Editor
Wall Street falls ahead of weak Chinese trade numbers.
Corporate earnings are in the spotlight; until today, 85% of the S&P listed stocks delivered their quarry earnings results. And 85% of these companies have beaten market expectations in terms of revenues and earnings per share. Still, Wall Street had a rough first week in August, a low-end session last week, followed by a postponed opening day on Monday, the seventh, and a falling session today.
On a global scale, all three major currencies—the euro, the dollar, and the Chinese yuan—reported a decline in today’s session.
Keeping with Wall Street gains, as of 12:30 a.m. ET, the S&P 500 benchmark was down by 0.85% to 4,479.30 basis points, its lowest level since mid-July. Nasdaq composites were down by 1.21% to 13,826 basis points. On an annual basis, 80% of Nasdaq stocks have gained over 60% this year only. Suggesting that inflationary pressures are fading.
The Dow feature declined by 0.7% to 35,224 basis points.
On a contrasting note, Eli Lilly’s shares surged by an astonishing 18%, underscoring the immense investor confidence in the potential triumph of their Alzheimer’s treatment. While traditional sectors treaded through these challenges and triumphs, the realm of data witnessed its transformation. Palantir, a significant player in the big data landscape, showcased its adaptability by revising its revenue targets upward. This strategic decision was driven by the escalating demand for its artificial intelligence services, a testament to the company’s ability to harness evolving market trends to its advantage.
The narrative of success extended to the educational technology sector, as Chegg managed to surpass expectations with its impressive quarterly sales performance. The company’s latest earnings report revealed an EPS of $0.28, aligned with projections, while its revenue soared to an exceptional $182.85 million, surpassing the forecasted $176.5 million. This accomplishment translated into a 5% surge in Chegg’s share value, accentuating its adept navigation of the fiercely competitive educational technology landscape. As these stories unfold, the corporate landscape remains a dynamic arena where resilience, innovation, and strategic prowess continue to shape the narrative of success.
Meanwhile, oil prices rallied after a minor morning decline, primarily influenced by the release of lackluster trade data from China, one of the world’s largest economies. This news came just ahead of the anticipated announcement of the latest figures regarding U.S. oil stockpiles. China, which is the largest global importer of oil and the second-largest consumer, saw a notable drop of 18.8% in oil imports for July compared to the preceding month of June. However, it’s important to note that this decrease is relative to a particularly high level of imports in June. When measured against the oil imports from a year ago, the data shows a growth of 17%, although this is compared to a low base from the previous year.
WTI was up by 0.44% to $82.31 per barrel, whereas Brent oil rose by 0.35% to $85.67 per barrel. If oil prices remain above the current level, it will be the third consecutive week of trading above the $80 per barrel level.
