Market Reports by GulfBrokers - 2023

[syamfx2020]

UK annual inflation declined below double digits for the first time since August 2022, falling from 10.1% in March to 8.7% in April. While the core inflation, which excludes food and energy, jumped to 6.8%, the highest since March 1992 and above well forecasts of 6.2%. Food inflation also remained strong, at 19.1% in April, compared to 19.2% the month before. On a monthly basis, CPI rose by 1.2% in April 2023.

The British pound initially bounced after the release of CPI data but erases all its early gains against other major currencies. The downside pressure was also driven by mixed remarks from the Bank of England (BOE) Governor Andrew Bailey. GBPUSD reversed from the intraday highs and retreated back to below 1.2400. Technically, 1.2370 remain the key support area to watch. A clear breakdown of this support could open space for further declines to 1.2330 and then 1.2260. On the flip side, 1.2480 remains the key resistance area to focus on.

EQUITIES

US stock futures remain under pressure ahead of the FED minutes. The Fed will release the minutes of its May meeting today. The minutes are expected to provide more details about how the FED policymakers view the inflation pressures and any hints about a possible pause in interest rate hikes. Investors should also close pay attention today to corporate earnings with some of the biggest companies reporting their earnings. Nvidia, XPeng and Snowflake are amongst those reporting the last quarter's financial results today.

OIL

Crude oil prices extend the weekly gains after the release of API crude inventory data, and the focus shifts to the release of EIA inventory data and FOMC meeting minutes. The API crude inventory data showed the US crude inventories declined by about 6.8 million barrels last week, defying forecasts for a 0.525 million increase.

CURRENCIES

In the currency market, the New Zealand dollar plunged against the US dollar and other currencies after the RBNZ decision. The Greenback, in terms of the US Dollar Index (DXY), remains steady against the Euro and British pound and the further direction will depend on FOMC meeting minutes which will release later today. In the short-term perceptive, the immediate bias will remain bullish as long as prices exceed 103.

GOLD

The precious metal trades flat, however, today could see increased volatility spikes after the release of the FED decision. As of this writing, the metal trades above $1975. The overall momentum still remains mixed, the traders should closely monitor the FED minutes today and PCE inflation data on Friday to get a clear picture of the metal's long-term direction.

Economic Outlook

On the data front, the Reserve Bank of New Zealand raised its overnight cash rate by 25 basis points to 5.5% level, its highest level in more than 14 years. The central bank forecasts that the official cash rate will peak at the current level of 5.5% but will need to remain contained until at least mid-2024 to ensure inflation returns to the 1-3% target band.

Moving ahead today, the important events to watch:

US – EIA crude inventories: GMT – 14:30

US – FOMC minutes: GMT – 18.00

Technical Outlook and Review

EURUSD: For today, the key support level is located at 1.0760. In case it breaks below this level, it will head towards the next support level which is located near 1.0710. On the upper side, If the currency pair regains strong upside momentum and presses back above 1.0840 then the key resistance area to watch is 1.0910.



The important levels to watch for today: Support- 1.0760 and 1.0730 Resistance- 1.0800 and 1.0840.

GOLD: The metal needs to stay above 1990; otherwise. 1950 and 1935 may be visible soon. On the upper side, 1990 is the key resistance zones to watch, if the metal breaks and close above this area then the next resistance area to watch is around 2005/08



The important levels to watch for today: Support- 1965 and 1950 Resistance- 1985 and 1993.

Quote of the day – “When you genuinely accept the risks, you will be at peace with any outcome.” – Mark Douglas.
Read more - https://gulfbrokers.com/en/daily-market-report-668

 

[syamfx2020]

EURUSD plunged to a new 2-month low of 1.0715 after the release of disappointing German GDP data. The data showed Europe’s largest economy, Germany enters recession after GDP falls for the second successive quarter. The GDP contracted by 0.3% during the first quarter of 2023. This comes after Germany recorded a 0.5% contraction in the last quarter of 2022. Meantime, Germany's GfK Consumer Climate improved a bit but remains deeply negative.

