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Tesla, the world's most valuable automaker reported better-than-expected second-quarter financial results on Wednesday. The carmaker posted a 20% annual jump in second-quarter net profit, driven by a record number of cars delivered during April-June. Tesla's (NASDAQ: TSLA) stock price dropped almost 4% in after-hours trading due to lower-than-expected margins and the forecasted decrease in Q3 production. Shares of Tesla have more than doubled in 2023, increased more than 165% since the start of the year.
EQUITIES
US stock futures trading in a narrow range Thursday morning as traders and investors are waiting for fresh US economic data. During the Asian session, the US futures slightly retreated from the previous session highs after the last quarter earnings results from Goldman Sachs and giants like Tesla and Netflix failed to impress investors. Netflix wowed Wall Street with new subscribers, but lighter-than-expected revenue and sales projections undercut the stock in extended trading.
OIL
Crude oil prices struggled to extend the upside momentum after the Energy Information Administration (EIA) reported that U.S. oil inventories rose much more than the market was expecting. The EIA data showed the US crude inventories declined by 708,000 barrels last week, compared with market expectations for a larger 2.4-million-barrel drop. On the other hand, Russia’s energy ministry said the country will cut oil exports by 2.1 million tons in the third quarter, in line with planned voluntary export cuts of 500,000 barrels per day in August.
CURRENCIES
In the currency market, EURUSD remains undecided as to which way its next directional break will be while GBPUSD struggling to regain footing after suffering a steep loss in the last trading session. The dollar index traded flat as traders kept a close eye on a slew of upcoming U.S. economic data that could influence the next Federal Reserve monetary policy meeting outcome.
GOLD
The precious metal traded with strong bullish sentiment throughout this week boosted by the growing expectations that the Federal Reserve will pause its interest rate hikes this month also fuel the bullish sentiment. However, despite the recovery, the upside momentum seems to be fading away as the metal has been sitting in a tight range since the beginning of the European trading session.
Economic Outlook
On the data front, the US reported disappointing housing data. Housing starts in the US declined by 8% to a seasonally adjusted annualized rate of 1.434M in June 2023, below market expectations of 1.48M. Building permits in the U.S. decreased to 1.44M in June from 1.49M in May.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12:30
US – Philly fed index: GMT – 12:30
Technical Outlook and Review
EURUSD: The pair moved back to above the 1.1200 mark again. Technically, the overall momentum remains mixed. However, it will be hard to rule out a retracement to 1.1150/30 if the bulls fail to hold the upside momentum. On the flip side, in case the pair manages to settle above again 1.1250, then the next key resistance area to watch is 1.1280/1.13.
The important levels to watch for today: Support- 1.1170 and 1.1150 Resistance- 1.1250 and 1.1280.
GOLD: For today, If the upside momentum continues then the next upside level is to watch at $1988 and $1995. On the downside, any meaningful pullback now seems to find some support near the $1975 zones, below which the slide could further get extended towards the $1970 and $1966 regions.
The important levels to watch for today: Support- 1970 and 1966 Resistance- 1988 and 1995.
Quote of the day – Trading is a waiting game. You sit, you wait, and you make a lot of money all at once. Profits come in bunches. The trick when going sideways between home runs is not to lose too much in between - Michael Covel.
- Earnings per share: $0.91 vs $0.82 expected
- Revenue: $24.9 billion vs $24.51 billion expected
EQUITIES
US stock futures trading in a narrow range Thursday morning as traders and investors are waiting for fresh US economic data. During the Asian session, the US futures slightly retreated from the previous session highs after the last quarter earnings results from Goldman Sachs and giants like Tesla and Netflix failed to impress investors. Netflix wowed Wall Street with new subscribers, but lighter-than-expected revenue and sales projections undercut the stock in extended trading.
OIL
Crude oil prices struggled to extend the upside momentum after the Energy Information Administration (EIA) reported that U.S. oil inventories rose much more than the market was expecting. The EIA data showed the US crude inventories declined by 708,000 barrels last week, compared with market expectations for a larger 2.4-million-barrel drop. On the other hand, Russia’s energy ministry said the country will cut oil exports by 2.1 million tons in the third quarter, in line with planned voluntary export cuts of 500,000 barrels per day in August.
CURRENCIES
In the currency market, EURUSD remains undecided as to which way its next directional break will be while GBPUSD struggling to regain footing after suffering a steep loss in the last trading session. The dollar index traded flat as traders kept a close eye on a slew of upcoming U.S. economic data that could influence the next Federal Reserve monetary policy meeting outcome.
GOLD
The precious metal traded with strong bullish sentiment throughout this week boosted by the growing expectations that the Federal Reserve will pause its interest rate hikes this month also fuel the bullish sentiment. However, despite the recovery, the upside momentum seems to be fading away as the metal has been sitting in a tight range since the beginning of the European trading session.
Economic Outlook
On the data front, the US reported disappointing housing data. Housing starts in the US declined by 8% to a seasonally adjusted annualized rate of 1.434M in June 2023, below market expectations of 1.48M. Building permits in the U.S. decreased to 1.44M in June from 1.49M in May.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12:30
US – Philly fed index: GMT – 12:30
Technical Outlook and Review
EURUSD: The pair moved back to above the 1.1200 mark again. Technically, the overall momentum remains mixed. However, it will be hard to rule out a retracement to 1.1150/30 if the bulls fail to hold the upside momentum. On the flip side, in case the pair manages to settle above again 1.1250, then the next key resistance area to watch is 1.1280/1.13.
The important levels to watch for today: Support- 1.1170 and 1.1150 Resistance- 1.1250 and 1.1280.
GOLD: For today, If the upside momentum continues then the next upside level is to watch at $1988 and $1995. On the downside, any meaningful pullback now seems to find some support near the $1975 zones, below which the slide could further get extended towards the $1970 and $1966 regions.
The important levels to watch for today: Support- 1970 and 1966 Resistance- 1988 and 1995.
Quote of the day – Trading is a waiting game. You sit, you wait, and you make a lot of money all at once. Profits come in bunches. The trick when going sideways between home runs is not to lose too much in between - Michael Covel.
