The American clothing retailer Gap Inc (NYSE: GPS) announced second-quarter financial results after the market close on Thursday. GAP shares rose more than 8% in extended trading after the company reported stronger-than-expected Q2 results and the stock climbed 30% in 2021.
Earnings per share (EPS): $0.70 vs. $0.46 expected
Revenue: $4.21 billion vs. $4.13 billion expected
$GAP key technical levels to watch for today:
Support: $25 and $23
Resistance: $29.50 and $31
Wall Street ended lower on Thursday driven by weaker-than-expected US weekly employment claims and a deadly attack near Kabul airport. On the other hand, Dallas Fed President Robert Kaplan said the September FOMC meeting would be the time to announce plans for tapering.
Crude oil prices jump to a new weekly high on Friday supported by better-than-expected EIA inventory data. The data showed the US crude oil inventories fell by 2.979 million barrels to the lowest level since January of 2020 in the latest week.
In the currency market, the Australian dollar rebounded from the early session lows. During the Asian session, the currency pair slips to the fresh session low of 0.7220 following the release of weak Australian retail sales. The data showed the retail sales fell 2.7 per cent in July 2021, follows a fall of 1.8 per cent in June 2021.
The safe-haven metal climbs back to above $1800 on Friday ahead of the Federal Reserve Chair Jerome Powell's speech later in the day. Overall, the momentum remained bullish throughout the Asian session.
On the data front, the US gross domestic product increased at a 6.6% annualized rate in its second estimate for the second quarter, revised up from 6.5% expansion in July and slightly below consensus for 6.7% growth.
Moving ahead today, the important events to watch:
US – Personal income and spending: GMT – 12.30
US –Michigan consumer sentiment: GMT – 14.00
Worldwide, more than 214 million people have been confirmed infected and more than 4.47 million have died. The United States has confirmed over 38 million cases and has had more than 633,000 deaths from COVID-19, the highest totals in the world.
EURUSD: For today, the resistance for the pair is above 1.1800, any break over targets 1.1830/50. On the other side, the immediate support is near 1.1740 and any break will drag the pair to 1.1720 and 1.1700 levels.
The important levels to watch for today: Support- 1.1730 and 1.1700 Resistance- 1.1780 and 1.1810.
GOLD: The yellow metal trading above $1800 area during the European session, if the bullish momentum continues the next upside levels to watch the $1806 and $1815 zone. On the flip side, the immediate support at $1795 followed by $1788.
The important levels to watch for today: Support- 1790 and 1782 Resistance- 1806 and 1815.
Quote of the day- “Win or lose, everybody gets what they want from the market. Some people seem to like to lose, so they win by losing money.”- Ed Seykota.