Daily market update 24/5: #1
Wall Street closes lower:
US markets ended in the red yesterday, after strong economic data and remarks from ECB President Mario Draghi led investors to believe that the Fed might not be as dovish as initially thought when announcing its rate decisions next week. The DJ30, SXP500 and NSDQ100 indices all closed lower.
Markets could be further impacted by the quarterly Advance GDP report, to be released today at 12:30 GTM.
Today's highlights:
Tech stocks jump after-hours:
Alphabet reported better-than-expected earnings yesterday after the bell, resulting in a 9% jump after hours. Intel also beat stimates, climbing more than 6% after the bell. In contrast, Amazon fell more than 3% overall, after reporting disappointing profits.
Cryptocurrencies revert to losses:
The cryptocurrency market was seen lower the past 24 hours, as the majority of cryptos registered losses. At the time of writing, Bitcoin was down more than 3% once again slipping below the $10,000 mark.
Asia seen lower:
The negative momentum on Wall Street impacted Asian markets, as the JPN225 and HKG50 indices were seen lower this morning. In contrast, the China50 index registered gains.
Beyond Meat continues to surge:
The vegan food powerhouse continues to show tremendous gains, closing nearly 10% higher yesterday and rising more than 5% after hours. Investors are waiting to see if recent price surge is justified when the company announce its earnings next week.
Tesla tumbles on earnings:
Following a disappointing earnings report and an announcement the CTO and Co-Founder JB Straubel is stepping down, the TSLA stock fell more than 13%.
Oil shows slight gains :
After losing all of the gains reached in its previous session, oil prices were seen higher this morning.
Europe opens higher:
The UK100 opened 2 points higher, the GER30 was up 35 points and the FRA40 opened 5 points higher.