E-commerce giant Amazon (NASDAQ: AMZN) is set to announce its second-quarter 2021 financial results today after the markets close. During the first quarter, Amazon revenue grew 44% year over year to $108.5 billion and EPS surged 215% to $15.79. Amazon's share price is up 9% this year, and the shares have continued to rise in value nearly every day for the past weeks.
Wall Street’s revenue consensus for $AMZN is $115.08 billion and the earnings per share of $12.24 per share for the quarter.
US Indices S&P 500 and Dow Jones futures rebounded back to near the record highs on Thursday following the hawkish statement from the US Federal Reserve. The FED still viewing inflation as transitory, and the central bank confirmed that their accommodative stance will remain until they reach their goals.
On the earnings front, Amazon, Pinterest, AstraZeneca, and Gilead are amongst those reporting the last quarter financial results today.
Crude oil prices extend higher on Thursday boosted by stronger-than-expected API and EIA crude inventory data. On Wednesday, the EIA inventory data showed the US oil inventories fell by 4.089 million barrels in the July 23rd week.
In the currency market, the US dollar index fell to a fresh weekly low on Thursday after the US FED Chief Powell maintained the cautious stance about tapering and he reiterated that they are still away from considering rate hikes.
The precious metal climb to a new weekly high of $1821 on Thursday supported by the weaker US dollar. Overall, the momentum remained bullish throughout the European session.
On the data front, Germany reported a strong employment report. The German unemployment rate dropped to 5.7 percent in July from 5.9 percent in June.
On Wednesday, the US Federal Reserve left policy unchanged as anticipated and bond-buying at the current $120 billion monthly paces.
Moving ahead today, the important events to watch:
US – GDP: GMT – 12.30
US – Jobless claims: GMT – 12.30
US – Pending home sales: GMT – 14.00
Worldwide, more than 195 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34.6 million cases and has had more than 611,000 deaths from COVID-19, the highest totals in the world. In the last week, the US reported the highest number of new COVID cases in the world, according to the WHO.
EURUSD: The currency pair holding the early session highs. At the time of writing, the pair trades near the resistance area of 1.1880.
The important levels to watch for today: Support- 1.1840 and 1.1810 Resistance- 1.1880 and 1.1910.
GOLD: The safe-haven metal trading steady near $1820 ahead of US GDP data. If the bullish momentum continues the next upside levels to watch $1825 and 1832. On the downside, the immediate support is around $1815 followed by $1810.
The important levels to watch for today: Support- 1815 and 1810 Resistance- 1825 and 1832.
Quote of the day: “Investing is the intersection of economics and psychology.” – Seth Klarman.