For the euro there is no major economic data scheduled rest of this week, so again the trend of the euro would largely depend on the trend of the dollar index. Technically, the overall momentum remained bearish throughout the European session. In the short term, 1.0700 is the immediate support level, followed by 1.0680/70. On the flip side, 1.0760 now seems to act as an immediate resistance, which, if cleared, might trigger a short-covering bounce. In the long term, watch for weekly closing above 1.0900 or below the 1.0700 area, which will give a larger confirmation of direction in the long term.

EQUITIES

US stock futures struggling to regain upside momentum despite the release of less hawkish FED minutes as investors remain concerned over the delay in resolving US debt-ceiling issues. However, investors and market participants kept a close eye on a slew of upcoming U.S. economic data that could influence the next Federal Reserve monetary policy meeting outcome.

OIL

Crude oil futures slightly retreated from the weekly highs as the ongoing US debt ceiling issue continued to weigh on global markets. On the positive side, the latest EIA crude inventory data showed the US crude inventories declined by 12.456 million barrels last week, the largest drop in six months and defying expectations of a 0.775 million increase.

CURRENCIES

In the currency market, the US dollar index hit a fresh 2- month high following the hawkish remarks from Fed Governor Waller. Waller said that whether to raise interest rates again next month or not will depend on key data in the next few weeks, but it is too early to declare the end of the tightening cycle. On the other hand, the British pound slightly recovered from the early losses against the US dollar after the latest UK inflation report led the rates market to anticipate an additional interest rate hike by the Bank of England in the coming months.

GOLD

Bears take control of precious metals, especially the gold price. However, the bears need to see a confirmed break below the crucial support area of $1950/48 for further downside. Moving ahead to the North American session, gold traders should closely monitor the release of US GDP data, the Prelim GDP for Q1 which is expected to remain unchanged at 1.1%.

Economic Outlook

On the data front, the Federal Reserve released the minutes of its May meeting on Wednesday. The minutes showed the Fed officials were less confident about the need for more rate hikes. All officials said they wanted to see all the economic data due before the June meeting, so the uncertainty may last until the Fed actually meets again on June 13-14.

Moving ahead today, the important events to watch:

US – GDP: GMT – 12:30

US – Jobless claims: GMT – 12.30

Technical Outlook and Review

EURUSD: For today, the immediate support for the Euro stands near the level of 1.0700. On the flip side, the first resistance is at 1.0760, any break above this level will open at 1.0800/10 minimum.



The important levels to watch for today: Support- 1.0710 and 1.0680 Resistance- 1.0760 and 1.0800.

GOLD: For gold, the first nearest support level is located near 1953 then 1948. In case it breaks below 1948, it will head towards the next support level which is located near 1940. On the upper side, 1966 will act as an immediate and strong hurdle while 1975 will be a critical resistance zone.



The important levels to watch for today: Support- 1948 and 1940 Resistance- 1966 and 1975.

Quote of the day – “I don’t want to spend my time trying to earn a lot of little profits. I want very, very big profits that I’m ready to wait for.” Philip Fisher.
Read more here - https://gulfbrokers.com/en/daily-market-report-669

 

[syamfx2020]

The semiconductor giant, Nvidia (NASDAQ: NVDA) shares have experienced an enormous rebound in 2023. The stock skyrocketed almost 150% in 2023. The company's market cap is now $950 billion, making it the sixth most valuable company in the world.

The chipmaker stock extended the rally after the first-quarter earnings results and jumped more than 28% in pre-market trading on Thursday. The company posted better-than-expected Q1 results for its fiscal 2024, beating analysts' expectations on revenue and earnings. As of this writing, the stock hit a new all-time high of $385.

