Squarespace (NYSE: SQSP) shares closed 10% lower in its market debut on Wednesday driven by a broader market sell-off. The website builder and web hosting company raised $6.5 billion in its initial public offering. $SQSP opened at $48 on Wednesday, below the reference price of $50.
Squarespace helps customers create their own websites efficiently and provide e-commerce and marketing functions. The company revenue in 2020 is $621 million, up from $485 million a year ago and the company expects revenue between $ 186 million and $ 189 million in the second quarter of 2021.
US stock futures and Asian shares struggling to find the upside momentum following the latest comments from US Federal Reserve officials.
On the earnings front, Target (NYSE: TGT) shares climb to a new all-time high of $219.80 on Wednesday after the company Q1 Earnings and revenue beat Wall Street estimates.
Crude Oil prices slightly rebounded while the bearish momentum continues after the release of EIA and API inventory data. On Wednesday, during the North American session, the EIA released the latest inventory data. The EIA data showed the U.S. crude inventories rose by 1.321 million barrels in the May 14th week.
In the currency market, the US dollar index rebounded from the 3-month low on Wednesday following the release of FOMC minutes. The Australian dollar recovered from the previous session lows supported by better-than-expected employment data.
The Safe haven metal retreat after the release of FED minutes while the overall, momentum remains bullish throughout this week.
On the data front, during the Asian session, the People's Bank of China (PBoC) left its benchmark interest rates unchanged, as widely expected. The one-year loan prime rate (LPR) was left unchanged at 3.85%, while the five-year remained at 4.65%.
On Wednesday, the US federal reserve released the April month meeting minutes. The minutes showed some FED Policymakers said it might be appropriate at some point in upcoming meetings to begin discussing a tapering plan if the inflationary pressures persist.
Moving ahead today, the important events to watch:
US – Jobless claims: GMT – 12.30
US – Philly Fed manufacturing index: GMT – 12.30
Worldwide, more than 164 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 32.9 million cases and has had more than 587,000 deaths from COVID-19, the highest totals in the world.
EUR/USD: The currency pair trading below the 1.2200 zones. If the bearish momentum continues the next downside levels to watch 1.2140 and 1.2110.
The important levels to watch for today: Support-1.2160 and 1.2120 Resistance- 1.2200 and 1.2220.
GOLD: The safe-haven metal slightly retreated from the 15-week highs and If the US dollar continues the upside move, that could push gold back to near $1840 area.
The important levels to watch for today: Support- 1863 and 1852 Resistance- 1882 and 1890.
Quote of the day: “The whole secret to winning and losing in the stock market is to lose the least amount possible when you’re not right.” – William J. O’Neil.
Read more- https://gulfbrokers.com/en/daily-market-report-310