News / Uncategorized
[Platinum Insights] (6.22.23)
[Platinum Insights] (6.22.23)
August 22, 2023
Good morning.
U.S. stock index futures edged lower on Thursday, a day after Federal Reserve Chair Jerome Powell stuck to his hawkish stance on interest rate hikes, while investors looked ahead to his second day of testimony before a Senate committee. Powell said the outlook for further rate increases are “a pretty good guess” of where the central bank is heading if the economy continues in its current direction.
Investors will keep an eye on initial jobless claims for week ended June 17 and housing sales data due later in the day, while also awaiting comments from three Fed policymakers due to speak after the markets open.
The CNN Money Fear and Greed index remained in the “Extreme Greed” zone on Wednesday. The current reading is 79.
Amazon shares fell 0.8% on Wednesday after the FTC filed a lawsuit against the company over its Prime sign up and cancellation process. FedEx Corporation shares dropped 2.5% after the company reported fourth-quarter revenue miss. The company also issued FY24 outlook which missed the consensus estimate. Notable losses were also seen from mega-cap tech names such as Tesla (-5.5%), Nvidia (-1.7%), Microsoft (-1.3%), Meta Platforms (-1%) and Alphabet (-2.1%).
WTI crude futures held above $71 per barrel. Gold steadied above $1,927 an ounce while the yield on the US 10-year Treasury note edged higher to 3.76%.
The Dow Jones closed lower by around 102 points to 33,951.52 on Wednesday. The S&P 500 fell 0.52% at 4,365.69, while the Nasdaq Composite lost 1.21% to settle at 13,502.20 during the session. The DJI is now trading below its 9-day SMA and the Stochastic has rolled over.
For more education on technical analyses and market trends, check out the Platinum Channel on Best of US Investors. Have a great day.
Share this article:
More in Uncategorized:
Hedge funds and banks typically use multiple time frames for intraday trading
Hedge funds and banks typically use multiple time frames for intraday trading, as this allows them to gain a comprehensive...
Trent Grinkmeyer
August 30, 2024
Nvidia Earnings Call: A Record Quarter with a Twist
Nvidia’s Q2 earnings call was a mixed bag, with the company reporting a record quarter but also revealing a drop...
Kerry Grinkmeyer
August 29, 2024
Nvidia Earnings: A Critical Moment for Big Tech
As we approach Nvidia’s earnings report, the tech world holds its breath. This isn’t just about one company’s performance; it’s...
Trent Grinkmeyer
August 28, 2024
The Sleeping Giant: Why Intel is an Undervalued Stock
As the world’s largest semiconductor company, Intel (INTC) has long been a household name in the tech industry. However, despite...
Kerry Grinkmeyer
August 23, 2024
The Trillion Dollar Addiction...
The Trillion Dollar Addiction That Amazon, Google, Meta and Microsoft Will Be Selling Next Year As I discussed in my...
Kerry Grinkmeyer
August 19, 2024
What is an AI Agent? What Can It Do For You? Where Can You Get One?
As I discussed with my tribe during our recent stock talk, I’m excited to share with you the concept of...
[Platinum Insights] (6.22.23)
August 18, 2024