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[Platinum Insights] (5.16.23)

[Platinum Insights] (5.16.23)
August 22, 2023

Good morning.  

U.S. stock index futures are flat ahead of critical debt limit talks, and retail sales data that will offer more insight on the economy’s health.  Retail sales are expected to increase 0.8% in April, after falling 0.6% in the month before.  

Shares of Capital One Financial Corp jumped 6.8% in premarket trading after Berkshire Hathaway Inc ( BRK/A ) on Monday disclosed it has begun investing in the consumer lender.  

U.S. central bankers on Monday signaled they see interest rates staying high and, if anything, going higher, given inflation that may be slow to improve and an economy showing only tentative signs of weakness. Minneapolis Fed President Neel Kashkari said the central bank probably has “more work to do on our end, to try to bring inflation back down.” 

Home Depot ( HD ) kicks off a big week for earnings from U.S. retailers on a gloomy note. Shares of the largest U.S. home improvement chain tumbled about 4% in premarket trading after the company also missed first-quarter sales estimates as Americans cut back on spending on tools and building materials as inflation stays sticky.  

WTI crude futures traded around $71.00 a barrel. Gold prices edged slightly lower to $2,010 an ounce while the yield on the US 10-year Treasury note approached 3.49%.  

The main indexes started the week with modest gains as trading was range-bound. Range-bound trading requires adaptability in swing trading strategies. Traders need to be flexible and willing to adjust their approaches to suit the current market conditions. This may involve using shorter timeframes, employing range trading strategies, or focusing on other trading opportunities outside of the range if available.

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