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DAILY MARKET REPORT

Other than $NFLX, the FAANG stocks all reported Q2 financial results on Thursday, after the market close. Most surprisingly all four big giants reported better-than-expected earnings.

DAILY MARKET REPORT

Other than $NFLX, the FAANG stocks all reported Q2 financial results on Thursday, after the market close. Most surprisingly all four big giants reported better-than-expected earnings.

Apple (NASDAQ: AAPL) “Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments.” Tim Cook, Apple CEO said.

  • Earnings per share (EPS) $2.58 vs. $2.07 expected

  • Revenue $59.7 billion vs. $52.3 billion expected

Facebook (NASDAQ: FB) "We're glad to be able to provide small businesses the tools they need to grow and be successful online during these challenging times," said Mark Zuckerberg, Facebook founder and CEO.

  • Earnings per share (EPS) $1.80 vs. $1.39 expected

  • Revenue $18.7 billion vs. $17.4 billion expected

Amazon.com (NASDAQ: AMZN) “This was another highly unusual quarter, and I couldn’t be more proud of and grateful to our employees around the globe,” Jeff Bezos said, Amazon CEO.

  • Earnings per share (EPS) $10.30 vs. $1.46 expected

  • Revenue $88.91 billion vs. $81.56 billion expected

Alphabet (NASDAQ: GOOGL) “We’re all grappling with a pandemic and uncertain economy,” Alphabet CEO, Sundar Pichai said.

  • Earnings per share (EPS) $10.13 vs. $8.21 expected

  • Revenue $38.30 billion vs. $37.37 billion expected

EQUITIES

Global stocks trading mixed on Friday while US Nasdaq futures surged higher boosted by better-than-expected tech earnings.

OIL

Crude oil price slightly rebounded on Friday, during the previous session Oil prices fell to 3- weeks low.  

CURRENCIES

The dollar index extended losses and hit the lowest since May of 2018. Meanwhile, EURUSD extended gains to 1.19 and the GBPUSD surged to 1.3142 during the European session.   

GOLD

Gold price recovered from the previous session lows and during the European session, the yellow metal climbed back to near the all-time high of $1980 supported by negative US GDP numbers.

Economic Outlook

On Thursday, the US reported the second-quarter GDP numbers, the world’s largest economy contracted by a record 32.9% YoY, slowing down from -5% YoY in the previous period.

The important earnings to watch today: Exxon Mobil (NYSE: XOM) -Pinterest Inc. (NYSE: PINS) and Caterpillar Inc. (NYSE: CAT)

Coronavirus update:

The number of people infected with the coronavirus across the world surpassed 17.3 million, of which at least 673 thousand people have, according to data released by the Johns Hopkins University.

Technical Outlook

XAU/USD: The yellow metal price trading below the all-time high of $1980, any break above the next important level to watch $2000.

audusd

The important levels to watch for today: Support- 1940 and 1920   Resistance- 1982 and 2000.

EUR/USD: The currency pair slightly retreated from the fresh high of 1.1905 and at the time writing, the pair trading below 1.1850

cruse

The important levels to watch for today: Support- 1.1800 and 1.1740 Resistance- 1.1910 and 1.1950.

Quote of the day: Never stop investing, never stop improving, and never stop doing something new- Bob Parsons.

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DAILY MARKET REPORT

DAILY MARKET REPORT

The US nonfarm payrolls report is the main highlight of today’s economic calendar, the NFP report due at 12:30 GMT today. The market is expecting 1,580K new jobs, down on the previous month's 4,800K which takes the unemployment rate to an expected 10.5%.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Bank of England kept interest rates at 0.1% and to keep its asset purchasing facility at £745bn for August. The Central bank said the unemployment will jump, with the rate at 7.5% at the end of 2020, before gradually declining from the start of next year and inflation is expected to fall further below the 2% target.

DAILY MARKET REPORT

DAILY MARKET REPORT

The gold price hit an all-time high of $2038 on Wednesday during the European session. The recent upside rally supported by a weaker dollar, escalating tensions between the US and China and a large explosion in the Lebanese capital, Beirut. The safe-haven metal surged more than 30% this year boosted by lower interest rates and rising coronavirus cases.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Nasdaq climbed to a record high on Monday boosted by hopes for a fresh US fiscal stimulus package and tech shares rally. The Nasdaq Composite surged more than 1.5% to 10,902.80, beating its previous record high close on July 20. Microsoft jumped 5.6% on Monday after it confirmed that it is in talks to buy the US arm of TikTok. The Trump administration gave the company 45 days to make a deal before TikTok's US operations could be banned.