Earnings per share: $1.09 vs. $0.92 expected

Revenue: $7.19 billion vs. $6.52 billion expected

The strong financail results are supported by booming demand for artificial intelligence processors. The company reported revenue of $7.19 billion, up by 19% from the previous quarter but on a year-over-year basis, revenue was down 13%. The data center unit, which accounts for more than half of the company's revenues, grew 14% year-over-year with $4.28 billion. Looking into the current quarter, Nvidia sees revenue of around $11 billion, plus or minus 2%, compared with the Wall Street consensus of $7.15 billion.

“The computer industry is going through two simultaneous transitions—accelerated computing and generative AI,” said Jensen Huang, founder, and CEO of Nvidia. “A trillion dollars of installed global data center infrastructure will shift from general purpose to accelerated computing, as companies rush to apply generative AI to every product, service and business process,” he added.

Read more - https://gulfbrokers.com/en/nvidia-stock-rallied-150-in-2023-nvda-close-to-1-trillion-market-cap

 

[syamfx2020]

Global markets started the new week with positive news. US President Joe Biden and House Speaker Kevin McCarthy reached an “agreement in principle” to raise the nation's legal debt ceiling on Saturday. However, the markets hardly moved on Monday morning as the U.S. and UK markets are closed for public holidays. US Equity Markets are closed in Observance of Memorial Day.

Moving ahead, the most important thing in the market is undoubtedly the announcement of Friday’s US employment report. The market is looking for payrolls to rise by 180k in May, slowing from 253k in April while the unemployment rate is expected to rise to 3.5% from 3.4%. The jobs report will put light on the next Fed action becasue the market is already pricing in another interest rate hike in the next FOMC meeting on June 14th.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Dell, HP, Crowdstrike, Lululemon, Salesforce and Chewy.

GOLD

The safe-haven metal started the new week on a bearish note after the recent strong US consumer spending data and inflation PCE figures raised expectations of another rate hike by the Federal Reserve. The market is pricing in a 63% chance the FED increases rates by 25 basis points at their June meeting. On Friday the gold price settled below $1950, the past 4 trading sessions have been a tough time for gold buyers. The prices have fallen from $1985 to the $1940 area. This week, the US jobs data will likely have a significant effect on the gold price and other precious metals.



Technically, gold prices are near the support trend line of the Ascending Channel. The next movement will depend on if we have a confirmed retracement or the breakout of the support. On the upper side, the metal needs to break and close above $1970 to have a chance to develop upside momentum in the medium term. If the price break and closes above $1970, the next upside level to watch is $1980/85. Nevertheless, if it continues to fall, the slump will quickly extend toward the $1932 and $1925 marks.

DOLLAR INDEX

The US dollar, which is also often seen as the ultimate safe-haven currency, held firm against many other rivals, including the euro and commodity-linked currencies. The US dollar received strong upside momentum last week supported by hawkish comments from the FED policymakers and better-than-expected US macro-economic data. Looking ahead, it seems safe to assume that movement in the greenback will remain highly volatile. The crucial NFP data this week will be the key economic data points which could determine the next move for the common currency.



For DXY this week, immediate support is expected at the 103.85 area, with this zone having held on Friday while further down, demand is also expected around 103.50, which will act as the next area of support. On the flip side, the first immediate resistance level for the pair is 104.40, then the stronger resistance is 104.70.

EURUSD

Euro plunged to a fresh 2-month low of 1.0703 against the US dollar driven by the disappointing German GDP data. The GDP data showed Europe’s largest economy, Germany enters recession after GDP falls for the second successive quarter. While the currency pair continued to move upward over the last week against trade-sensitive and ‘risk on’ currencies like the Aussie dollar and New Zealand dollar. The crucial Eurozone and German inflation figures this week will be the key economic data points which could determine the next move for the currency.



