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Shares of e-commerce giant Amazon.com (NASDAQ: AMZN) surged more than 14% in extended trading on Thursday after the company reported upbeat fourth-quarter earnings results. The Company reported $27.75 net Earnings Per Share (EPS), compared to $14.09 EPS one year ago and the revenue for the last quarter came slightly below the estimates.
Meanwhile, the company announced the increase in the price of its PRIME membership for the first time since 2018. The company is raising the price of its annual Prime subscriptions from $119 to $139 per year in the United States and the price of a monthly subscription will also increase from $12.99 to $14.99.
“As expected over the holidays, we saw higher costs driven by labour supply shortages and inflationary pressures, and these issues persisted in the first quarter due to Omicron,” Amazon CEO, Andy Jassy said.
EQUITIES
US futures remain under pressure ahead of the release of US NFP data after the big ADP disappointment on Wednesday. The ADP data showed that the non-farm private sector lost 301,000 jobs in January.
OIL
Crude oil futures extend the rally supported by the geopolitical tensions and falling stockpiles. US crude oil futures climbed above $90 on Friday for the first time since 2014 while Brent crude futures trade steady above $91.
CURRENCIES
In the currency market, the Euro hit a fresh weekly high of 1.1470 on Friday against the US dollar following the ECB President Christine Lagarde’s hawkish comments, which raised expectations of faster than expected monetary tightening. The US dollar index plunged to near the psychological level of 95 despite the release of better-than-expected US weekly jobless claims and ISM services PMI numbers.
GOLD
The precious metal inched a little higher on Friday. However, today could see increased volatility spikes after the release of the US employment report. At the time of writing, the metal trades near the weekly highs.
Economic Outlook
On the data front, the US ISM services index fell from 62.3 to 59.9, slightly better than the consensus estimate of 59.5. On the other hand, the US unemployment claims from the past week dropped to 238K against the expected 245K.
Moving ahead today, the important events to watch:
Eurozone – Retail Sales: GMT – 10.00
US – Employment report: GMT – 13.30
Coronavirus update:
Worldwide, more than 380 million people have been confirmed infected and more than 5.69 million have died. The United States has confirmed over 75 million cases and has had more than 885,000 deaths from COVID-19, the highest totals in the world.
Technical Outlook and Review
EURUSD: For today, the resistance for the pair is above 1.1520. On the other side, the immediate support is near 1.1430 and any break will drag the pair to 1.1430 and 1.1380 levels.
The important levels to watch for today: Support- 1.1430 and 1.1380 Resistance- 1.1480 and 1.1520.
GOLD: The precious metal trades steady above $1800. If the bullish momentum continues then the next upside level is to watch $1810/15 and $1820. On the downside, any meaningful pullback now seems to find some support near the $1800 zones, below which the slide could further get extended towards the $1793/87 regions.
The important levels to watch for today: Support- 1800 and 1787 Resistance- 1815 and 1820.
Quote of the day - Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.
Read more- https://gulfbrokers.com/en/daily-market-report-444