News / Uncategorized
[Platinum Insights] (7.18.23)
[Platinum Insights] (7.18.23)
August 22, 2023
Good morning.
U.S. stock index futures were subdued on Tuesday as investors stayed on the sidelines ahead of U.S. retail sales data and quarterly earnings reports from more big banks and industry heavyweights.
Bank of America edged up 0.4% in premarket trading, while Morgan Stanley rose 1.1% ahead of their second-quarter results due later in the day.
AT&T shares dived 6.7%, while VZ stock plunged 7.5%, as the sell-off in telecom stocks continued Monday. Last week, The Wall Street Journal reported telecom companies installed potentially dangerous lead-covered cables overhead on poles, in soil and underwater.
Treasury Secretary Janet Yellen warned on Monday there is a risk of contagion from the growing slowdown in the Chinese economy but maintained that a recession in the U.S. is unlikely this year.
Credit card debt reaching record highs comes as the Federal Reserve’s campaign of interest rate hikes aimed at tamping down inflation has pushed borrowing costs upward. According to LendingTree, the average credit card interest rate (or annual percentage rate) for U.S. credit cards is 24.06% as of July 10.
Retail sales in the US rose 0.2% month-over-month in June of 2023, following an upwardly revised 0.5% increase in May, but below forecasts of a 0.5% rise. Increases were seen in sales at miscellaneous store retailers (2%); nonstore retailers (1.9%); furniture (1.4%); electronic and appliances (1.1%); clothing (0.6%); motor vehicle and part dealers (0.3%); and food services and drinking places (0.1%). On the other hand, falls were seen in sales at gasoline stations (-1.4%); building materials and garden equipment (-1.2%); sporting goods, hobby, musical and books (-1%); food and beverages stores (-0.7%); health and personal care stores (-0.1%); and general merchandise stores (-0.1%). Retail sales data continued to signal consumer spending remains resilient, with inflation falling to two-year lows in June. Retail sales are not adjusted for inflation.
WTI crude futures steadied above $74 per barrel. Gold rose toward $1,960 an ounce while the US 10-year Treasury note yield retreated to 3.76%, a level not seen since late June.
On the Platinum Channel, we have been focusing on support and resistance levels. Support and resistance are levels on a chart where the price of an asset has historically had difficulty breaking through. Support is typically seen as a floor, below which the price is less likely to fall, while resistance is seen as a ceiling, above which the price is less likely to rise. Once a support or resistance level has been identified, it can be used to help traders make decisions about when to buy or sell an asset. Check out today’s video on Best of US Investors.
Have a great day!
Share this article:
More in Uncategorized:
Ultra Clean Holdings (UCTT) July 25, 2024, Earnings Call Summary
Future Price Projections Participants: Rhonda Bennetto – Senior Vice President, Investor Relations Jim Scholhamer – Chief Executive Officer Sheri Savage...
[Platinum Insights] (7.18.23)
July 26, 2024
APPLE, MICROSOFT, NVIDIA PRICE TARGET 🎯
Short term, price targets for the top three S&P 500 holdings
Short term, price targets for the top three S&P 500 holdings The following are my price targets for the very...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
July 25, 2024
Nvidia's Stake in Serve Robotics: A Game-Changer for AI-Powered Delivery?
The tech world was buzzing last week when news broke that AI chip giant Nvidia owns a 10% stake in Serve Robotics, a company specializing in autonomous sidewalk delivery robots. This revelation sent Serve's stock soaring an impressive 233% over two days. But what does this mean for the future of AI-powered delivery, and should investors jump on board?
The tech world was buzzing last week when news broke that AI chip giant Nvidia owns a 10% stake in...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
July 24, 2024
The Commercial Real Estate Crash
Its Ripple Effect on the Banking System and The Stock Market
The commercial real estate market is on the verge of a significant downturn, potentially mirroring the infamous 2008 financial crisis....
[Platinum Insights] (7.18.23)
July 23, 2024
The Democratization of Compute
A Paradigm Shift in Business and Investment Artificial Intelligence (AI) is undeniably transformative, poised to revolutionize the world as we...
![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
July 23, 2024
Are Google and Meta Heading for a Stock Price Slump?
As an investor, it's crucial to keep a keen eye on market trends and potential shifts that could impact major players. Today, I want to discuss two tech giants that have long been darlings of Wall Street: Google and Meta. While they've enjoyed impressive growth and dominance in their respective fields, there are signs that their stock prices might face some headwinds in the near future.
As an investor, it's crucial to keep a keen eye on market trends and potential shifts that could impact major...
![Trent Grinkmeyer in front of stock market with bull background](https://bestofusinvestors.com/uploads/2023/06/trent-e1687263019450-300x300.webp)
Trent Grinkmeyer
July 23, 2024