The Dow closed just above the flatline, the Nasdaq was down 0.58%, and the S&P 500 fell 0.07% on Thursday. A jump in Disney kept losses in check after tech stocks gave up gains after Treasury yields bounced off session lows despite further signs of easing inflation
MACRO
US Markets closed mixed with the Nasdaq slipping 0.6% despite a better-than-expected PPI Report
US Producer Prices posted a 0.5% MoM decline – its first decline in more than two years as energy costs retreated
EU Markets concluded mixed, while Aegon surged after the Dutch insurer lifted its full-year outlook
Asia Markets were broadly higher with Hang Seng tech stocks leading gains on prospects of less aggressive rate hikes
SECTORS
Gold is on track to record its fourth consecutive weekly gain on the back of broad-based weakness in the dollar
WTI Crude Oil rose by more than 1%, trading just below $94/barrel at time of writing after the IEA lifted its oil demand growth forecast for 2022
COMPANY
Walt Disney jumped 4.7% having reported stronger-than-expected quarterly results boosted by strong streaming numbers
Six Flags plunged almost 19% after severely missing Q2 earnings expectations amid a 22% decline in visitors
Bumble dipped 8.6% as the company slashed its annual revenue forecast citing negative foreign currency movements
Vacasa soared 33% after recording a surprisingly solid earnings result while raising its full-year outlook amid rising demand
EVENTS
Today’s Earnings:
- ProPhase Labs (PRPH)
- Spectrum Brands (SPB)
- Honest (HNST)
Economic Calendar (15 Aug 2022)
- China Industrial Production YoY (July)
- Japan GDP Growth Rate QoQ Preliminary
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