From a technical perspective, The 1.0700 area of confluence has recently been held as a firm support, failure to defend the mentioned support levels has the potential to drag the pair further towards the 1.0650 support zone. On the upper side, in case the pair manages to settle above 1.0800, it will regain upside momentum and head towards the next resistance level at 1.0840 then 1.0870.

DOW JONES

Dow Jones made an impressive comeback by the end of last week as US officials were close to an agreement on a debt ceiling. Dow futures extend the gains and started with a strong bullish note on Monday. The upside momentum was boosted after the US government reached a tentative debt ceiling deal. This week, Investors and traders should shift their emphasis from debt ceiling concerns to the US employment data, this is one of the key inputs for the Fed to decide if it hikes rates by 25bps at its next meeting



Although the medium-term trend is mixed, in the short term it seems that evidence is starting to emerge that a short-term recovery of the Dow. On the upper side, the first resistance is located around 33,450, a break above this level will confirm a possible move to 33,600 and 33,760. On the downside, key support seems to have formed in the 32,600 area. A daily close below that area could be seen as a strong bearish shift and open the floor to an extended slide toward 32,200.

Read more here with charts - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-82

 

[syamfx2020]

Shares of the chipmaker Marvell Technology (NASDAQ: MRVL) have been on a rollercoaster ride over the past few weeks. Since the start of this month, the stock gained more than 50%. Marvell is mainly known as the leading supplier of chips for hard disk drives (HDD) used in PCs. The company also develops integrated circuits and related technologies for various applications, including storage, networking, and connectivity solutions.

The ongoing bullish rally is fueled by several factors including Marvell’s robust earnings report, Nvidia’s huge rally and booming demand for artificial intelligence. Marvell delivered better-than-expected financial results for the first quarter on Thursday. Revenue and earnings came in above consensus estimates driven by solid demand for the chips that power AI technology. The company also expects its revenue from AI-related endeavours to grow steadily over time.

• Earnings per share: $0.31 vs. $0.29 expected
• Revenue: $1.32 billion vs. $1.30 billion expected

“AI has emerged as a key growth driver for Marvell, which we are enabling with our leading network connectivity products and emerging cloud-optimized silicon platform,” he said. “While we are still in the early stages of our AI ramp, we are forecasting our AI revenue in fiscal 2024 to at least double from the prior year and continue to grow rapidly in the coming years.” – Marvell CEO, Matt Murphy said.

Near its Q1 2023 reports, Marvell's stock price was trading at nearly $50, which grew to its Friday closing price of $65. This growth is almost 32% after the release of the company’s first-quarter report, sending its market capitalization past $56 billion. The stock surged another 4% in pre-market trading on Tuesday.

Read more - https://gulfbrokers.com/en/marvells-stock-enjoying-a-big-winning-month

 

[syamfx2020]

Shares of Cloud-based software provider Salesforce (NYSE: CRM) hit a fresh 52-week high of $222 on Tuesday. The stock gained more than 60% this year. The company is set to report financial results for the last quarter today, after the market close. The company is expected to post quarterly earnings of $1.61 per share and revenues are expected to be $8.18 billion. Salesforce is a provider of enterprise cloud computing (software) solutions. Early this month, Salesforce launched SlackGPT with the ability to use generative AI app integrations & different language models. The company also recently announced plans to collaborate with Accenture to accelerate the deployment of generative AI for CRM.

EQUITIES

US stock futures remain under pressure as investors are keeping a close watch on the ongoing debt ceiling debate in Washington. The debt ceiling deal brokered by Joe Biden and Kevin McCarthy passed an important hurdle Tuesday evening, advancing to the full House of Representatives for debate and an expected vote on passage on Wednesday.

OIL

Crude oil prices fall sharply following the release of disappointing manufacturing data from China, the world’s second-largest economy. China is now the single largest imported of crude oil globally. Considering the recent sell-off the oil investors should closely monitor the comments from the FED policymakers today.

