On Thursday, July 8, here’s everything you need to know:
Many of our new retail investors are having a difficult day as the meme stock area displays its high beta colors. Many of the favorites, including AMC, GME, WISH, PLTR, CCIV, and others, were hammered on Wednesday, and Thursday’s premarket is no different. At FXStreet, we consistently teach the need of proper risk management and the use of stops. This keeps you in the game for a longer period of time, therefore maybe some new retail traders have adopted this strategy. Many people haven’t, judging by the “hold fast” and “diamond hands” remarks on social media, so a substantial shift will be painful. That is precisely what is happening today in global equities markets, as a slew of gloomy news comes to a head. We’re talking about data, delta, earnings, and the Federal Reserve. Delta is prompting lockdowns, data has been dismal, earnings season is approaching, and Q1 is a difficult act to follow, and the Fed minutes revealed taper chatter, implying that a tantrum is not far off.
We haven’t even talked about oil yet. To be fair, it has dropped down to $71 overnight, but the OPEC uncertainty hasn’t helped, as it has soared to multi-year highs above $78 on Wednesday.
Today’s currency market
The dollar is weaker against the euro at 1.1844, gold is $1817, and bitcoin is slightly under $33,000. Although the VIX has risen to nearly 20, global yields are falling. China hinted at easing monetary policy overnight, and Wells Fargo indicated in a note that the change in US yields is purely technical. The 10-year yield in the United States is currently 1.27 percent, while the German 10-year yield has dropped 10% to -0.33 percent. This move will not be favorably received by bank stocks.
The FTSE is down 2%, the DAX is down 2%, and the Eurostoxx is down 2.4 percent.
Dow futures are down 1.3 percent, S&P futures are down 1.4 percent, and Nasdaq futures are down 1.4 percent.
The number of people who have filed for unemployment benefits in the United States has risen to 373, compared to 350, as projected.
The Bank of Japan is expected to cut its growth predictions, according to reports.
Tokyo has declared a state of emergency, and there are no fans at the Olympics.
According to the OECD, fresh covid outbreaks constitute a major threat to economic recovery.
Newegg (NEGG) is a new retail favorite that is down 20% premarket.
Premarket, AMC was down 11%, and GME was down 7%.
On good earnings, WD-40 (WDFC) is up 7% premarket.
BAC, GS, JPM, C, and USB are all down on yields.
Goldman Sachs downgrades Charles Schwab (SCHW).
CNBC reports that Alphabet (GOOGL) is being sued by a number of US states over the Google Play store for Android phones.
Kansas City Southern (KSU) has scheduled a meeting with Canadian National Railway (CNR) on August 19. (CNI).
Benzinga Pro is the source of this information.
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