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[Platinum Insights] (7.27.23)
[Platinum Insights] (7.27.23)
August 22, 2023
Good morning.
Futures are up this morning after three major U.S. benchmark indices ended the regular session mixed as market participants digested Federal Reserve Chair Jerome Powell’s comments following the Fed’s widely expected 25 basis point rate hike, while also bracing for a flurry of U.S. economic data and more corporate earnings results.
Powell stated that it is possible for the central bank to raise rates again at the September meeting if the data warrant it. The Fed chief also said that rate cuts are not expected to happen this year.
Meta Platforms Inc surged over +7% in pre-market trading after the company reported better-than-expected Q2 results and issued upbeat Q3 revenue guidance.
Hershey fell short of market expectations for quarterly sales on Thursday, in a sign price hikes were finally starting to leave a mark on demand for chocolates and candy.
Drugmaker Bristol Myers Squibb said its second-quarter sales fell more than expected and cut its full-year forecast.
Harley-Davidson Inc’s profit fell 17.5% in the second quarter, the motorcycle maker said, as customers cut back on discretionary spending due to higher borrowing costs and inflationary pressures.
McDonald’s beat market expectations for quarterly comparable sales, as the restaurant chain’s relatively cheaper burgers and fries attracted cost-conscious diners.
Northrop Grumman raised its full-year profit and revenue forecasts on Thursday, as the aerospace and defense major bets on strong weapon demand amid heightened geopolitical tensions.
This morning, all eyes are focused on the U.S. GDP preliminary reading. Economists, on average, forecast that U.S. GDP will stand at +1.8% q/q in the second quarter, compared to the first-quarter value of +2.0% q/q.
WTI crude futures rose above $79 per barrel. Gold rose toward $1,980 an ounce while the yield on the US 10-year Treasury note eased toward the 3.85% level.
Have a great day.
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