Wake Up Wall Street (SPY) (QQQ): Earnings, Fed and US GDP amount to busy week in market
Here is what you need to know on Monday, July 25:
This is a busy week for equities with earnings season really getting going. We have some mega tech names reporting – Amazon, Alphabet, Apple, Meta Platforms, Microsoft – as well as the big oil companies. Adding to the lineup is the Fed rate hike before the summer recess and then US GDP data to confirm whether or not we are actually in a recession. The Atlanta Fed tracking tool has been negative for some time now, so odds seem to show that indeed we are.
Over in Europe this morning equity markets are putting on a brave face as the main indices advance despite Nordstream not really being open. Germany says it will not be able to fill gas storage if gas flows remain at current rates. European gas prices are so far up 3% in Europe this morning and are four times higher than a year ago, so a tough winter beckons for Europe. Reports of water levels on the river Rhine also are adding to woes for Europe as the river is a major industrial transportation artery for the continent. Wheat prices are also up in the futures markets as reports of missiles hitting Odesa circulate despite what seemed like a deal to reopen ports and allow grain shipments between Russia and Ukraine.
Oil prices are lower as reports of some production increases circulate, and continued speculation over a global slowdown is not helped by Friday's weak PMI numbers. Oil is at $96.30 now. Gold is trading at $1,726, and Bitcoin is 2% lower at $21,900. The dollar index is lower at 106.30.
European markets are higher: Erostoxx +1%, Dax +0.4% and FTSE +0.6%.
US futures are also higher: S&P +0.3%, Dow +0.4% and Nasdaq +0.2%.
Wall Street (SPY) (QQQ) news
China to start fund to support troubled real estate firms.
WWE: Vince McMahon stepping down.
Tesla (TSLA) filing shows $170 million Bitcoin impairment charge in H1 2022 but a gain of $64 million on Bitcoin sales.
Ryanair (RYAAY) up 6% on earnings.
Public Storage (PSA) declares special dividend.
Philips (PHG) down 10% on earnings miss.
Squarespace (SQSP) down 14% on guidance.
Newmont Corporation (NEM) down on earnings.
Enveric Bio (ENVB): $8m offering.
Emergent Bio (EBS,) Tonix Pharma (TNXP), SIGA Technologies (SIGA) all up on monkeypox concerns.
China Evergrande (EGRNF) debt plan due this week. CEO and CFO have resigned.
Upgrades and downgrades
Source: WSJ.com
Economic releases
Also read: Polestar (PSNY) stock falls sharply as news flow dries up
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
