CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money 
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money 

US Open: weak retail sales do not bother investors 📌

5:06 pm 18 June 2024

  • Indices Open Slightly Higher
  • USDIDX erases gains from earlier in the day
  • US bond yields decline

US stock markets opened slightly higher after impressive gains at yesterday's close. However, the mood on Wall Street is nervous due to historically high stock valuations combined with high interest rates.

Recent data from the U.S. economy is mixed. On one hand, we see the first signs of a slowdown, or rather normalization. This conclusion can be drawn from retail sales data, where high interest rates are starting to negatively affect U.S. consumers. Today's report marked the second consecutive month of weaker-than-expected data and continued monthly declines. On the other hand, investors are also receiving strong data, such as the recent NFP report from the labor market and today's industrial production data, which also exceeded expectations. Several speeches by FOMC members are scheduled for later today, which may shed some light on future Fed monetary policy.

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US100

The technology index has seen an impressive 7.0% increase since the beginning of June. The earnings season has been solid, and many key companies expect further improvement in the coming quarters. Yesterday's gains were mainly driven by companies like Broadcom, Micron, Tesla, and Apple. Despite slight gains to 19,950 points at the opening of today's cash session, we are currently seeing a deterioration in sentiment. The US100 index faces a key psychological resistance level at 20,000 points. It is possible that this will be a good opportunity for at least a short-term correction.

Source: xStation 5

 

Company News

Rocket Lab USA (RKLB.US) gains over 7.50% after signing the largest Electron launch agreement in its history, with launches scheduled from 2025 to 2027, marking a significant milestone for the space systems company.

KB Home (KBH.US) the stock is in focus as the home builder is set to report Q2 results, with expectations of $1.81 earnings per share on $1.65B revenue. This follows Lennar’s (LEN.US) forecast of Q3 new orders and deliveries missing estimates, amidst high home prices and low sales.

Lennar (LEN.US) despite Q2 results beating consensus, shares dropped over 2.50% due to a disappointing Q3 forecast, with new orders and deliveries missing expectations, and a lower-than-expected gross margin on home sales.

GameStop (GME.US) is set to drop further by a 7.80% after a 12% decline in the previous session. The video game retailer's annual meeting provided no new strategies or prospects, with CEO Ryan Cohen emphasizing cost-cutting and profitability without specifics, leaving shareholders' questions unanswered.

Micron Technology (MU.US): gains another 5.00% following bullish actions by BofA Securities, which added Micron to its US 1 List, signaling strong investment potential. Micron is expected to report a significant revenue increase in its upcoming FQ3 2024 report.

Chegg (CHGG) jumped over 21% after announcing a 23% reduction in global headcount, saving $40M-$50M in 2025 expenses, despite a $10M-$14M restructuring charge. The company aims for EBITDA margins of at least 30% in FY2025.

NextEra Energy (NEE) fell 4.00% after announcing a $2B equity units sale to fund energy projects and corporate purposes, including repaying commercial paper obligations.

CleanSpark (CLSK.US) announced the acquisition of five bitcoin mining facilities in Georgia for $25.8M, increasing its operating hashrate to over 3.7 EH/s upon full installation. Despite this expansion, shares were trading down around 0% pre-market.

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

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