Nvidia slows ☕ Stocks gain 📈 To Watch: Jobless claims 💼 S&P 500 📊 USD 🔍 Earning: Dell, Dollar General, Gap👚

FlowBank's hand-curated fresh financial news [header_noDither] 25.08.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Nvidia] Nvidia reported slowing growth, missing expectations for both revenue and earnings. It attributes the miss to lower sales of its graphics cards used for gaming. Nvidia CEO Jensen Huang confirmed excess inventory is becoming a problem as the company built too many gaming GPUs and is now being forced to sell them for less. Revenue for the gaming segment fell 33% YoY. Meanwhile, sales in the data center business held up, growing 61% YoY, driven by large cloud providers. [Start Trading](113/cXx8Z04/VWJf4V3Kpg6kW1VQ__s4YbhQLW805GfB4P73sGN6hnpnX2-MK5V1-WJV7CgDv6W90MYGp6PfGpxW5ypsPx2pPWyLW2XsTy07HJCJqV3gsCX89SCmqW24NKBD74ZhS6W3_by_08F7tJ5TKQQJ2lgm_cW38hDp34g_1DNW8jZVZ_2CSlt9V5DKcB1fxnlhW4S-x0f7w8MsbW7z4fJ18k5QnVW4TwTP67LCRpfW8S3Pgj12pvY8W4-HpZ_79r2zkN6bs9Nk2RTZlW1PSvkS8wng5xVyfp9w4YKsjQW1Bwvgh4RD8SBV-jhbF8gBf3h34KD1) Trader's Corner In focus • US jobless claims and Q2 GDP data should take center stage, ahead of Powell's speech at Jackson Hole on Friday. A higher jobless claim (worst unemployment data) should be flagged as a positive for traders. • The S&P 500 bounced off its support at 4'120 to end at 4'140. The area of 4'100 is important for traders, as it nears the 38% Fibonacci retracement. If it fails, 4'025 (50% Fibonacci) should be stronger support. • Near its highs, the US dollar is in a make-it-or-break moment. Forex traders are cautiously waiting for Powell's speech on Friday. Economic data • US GDP, jobless claims, the start of Jackson Hole meeting • German GDP, Ifo business climate index • ECB minutes Earnings • Dell, Workday, Marvell, Gap • Dollar General, Dollar Tree • Ulta Beauty, A&F, TD Bank • Farfetch, Affirm, Peloton Crypto • Bitcoin is slowly regaining ground since its steep fall last week, after it showed signs of being oversold in the short term. Its momentum continues to be correlated with tech stocks and Treasury yields. • Coinbase CEO Brian Armstrong said the crypto exchange is cutting costs and adapting its revenue model to drive up subscription and services revenue after the company saw a USD1.1 billion loss in Q2. [Table 25.08] [Start Trading](113/cXx8Z04/VWJf4V3Kpg6kW1VQ__s4YbhQLW805GfB4P73sGN6hnpnX2-MK5V1-WJV7CgZ8SW38w5rd6jS4JyW87XqKT5Y8hhRW1RPgR16-z0n_W8GtgBy1r6CbGW8HtZFd6jkDNDW7yJ6sS2gzDN7W566Rq91_7wZqW4Lny7F4f-FkdW12TXMf7VGcvYW8p9ZDj1C0-5pW5xF9718pPHGNW994hwp3svyc1W2dYGbf8MLZNLW6xPfCf1WSBw1W2zsqBk1d9tR1W42J11F5g4d_DW1xwmzg3xXFvrN6gS58DCcdGNVB0HFw835hKfVHMcJH6zgL393nGX1) Market Recap European and US stocks gained, bouncing from oversold conditions as investors await Jackson Hole. Meanwhile, US Treasury yields continued to climb across the curve, in a sign investors expect rates to rise further. Tailwinds are growing for oil and gas as weekly US crude stockpiles fell more than expected. Oil and gas stocks continued to climb. Cruise ships and home builders stocks rallied the most after falling heavily recently. This morning, investors are cheering the new China stimulus of CNY1 trillion (USD146 bn), but remain cautious ahead of Powell's speech on Friday. WTI is back at USD95, and the EURUSD rose slightly over parity. Chart Of The Day Is Oil making a comeback? Saudi Arabia and some of its oil-producing allies have suggested cutting production. Saudi Energy Minister said early this week: "OPEC+ has the commitment, the flexibility, and the means" to deal with the risks of economic uncertainty and a global recession, suggesting the organisation could cut production at any time. [Capture-Aug-24-2022-09-02-21-67-AM](113/cXx8Z04/VWJf4V3Kpg6kW1VQ__s4YbhQLW805GfB4P73sGN6hnpnD2-MJQV1-WJV7CgGDKW1Y8JR44bBBcSW323-CM3z87trW21wMfx4R_djxW5T8dgh6tYQJMW5XHYBX7kRgsqN9gP6GmBGQsKW370XzW6stzMFW7V3-W6622JH1W76XlYf355R5_W7t17NM6tKBv1W80J2Hk4D7-LrW7s_ZLW4m1VrDW4qNNkg89_hLPVG99Mz9lrtmMW8fgyZT6yR5vRW3yJD8d8tqTzPW5-PNMy75CYB4W8CWdWM7_cFh73plH1) FlowBank Blog Are meme stocks back? [Reddit WSB](113/cXx8Z04/VWJf4V3Kpg6kW1VQ__s4YbhQLW805GfB4P73sGN6hnpnX2-MK5V1-WJV7CgR6dVggN8d41rw2hW3kbwzW70jPQTW1s3cYF4stqFJW4R3_PD6s1jHmW4-xGjw1L7zYYW7XsFFN6ZLHJ_W3h1STJ8ZBVn_W5mp1_c5C3YyqW4WWq2416TWX8W80mqf79jRPV3W5zWmWM1z-JNvW2H9Lkt7x8j3GW3gZV-83J6-Y_W1xsYsc1hWq9_W7N0NV-7tYk8MW47j-BS1LKl5sW3Z_-sT8Sz2t8W7q9Bkx2BFTLHW10lcyP7hxfCZW3LZWRR6tlp_c3ldB1) The meme stock phenomenon is visible again this year, with many “hyped” stocks with shaky fundamentals defying gravity. Are meme stocks back, and what could this tell us about recent retail participation in the stock market? 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