micron surprise sparks uneasy bounce
Better than expected Micron earnings help U.S. indices rebound
Share this:
Stock market snapshot as of [26/6/2019 5:30 PM]
- Nasdaq indices can thank semiconductor bellwether Micron for an assured swing higher that negates much of Tuesday’s jittery decline. The bounce also puts an improved gloss on broader sentiment heading into the G20 summit
- European markets continued to fare less well. New uncertainties on potential Fed rate cuts combine with wide-open questions about talks between Presidents Trump and Xi at the meeting this weekend
- Washington’s signal that it is likely to hold off from imposing further tariffs on Chinese goods essentially confirms what markets had already tentatively priced in. The news doesn’t remove longer-term uncertainties with possible tariffs hanging over Europe’s automobile sector
Corporate News
- Resumed oil supply concerns push all 13 components of the S&P 500 Oil & Gas Exploration and Production index into the black. Conoco Phillips and Hess gain most with 5% jumps
- Micron leads large caps though. A 12%-14% surge defies the $41bn group’s unequivocal exposure to the U.S.-China trade dispute. Yet results were widely judged as “better-than-feared” and guidance barely addresses forthcoming bans of firms on the Commerce Department’s Entity list, including key customer Huawei, nor the risk of more U.S. tariffs
- General Mills stands out on the losing side of the market, sliding 5%. The Old El Paso brand owner’s worse-than-expected North America results bring a cooler take on the Consumer Staples outlook, leaving the sector as the session’s worst performer with a 1% fall
Upcoming corporate highlights
BMO: before market open
Upcoming economic highlights
Related tags:
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Update: Will Fed Expectations Keep Pressure on the Euro?
The week continues to present challenges for the euro's short-term strength. This is reflected in the recent performance of EUR/USD, which has declined by nearly 0.6% over the last three trading sessions
EUR/USD Forecast: Euro Extends Losses Ahead of Fed Rate Decision
The euro has started to face a more challenging period in the short term. The EUR/USD pair has already declined by nearly 0.81% over the last four trading sessions, a move that has begun to reinforce a meaningful bearish bias in favor of the U.S. dollar.
EUR/USD Analysis: Euro Attempts to Recover Following the ECB Decision
Today's session has been particularly relevant for the euro's performance in the short term. After the EUR/USD registered a decline of nearly 0.3% during the session, the European currency has managed to recover a large part of its losses.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.