On Wednesday, the e-commerce giant Amazon announced a deal to buy the Hollywood studio MGM for $8.45 billion. This is Amazon’s second-largest acquisition after purchasing the Whole Foods grocery chain in 2017 for $13.7 billion.
“If you saw this morning’s announcement, we are looking forward to welcoming MGM to the Amazon fold” Amazon CEO, Jeff Bezos said. “And with the talent at MGM and the talent at Amazon Studios, we can reimagine and develop that IP for the 21st century. It will be a lot of fun work, and people who love stories will be the big beneficiaries.” He added.
Bezos also announced on Wednesday that he will formally step down as the Chief Executive Officer of the e-commerce company on July 5. He will be replaced by the head of Amazon’s cloud division Amazon Web Services (AWS) Andy Jassy.
US stock futures trading unchanged on Thursday as the investors and traders waiting for the US GDP report for the first quarter of 2021 and Durable goods orders data.
On the earnings front, Costco (NASDAQ: COST), Gap (NYSE: GPS), HP (NYSE: HPQ), Dell (NYSE: DELL) and Salesforce (NYSE: CRM) is scheduled to report results after the market close.
Crude oil prices trading slightly lower on Thursday despite better-than-expected EIA crude inventory data as the oil investors remain concerned about a potential increase in Iranian supplies.
In the currency market, the EUR/USD struggling to find the upside momentum on Thursday. The currency pair retreat from the early session gains following the comments from ECB policymaker Pablo Hernandez de Cos.
The safe-haven metal slips further below $1900 on Thursday after the US dollar jumped to a fresh weekly high after the comments from Fed Vice Chair Randal Quarles. He said that the FOMC is edging closer to begin a discussion about tapering if the economic data come in stronger than expected.
On the data front, the German Consumer Climate Indicator grew by -7 in June 2021 from a revised -8.6 in May but came below the market forecasts of -5.2.
Moving ahead today, the important events to watch:
US – GDP: GMT – 12.30
US – Durable goods orders: GMT – 12.30
US – Jobless claims: GMT – 12.30
Worldwide, more than 168 million people have been confirmed infected and more than 3.4 million have died. The United States has confirmed over 33.1 million cases and has had more than 589,000 deaths from COVID-19, the highest totals in the world.
Dollar index: The greenback recovered from the previous session losses, at the time writing $DXY hovers above the psychological level of 90.00.
The important levels to watch for today: Support- 89.80 and 89.60 Resistance- 90.20 and 90.50.
GOLD: The yellow metal price trading below $1900 on Thursday. If the bearish momentum continues the next downside levels to watch $1886 and $1872.
The important levels to watch for today: Support- 1886 and 1873 Resistance- 1910 and 1920.
Quote of the day: Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected – George Soros.