News / Uncategorized
[Platinum Insights] (8.18.23)
[Platinum Insights] (8.18.23)
August 22, 2023
Good morning.
U.S. stock index futures edged lower on Friday after a three-day selloff on Wall Street, as evidence of a resilient U.S. economy spurred fears that the Federal Reserve would hold interest rates for longer than previously expected.
The Labor Department’s report on Thursday showed claims for state unemployment benefits fell -11K to 239K, stronger than expectations of 240K, indicating resilience in the labor market. Also, the U.S. Philadelphia Fed business outlook survey rose to a 16-month high of 12.0 in August, stronger than expectations of -10.0.
The relative strength of the U.S. economy is prompting fears of rates sticking higher for longer across the Atlantic and a potential shift from the current easing of inflationary pressures. This is reflected in a big surge in U.S. government bond yields. The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007.
Risk sentiment has also been hurt in recent days by China’s sluggish economic recovery and growing concerns about its property market. U.S.-listed shares of Chinese companies JD.Com and Alibaba Group fell 3.6% and 2.4% respectively. Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world’s biggest debt restructuring exercises, as anxiety grows over China’s worsening property crisis and a weakening economy.
Estee Lauder and Deere & Co are among companies scheduled to report quarterly earnings before the bell.
WTI crude futures steadied above $80 per barrel. Gold held below $1,900 an ounce while the yield on the 10-year Treasury slid to 4.22%.
In regular trading on Thursday, the Dow fell 0.8%, the S&P 500 lost 0.8% and the Nasdaq tumbled 1.2%. The VIX closed up above 18 on Thursday.
Have a great weekend
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 in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
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 in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
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 in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
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 in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
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 in a suit standing in front of a stock chart with a bull on it](https://bestofusinvestors.com/uploads/2023/07/kerry-300x300.webp)
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] (8.18.23)
August 18, 2024