U.S. Stocks under pressure on Wednesday after disappointing earnings from US retailer Target, new retail data, and Fed minutes.The Dow Jones Industrial Average shed 171.69 points, or 0.5%. The S&P 500 slipped 0.7%, while the technology-heavy Nasdaq Composite fell 1.3%

MACRO

US Markets snapped its recent winning streak to close lower following the release of the latest Fed meeting minutes

US Retail Sales were unchanged in July, weighed down by a fall in petrol prices and auto purchases

EU Markets wrapped up lower while Euro Zone unemployment rose 0.3% QoQ and 2.4% YoY

Asia Markets were broadly higher with the Reserve Bank of New Zealand raising cash rate by 50 basis points

SECTORS

Gold continued its slide, as the Fed meeting minutes revealed the rate at which future hikes occur will depend on economic data    

WTI Crude Oil bounced higher, trading at $88/barrel at time of writing following a sharper-than-expected drawdown in US crude inventories

COMPANY

Target slipped 2% as its earnings took a huge blow as it gets rid of unwanted inventories despite maintaining full-year outlook

Krispy Kreme plunged 12% after delivering softer-than-expected earnings while slashing its revenue outlook  

Sanofi fell 5.8%, hitting an almost 30-month low following its decision to discontinue the development of its breast cancer treatment  

EVENTS   

Today’s Earnings:

• BJ’s Wholesale Club Holdings (BJ)
• Applied Materials (AMAT) 
• Bilibili (BILI)
• Estee Lauder (EL)
• Kohl’s (KSS)
• Nio (NIO) 
• Weibo (WB) 

Economic Calendar (19 Aug 2022)

• United Kingdom Consumer Confidence (August)
• Japan Inflation Rate YoY (July)
• United Kingdom Retail Sales MoM (July)

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