News / Uncategorized
[Platinum Insights] (8.9.23)
[Platinum Insights] (8.9.23)
August 22, 2023
Good morning.
Stock futures are trending up this morning as market participants exercised caution and refrained from big positions in anticipation of Thursday’s U.S. inflation report.
The Consumer Price Index (CPI) for July is expected to show a slight year-over-year acceleration. On a month-to-month basis, consumer prices are seen increasing 0.2%, the same rate as in June.
Wall Street’s main indexes ended the previous session lower in a broad selloff after the downgrading of several small and mid-sized banks by credit rating agency Moody’s reignited fears about the health of U.S. lenders and the economy. Wall Street banks edged higher on Wednesday in early trading before the bell after sharp losses in the previous session, with Bank of America and Citigroup up 0.3% and 0.1%, respectively.
Casino owner Penn Entertainment’s shares jumped 13.4% in premarket trading on a $2 billion deal with Walt Disney’s ESPN to launch a sports betting business. Walt Disney’s shares rose 0.9%, with the entertainment company also set to report its quarterly results after the bell.
Markets are nearing the end of a better-than-expected earnings season. Of the 443 S&P 500 companies that have reported earnings as of Tuesday, 78.6% beat analyst expectations, according to Refinitiv data.
WTI crude futures traded just above $83 per barrel. Gold held below $1,930 an ounce while the yield on the US 10-year Treasury note steadied around 4.01%.
Have a great day!
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