the Philadelphia Oil Service Index. Brokerage, semiconductor and natural gas stocks also moved to the downside, while some strength was visible among gold and steel stocks. --------------------------------------------------------------- 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]( --------------------------------------------------------------- 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 July at 10 am ET. New home sales are expected to rise to an annual rate of 705,000 in July after slumping to an annual rate of 697,000 in June. At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended August 18th. Crude oil inventories are expected to decrease by 2.9 million barrels after tumbling by 6.0 million barrels in the previous week. At 1 pm ET, the Treasury Department is scheduled to announce the results of this month?s auction of $16 billion worth of twenty-year bonds. --------------------------------------------------------------- [3 Tiny Stocks Primed to Explode]( The world's greatest investor ? Warren Buffett ? has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential. We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns. [Click here for full details and to join for free.]( --------------------------------------------------------------- Stocks in Focus Shares of Foot Locker (FL) are plummeting in pre-market trading after the athletic apparel and footwear retailer reported fiscal second quarter earnings in line with estimates but slashed its full-year guidance. Exercise equipment and media company Peloton (PTON) is also seeing substantial pre-market weakness after reporting a wider than expected fiscal fourth quarter loss on revenues that missed analyst estimates. On the other hand, shares of Apellis Pharmaceuticals (APLS) are soaring in pre-market trading after the biopharmaceutical company provided an update on injection kits supplied by Apellis and an update on the rare events of retinal vasculitis reported in real-world treatment with Syfovre. Department store chain Kohl?s (KSS) may also move to the upside after reporting fiscal second quarter earnings that far exceeded analyst estimates. --------------------------------------------------------------- [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.]( --------------------------------------------------------------- Europe European stocks traded higher for a third consecutive session on Wednesday amid a build-up in expectations over Nvidia's earnings release later in the day. The world's most valuable chipmaker will report its second-quarter earnings after the closing bell on Wall Street. Meanwhile, investors shrugged off weak regional activity data and looked ahead to the Fed's Jackson Hole symposium at the end of the week for directional cues. Eurozone business activity contracted further in August as the region's downturn spread further from manufacturing to services, according to PMI survey data published earlier today. The S&P Global composite index flash reading fell to 47.0 from 48.6 in July, hitting its lowest since November 2020. The pan European STOXX 600 Index has pulled back off its highs but remains up by 0.2 percent. Ihe U.K.?s FTSE 100 Index is also up by 0.7 percent, although the French CAC 40 Index and the German DAX Index are both down by 0.1 percent. Swiss drug maker Roche has surged after announcing that it had inadvertently published positive lung cancer drug trial data from an interim analysis. GSK has also moved to the upside in London after reporting significant positive findings from its first efficacy trial of the 'Shingrix' shingles vaccine in China. Cohort's, an aerospace defense company, has also jumped after its unit Systems Engineering & Assessment secured a contract worth 17.5 million pounds from a U.K. customer. German wind turbine manufacturer Nordex has also advanced after securing three contracts from Heitkamp Industrial Solutions GmbH, a German subsidiary of contracting company Ronesans Holding. Meanwhile, oil & gas company Ithaca Energy has moved sharply lower after posting a drop in first-half attributable profit and revenue. --------------------------------------------------------------- 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 ended mixed on Wednesday as investors awaited Nvidia's earnings as well as Fed Chair Jerome Powell's highly anticipated speech this week for directional cues. Oil prices were range-bound in Asian trade, while gold ticked higher on dollar weakness. Chinese shares tumbled after staging a sudden rally late Tuesday on bargain hunting following recent weakness. The benchmark Shanghai Composite Index tumbled 1.3 percent to 3,078.40. Hong Kong's Hang Seng Index edged up 0.3 percent to 17,845.92, reversing early losses. Tech company Baidu surged 4.4 percent after quarterly revenue beat estimates. Japanese shares advanced after a survey showed factory activity in the country shrank at a slower pace in August. The Nikkei 225 Index rose 0.5 percent to 32,010.26, extending gains for a third consecutive session, led by technology stocks. Banks underperformed after S&P Global followed Moody's in cutting its credit ratings and outlook on multiple U.S. regional banks. The broader Topix Index ended half a percent higher at 2,277.05. Semiconductor equipment maker Shibaura Mechatronics plummeted 9.8 percent on reports that its top shareholders, including Toshiba, would sell its shares in the market. Seoul shares ended lower, with the Kospi Index falling 0.4 percent to 2,505.50. LG Energy Solution led losses to close 2.6 percent lower, while leading cosmetics firm AmorePacific Corp rallied 2.9 percent. Australian markets eked out modest gains, with heavyweight miners and financials leading the way higher. The benchmark S&P/ASX 200 Index inched up 0.4 percent to 7,148.40, while the broader All Ordinaries Index closed 0.3 percent higher at 7,367.60. Retail giant Woolworths soared 3.5 percent after reporting higher annual profit. Oil & gas explorer Santos fell over 1 percent after posting a 37 percent slump in its first-half profit. Investors shrugged off the results of a survey showing that the manufacturing sector in Australia contracted at a faster rate in August. Across the Tasman, New Zealand's benchmark S&P/NZX 50 Index climbed 0.8 percent to 11,571.93 despite data showing an unexpectedly large decline in New Zealand retail sales in the second quarter. --------------------------------------------------------------- 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 tumbling $1.26 to $78.38 a barrel after falling $0.48 to $79.64 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $1,935.40, up $9.40 compared to the previous session?s close of $1,926. On Tuesday, gold inched up $3. On the currency front, the U.S. dollar is trading at 145.58 yen compared to the 145.89 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.0803 compared to yesterday?s $1.0846. --------------------------------------------------------------- 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