Daily summary: US banks initiate good start to Q2 earnings season

6:02 PM July 14, 2023
  • Wall Street erases most of the early rally fuelled by better-than-expected results from major US banks. The Russell 2000 index loses 0.93%, the Nasdaq adds 0.1% and the S&P 500 gains 0.15%. The Dow Jones benchmark was the best performer, gaining 0.4% at the time of publication.

  • Banks presented better interest performance thanks to high interest rates.

  • Next week, financial companies will continue to publish their results. In addition, we will hear reports from Tesla, Netflix and IBM, among others.

  • The UoM data are surprising in two respects: an improvement in consumer sentiment, but also a rebound in inflation expectations, which is not a very good sign from the perspective of the Fed decision. On the other hand, the Fed itself expects that inflation could be fairly flat next year. 

  • AT&T (ATT.US) shares are sliding to their lowest levels in 20 years after a downgraded recommendation from JP Morgan, which sees growing competition around the company.

  • Ericcson (ERICB.SE) and Nokia (NOKIA.FI) were subject to depressed sentiment today after an earnings warning and the release of weak results from Ericcson.

  • WTI and Brent crude oil are down more than 2% today, breaking a 3-day upward streak. The rises stopped exactly at the limit set by the 200-day exponential moving average (EMA 200). 

  • Gold also capped the gains, despite EURUSD holding above 1.12

  • The US Federal Court's decision that XRP tokens do not constitute securities led to a frenzied rally on XRP. It is now up around 70% compared to before the decision. Analysts estimate whether a similar kind fate may await Coinbase (COIN.US) and Binance (BINANCECOIN), which are also under US regulatory pressure.


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