Drops earlier this Tuesday on Wall Street, driven by the negative retail sales data, suggesting a slowdown in consumption in the United States despite falling inflation rates. After the pre-opening doubts, indicators are moving lower across the Atlantic in these first few minutes of trading, with the DOW JONES Ind Average down 0.11% to 34,548.56 points at the open, up over 0.95% on the mid-session won. The S&P 500 fell 0.14% to 4,516.54 points and then rose 0.3%, while the NASDAQ 100 fell 0.18% to 14,209.52 points. However, indicators corrected positions on gains, notably the Dow Jones, after the market read good business results. This is the seventh consecutive session of profits
The difference is that investors have observed that consumption has fallen more than expected, largely due to the lower auto sales figures last month. So The retail sales index barely rose 0.2% in June, while the market was expecting a 0.5% appreciation.
All of this after the Dow Jones brand new close last night on Wall Street, barely gaining 76.32 points or 0.2% to close at 34,585.35. But it was certainly enoughclimbed to its highest level so far this year. The S&P 500 gained 0.4% to close the session at 4,522.79. The Nasdaq Composite was up almost 1% to 14,244.95.
However, the business results we saw today seem to have convinced the market. Bank of America reported earnings per share of 88 cents versus 84 cents expected and revenue of 25.330 million versus 25.050 cents expected. Interest rates and their increases have improved their interest margins. Its shares were up 0.85% at the open.
In the case of Morgan Stanley, it also beat Wall Street estimates with earnings of $13.460 million Earnings per share of $1.24 versus $1.15 expected by analysts and investors. Martin is also exceeding expectations for Lockheed with earnings per share of $6.73 and quarterly company revenue exceeding market expectations, even if full-year guidance remains unchanged. Her income is thus $16,700 compared to the estimated $15,920.
From Link Securities, they state that “even in this market.” We must pay close attention to the release of some regional banks’ figures for 2T2023, particularly Western Alliance Bancorp, a company that has been in the investor spotlight during the recent crisis of confidence in the US banking sector. What these companies say about the behavior of their deposits and is above that of its brokerage margin, Margin potentially impacted by having to increase debt rebate to avoid “customer flight”.
The market moves between the uncertainty of one week options and futures expiry on Friday, in the so-called witching hour that always brings volatility, the so-called “soft landing” and the contagion that slower Chinese growth can cause. Therefore, for many references to consider, the wait is in the sentiment that characterizes the investor’s policies and stock market moves.
Returns on assets fall in debt markets with the US benchmark 10-year bond yielding between 0.87% and 3.764% while the two-year bond also falls to 4.696%.
If we look at the raw materials, we see that West Texas crude is trading at opening levels up just 0.04%. while investors weigh a possible cut in US oil supplies against slower growth in China. Specifically, the American reference barrel is trading at $74.09. In the meantime, the reference cask in Europe, Brent, is also shown at the opening at a price of 78.5 dollars per barrel.
Highlight this under the currencies the dollar index falling below 100 and standing at 99.89, while annual declines of 3.6% are already piling up. As for that euro dollarmoving away from yesterday’s yearly highs with slight dips taking it to $1.1231.