CURRENCIES

In the currency market, Euro extend the losses against the US dollar and British pound after the latest CPI reports from both France and Spain showed larger-than-expected decreases in inflation rates. The Greenback, in terms of the US Dollar Index (DXY), slightly reversed from the daily highs. However, today could see increased volatility spikes due to month-end volatility.

GOLD

Gold price reversed from the early gains and retreated back to $1955. The recent bounce from last Tuesday’s low stalled at the hourly resistance around $1965 per ounce and showed multiple failures in the lower time frames. Today, gold traders should closely monitor the release of the Fed Beige book and JOLTS job openings report.

Economic Outlook

On the data front, China's manufacturing purchasing managers’ index (PMI) fell to a five-month low of 48.8, the National Bureau of Statistics (NBS) said on Wednesday, down from 49.2 in April. The Non-manufacturing PMI for China was down to 54.5 in May 2023 from 56.4 a month earlier.

Moving ahead today, the important events to watch:

Germany – CPI: GMT – 12:00

CAD – GDP: GMT – 12.30

Technical Outlook and Review

EURUSD: For today, if the pair continues to trade below 1.0700 in the coming hours, the euro is likely to extend its decline toward the next support which stands at the 1.0650/30 level. On the upper side, 1.0710 will act as an immediate and strong hurdle while 1.0750 will be a critical resistance zone.



The important levels to watch for today: Support- 1.0650 and 1.0630 Resistance- 1.0710 and 1.0750.

GOLD: For gold, the first nearest support level is located in 1948. In case it breaks below this level, it will head towards the next support level which is located near 1940. On the upside, 1965 will act as an immediate and strong hurdle while 1970 will be a critical resistance zone because, above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1948 and 1940 Resistance- 1965 and 1970.

Quote of the day – “I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms, and you make all your money by playing the trend in the middle. Well, for twelve years, I have been missing the meat in the middle, but I have made a lot of money at tops and bottoms.” – Paul Tudor Jones.
Read more - https://gulfbrokers.com/en/daily-market-report-671

 

[syamfx2020]

Eurozone inflation data showed signs of moderating in May, giving the European central bank room to pause interest-rate increases soon. The latest Eurozone CPI data showed the Eurozone's inflation rate dropped to 6.1% in May, marking its lowest level since February 2022 and falling below the forecasted rate of 6.3%. While core inflation dropped less dramatically to 5.3%, a decrease of just 0.3%. The annual inflation rate in Germany, Europe's biggest economy also dropped to 6.1%, down from 7.2% in April.

Meantime, the euro regains momentum against the US dollar and Japanese Yen supported by hawkish comments from ECB President Christine Lagarde. "We have made it clear that we still have a way to go to get interest rates to levels that will be sufficiently restrictive, It is not yet clear whether structural inflation has peaked in the eurozone,"- Lagarde said Thursday in a speech in Hanover.

EQUITIES

The Dow Jones and other US stock indexes started the new month of trading on a mixed note after the recent strong US economic data fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation. Tuesday’s JOLTs Job openings edge up to 10.1 million in April 2023, surpassing market expectations of 9.375 million.

On the earnings front, Dell, Lululemon and ChargePoint are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures struggling to regain upside momentum despite the weaker dollar as investors cautiously wait for the crucial OPEC+ production meeting in Vienna this weekend. On the other hand, the latest API crude inventory data showed the US crude inventories increased by 5.202 million barrels last week, defying expectations for a 1.22 million barrel decrease.

CURRENCIES

In the currency market, EURUSD rebounded back to above 1.0700 as the US Dollar consolidated against its rivals after climbing to a fresh 2-month high on Wednesday. GBPUSD extend the gains and hovers near the weekly highs. However, considering the recent strong rebound in the British pound, the US dollar movement will continue to play a vital role in this currency pair's future direction.

