Earnings that include two technology giants due today
U.S. stock futures surged in late dealing before the important technology earnings are reported from the electric car giant Tesla and Microsoft.
The popular Dow futures increased its value with more than 120 points. Futures additionally seemed to start the day with a higher open for the S&P 500 and Nasdaq-100.
Some unexpected weak company earnings yesterday pressed on investor sentiment with Shares of Snap plummeting more than 9% in extended trading, following a report that the company has fewer-than-expected daily active users.
United Airlines shares additionally dropped in extended trading after the company announced a loss of $1.62 billion for the second quarter. The COVID-19 outbreak hit on travel, sparking an 87% year to year income loss for the popular airline. Earnings season will continue today with announcements including Microsoft, Tesla, and more following the closing. However, the main focus will be Tesla’s earnings report, which could produce a positive momentum that the company needs in order to qualify and become an S&P 500 component.
Oil dropped early today
Today the much-needed commodity Oil dropped while industry numbers revealed a bigger-than-expected stock build in the United States. The U.S. still suffers from the continuing increase in coronavirus cases that potentially may reduce the interest for oil from the world’s largest oil buyer. Industry group American Petroleum Institute announced that the U.S. crude inventories increased last week by 7.5 million barrels as opposed to anticipations for a draw of 2.1 million.
Brent crude dropped 32 cents, to $44 a barrel while U.S. West Texas Intermediate (WTI) crude fell 33 cents, to $41.59.
Gold near a nine-year top again
The popular yellow metal Gold surged to its most powerful level since 2011 early today, driven by a weaker greenback and anticipations of an additional stimulus package in order to restore the damage that COVID-19 caused to global economies, but which could, increase inflation.
Spot gold gained 0.1% at $1,843.09 per ounce after scoring its most powerful level in nearly nine years at $1,847.30. U.S. gold futures climbed about 0.1% to $1,845.90.
Greenback lost some ground
The popular greenback recovered from most rival currencies. The U.S Dollar has been weakened by fears that Democrats and Republicans are fighting to reach an agreement toward the next cycle of the U.S. economic stimulus package.
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