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DAILY MARKET REPORT

Shares of the world’s largest retailer Walmart (NYSE: WMT) crashed more than 10% on Tuesday after the company reported mixed last quarter financial results. The retailer giant’s quarterly profits sorely missed Wall Street’s forecasts.

DAILY MARKET REPORT

Shares of the world’s largest retailer Walmart (NYSE: WMT) crashed more than 10% on Tuesday after the company reported mixed last quarter financial results. The retailer giant’s quarterly profits sorely missed Wall Street’s forecasts while total revenue for the first quarter rose 2.4% to $141.57 billion, beating analysts average estimate of $138.94 billion. Walmart anticipates its guidance for the full fiscal year to an expected increase of 4% in net sales, while earnings per share to fall about 1%.

  • Earnings per share (EPS): $1.30 vs. $1.48 expected

  • Revenue: $141.57 billion vs. $138.94 billion expected

U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected. We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.” Walmart CEO Doug McMillon said.

EQUITIES

US stock futures struggling to find upside momentum following the release of weak Walmart earnings results and the hawkish comments from Federal Reserve Chair Jerome Powell. Moving ahead to the North American session, the investors should closely monitor the release of US Building Permits and Housing Starts data.

OIL

Crude oil futures trades flat on Wednesday focus shifted to EIA crude inventory data. On Tuesday, the oil prices ended lower after the United States is easing some of its tough sanctions on Venezuela. Meanwhile, the API data showed the crude inventories in the US decreased by 2.4 million barrels in the week ended on May 12.

CURRENCIES

In the currency market, the British pound is revered from the previous gains following the release of the latest UK inflation data. UK inflation rate rose to the highest level in 40 years, and consumer price inflation accelerated to 9% in the 12 months through April, from 7% the previous month.

GOLD

Gold price slightly recovered from the early session lows while the overall momentum remains mixed. During the previous session, the metal climbed to a fresh weekly high of $1835 but later it retreated back to below $1810 after FED Chairman Powell said interest rates will continue to increase until inflation comes back to a healthy level.

Economic Outlook

On the data front, US retail sales increased solidly in April. Retail sales increased 0.9% in April after an upwardly revised 1.4% gain in March, Commerce Department figures showed Tuesday.

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

Canada – CPI: GMT – 12.30

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains mixed, the immediate support for the Euro stands near the level of 1.0470. On the flip side, the first resistance at 1.0580 any break above this level will open 1.0630 minimum.

eurusd

The important levels to watch for today: Support- 1.0470 and 1.0430 Resistance- 1.0580 and 1.0610.

GOLD: The precious metal now trades near $1820, for today the key support is below $1800. On the flip side, the immediate resistance is located above $1826, a break above this level will confirm a possible move to $1835.

gold neww

The important levels to watch for today: Support- 1806 and 1798 Resistance- 1826 and 1835.

Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.

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