GOLD

The precious metal remains undecided as to which way its next directional break will be. As of this writing, the metal slightly rebounded but the overall momentum remains bearish as an elevated dollar weighed on bullion demand. Friday’s US jobs report is the key release this week for gold. However, traders will also be watching the ISM manufacturing and ADP employment which is set to be released later today.

Economic Outlook

On the data front, the US Federal Reserve released the May Beige Book. The report says that overall economic activity was little changed overall in April and early May, the same state as the previous report. Many regions reported that the pace of inflation had slowed and "contacts in most regions expected a similar pace of price growth in the coming months."

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 12:15

US – ISM manufacturing PMI: GMT – 14.00

Technical Outlook and Review

EURUSD: In the short-term perceptive, the immediate bias will remain bullish as long as prices are held above 1.0700. On the downside, any meaningful pullback now seems to find some support near the 1.0660 zones.



The important levels to watch for today: Support- 1.0660 and 1.0630 Resistance- 1.0750 and 1.0780.

GOLD: For today, the immediate resistance for gold near $1966 break this and close above this resistance level then expects the market to zoom up to $1974 then $1980. On the other hand, if it breaks below the $1950 level, will open the doors to $1938/35 levels.



The important levels to watch for today: Support- 1953 and 1948 Resistance- 1970 and 1975.

Quote of the day – “Investors should always keep in mind that the most important metric is not the returns achieved but the returns weighed against the risks incurred. Ultimately, nothing should be more important to investors than the ability to sleep soundly at night.” — Seth Klarman.
Read more here - https://gulfbrokers.com/en/daily-market-report-672

 

[syamfx2020]

Stocks and oil prices jump while the US dollar index retreated after several Fed officials signaled a “pause” may be appropriate at the June meeting. Fed Governor Philip Jefferson and Philadelphia Fed President Patrick Harker suggested this week the US central bank could skip a rate hike in the next meeting. Philadelphia Fed President Patrick Harker said on Thursday that U.S. central bankers should not raise interest rates at their next meeting, even though high inflation is coming down at a "disappointingly slow" pace.
Today the US Nonfarm payrolls will be the highlight of the final trading day of the week. The expectations are for 180k jobs to have been added to the US economy in May and the unemployment rate is expected to rise to 3.5% from 3.4%.
The next FED decision will be largely influenced by today’s US monthly jobs report. The jobs data could help determine whether the Fed will raise rates one more time in June or it could pause its interest rate hikes this month. In early May, Fed policymakers raised the key short-term rate for the 10th time in a row to a range between 5% and 5.25% and signaled that they may be nearing the end of a rate hike campaign that began in March 2022.
EQUITIES
Wall Street ended higher on Thursday after the U.S. lawmakers voted to raise the debt limit and on signs central bankers are in no hurry to tighten the monetary policy. The bill will next need to be passed by the Senate before it can be sent to President Joe Biden to be signed into law. “No one gets everything they want in a negotiation but make no mistake: this bipartisan agreement is a big win for our economy and the American people,” US President Biden said.
OIL
Crude oil futures holding weekly gains despite large U.S. crude inventory build. The upside sentiment was boosted after the comments from FED policymakers prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle. On the other hand, the EIA crude inventory data showed the US crude inventories jumped by 4.5 million barrels last week, defying forecasts for a 1.4-million-barrel decline.
CURRENCIES
In the currency market, the US dollar reversed sharply from the two-month highs as traders are increasingly betting on the Federal Reserve ending its monetary tightening policy ahead of the release of key US Non-Farm payrolls data. Meantime, Euro gained upside momentum against the US dollar and Japanese Yen as investors bet on more interest rate hikes by the European Central Bank.
GOLD
The precious metal surged to a fresh weekly high of $1982 after the probability of future rate hikes flipped from previously showing odds favouring a 0.25% hike in June to an over 60% chance the Fed will leave rates unchanged. The data to come later today on US payroll numbers could prove key to determining the next moves.
Economic Outlook
On the data front, US ADP employment data came in stronger than expected at 278K compared to the market expectation of 170K. While in May, the Manufacturing PMI dropped to 46.9 from April's 47.1, below the predicted 47, marking the seventh consecutive month of decline in the manufacturing industry.
Technical Outlook and Review
EURUSD: For today, If the upside momentum continues then the next upside level is to watch at 1.0800 and 1.0830. On the downside, any meaningful pullback now seems to find some support near the 1.0730 zones, below which the slide could further get extended towards the 1.0700 and 1.0680 regions.

