News / Uncategorized
[Platinum Insights] (5.5.23)
[Platinum Insights] (5.5.23)
August 22, 2023
Good morning.
U.S. stock index futures rose on Friday as upbeat results from Apple underscored corporate earnings resilience despite a slowing U.S. economy, while investors awaited a key monthly employment report due later in the day.
Shares of U.S. regional lenders rose in premarket trading on Friday following a brutal sell-off during the week that saw First Republic Bank collapse and peer PacWest Bancorp explore strategic options.
Sonos Inc and Alphabet’s Google will face off in a San Francisco federal trial on Monday over claims that Google copied Sonos’ patented smart-speaker technology in wireless audio devices like Google Home and Chromecast Audio.
With tens of thousands of shareholders in attendance, Berkshire’s annual “Woodstock for Capitalists” will be held in Omaha, Nebraska, on Saturday. Berkshires earnings report will be released Saturday morning prior to the event. The conglomerate tends to shine in a down market as many use it for downside protection given its diverse businesses and unmatched balance sheet strength.
WTI crude futures traded above $70 per barrel. Gold rose to a record high of $2,070 before paring gains back to the $2,040 mark while the yield on the US 10-year Treasury note is at the 3.4% level.
Copper futures dropped to under $3.85 per pound, close to the four-month low of $3.8 touched on May 3rd amid mounting evidence of poor demand for industrial inputs among the world’s top consumers. Overall, copper prices serve as a barometer of economic activity, particularly in sectors such as construction, manufacturing, infrastructure, and global trade.
Have a great weekend!
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