News / Uncategorized
[Platinum Insights] (8.16.23)
[Platinum Insights] (8.16.23)
August 22, 2023
Stock futures are flat this morning as market participants looked ahead to the release of the Federal Reserve’s July policy meeting minutes.
Minneapolis Fed President Neel Kashkari remarked at a conference on Tuesday that even though inflation has been receding, “it’s still too high.” “I want to see convincing evidence that inflation is well on its way back down to 2%, and then we can allow it some time to run,” Kashkari said.
Data showed on Wednesday that Chinese new-home prices in 70 cities, excluding state-subsidized housing, dropped for a second month in July, underscoring the worsening property downturn that’s exerting pressure on the world’s second-largest economy.
Target lowered its full-year sales and profit expectations even as its quarterly profit exceeded Wall Street expectations on Wednesday, benefiting from fewer discounts and better stocked store shelves. In the second quarter ended July 29, Target’s total revenue fell 4.9% to $24.77 billion, marking its first decline in about six years and missing market expectations of $25.16 billion.
Walmart, which is set to report earnings on Thursday, is expected to raise its annual earnings forecast as customers snap up more essentials whose sales account for more than half of its revenue.
WTI crude futures edged down to below $81 per barrel. Gold held its decline to below $1,910 an ounce while US 10 Year Note Bond Yield was 4.18 percent.
Mortgage applications in the US decreased 0.8% in the week ending August 11, 2023, a fourth consecutive decline.
One of the most important things for swing traders is to be patient. The market doesn’t always go up, and there will be times when you have to sit on your hands and wait for a good opportunity. It’s important to remember that you don’t need to be in the market every day to be successful. In fact, sometimes it’s better to take a break and wait for the right moment. This is the case with current market conditions.
Have a great day.
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