The important levels to watch for today: Support- 1.0730 and 1.0700 Resistance- 1.0800 and 1.0830.
GOLD: Technically the overall momentum remained bullish. On the bullish side, the resistance stays above $1993, and a break above this exposes the index to the $2005/08 level. On the flip side, rejection, and pullback from the $1993/95 resistance allow for a dip towards $1982 and with $1974/68 forming additional downside targets.

The important levels to watch for today: Support- 1968 and 1960 Resistance- 1985 and 1993.
Quote of the day – “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” — Suze Orman.

Read more - https://gulfbrokers.com/en/daily-market-report-673​

 

[syamfx2020]

Shares of the cloud-based data warehouse firm Snowflake (NYSE: SNOW) is up by a 7% in today’s trading session and the stock almost recovered the previous week losses. After trading sideways for the last couple of months the stock finally gained upside momentum during the first half of May. While the bullish momentum faded, and the stock dropped more than 15% on last Wednesday after the database provider gave weaker-than-expected Q2 product revenue guidance.

Snowflake reported the fiscal first quarter financial results on Wednesday, May 24. The results beat analysts’ estimates for first-quarter earnings and revenue. The company also announced that it has agreed to acquire Neeva, a search startup founded by former Google executives.

For the April quarter, Snowflake posted revenue of $623.6 million, up 48% from a year earlier and ahead of the Street consensus forecast at $609 million. However, its guidance for product sales in the fiscal second quarter fell short of analyst consensus. The company expects product revenue will be between $620M & $625M in fiscal Q2 & trims its forecast for the fiscal year ending in Jan. 2024.

Considering the recent financial results and the technical analysis of the $SNOW chart shows that the price is still in the midst of a recovery from the recent drop and broader market sentiment will play a key role in this recovery. So, there is a high likelihood that we might see the stock trading above the $200 price level this month. As of this writing, the stock trades at $176.

Read more here with chart - https://gulfbrokers.com/en/snowflake-stock-could-pop-above-200-soon

 

[syamfx2020]

US President Joe Biden signed a bill to raise the national debt limit on Saturday, that suspends the U.S. government’s debt limit through January 2025 and places spending limits in fiscal years 2024 and 2025. The final bill was passed by the House on Wednesday and the Senate on Thursday. The bill was passed as a result of weeks of tough negotiations between Democrats and Republicans.

Biden signed the bill just days before Treasury officials warned the department would run out of money to pay the nation’s bills otherwise the situation could have triggered an unprecedented default on U.S. debt obligations. The nation's debt is currently around $31 trillion, more than 120 percent of its annual GDP. The default would have likely triggered market panic, a recession, and millions of job losses.

Overall, the 99-page bill restricts spending for the next two years and changes some policies. The bill allows the government to continue to borrow more money over the next 19 months to meet its obligations and exceeding the current debt limit.

"The stakes could not have been higher. If we had failed to reach an agreement on the budget, there were extreme voices threatening to take America, for the first time in our 247-year history, into default on our national debt” - US President Joe Biden said. Biden also praised McCarthy and his negotiators for operating in good faith, and all congressional leaders for ensuring swift passage of the legislation. “They acted responsibly, and put the good of the country ahead of politics,” he said.

Read more here - https://gulfbrokers.com/en/debt-ceiling-deal-passed-what-do-you-need-to-know-about-the-debt-deal