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DAILY MARKET REPORT

Shares of dating-platform company Bumble (NASDAQ: BMBL) jumped more than 25% on Thursday after the company reported stronger-than-expected first-quarter financial results. Bumble reported revenue of $211.2 million in the quarter, up from $170.7 million.

DAILY MARKET REPORT

Shares of dating-platform company Bumble (NASDAQ: BMBL) jumped more than 25% on Thursday after the company reported stronger-than-expected first-quarter financial results. Bumble reported revenue of $211.2 million in the quarter, up from $170.7 million. According to the company, its total Bumble app paying users is up by 31% year-over-year. The dating-app operator anticipates revenues to be within the $218-$221 million range in the second quarter of 2022.

  • Earnings per share: 0.13 vs. -0.04 expected

  • Revenue: $211.2 million vs. $208.34 million expected

“Our compelling brands, product leadership, and operational excellence position us well to capture a growing share of the global dating market.” - Bumble’s CEO, Whitney Wolfe Herd, said. “Bumble App drove substantial revenue growth across the U.S. and international markets and delivered a significant sequential increase in paying users by continuing to focus on a woman-first experience built upon trust, kindness, and safety,” – she added.

EQUITIES

US futures and European shares slightly recovered from the previous session's sell-off while overall momentum remains bearish as inflation data continued to weigh on sentiment. On Thursday, Wall Street extended losses following the release of weaker-than-expected US weekly jobless claims data and the producer price inflation remained elevated in April.

OIL

Crude oil futures were mostly steady on Friday. On Thursday, oil prices ended higher for the second consecutive day driven by concerns of further supply disruptions from Russia. Meanwhile, Hungary has stepped up its opposition to an EU plan to ban Russian oil imports.

CURRENCIES

In the currency market, the dollar index, which tracks the U.S. currency against six major peers, enjoying an upside rally while the EURUSD hover near the 5-year lows. On the other hand, the USDCAD reversed from the highs after the crude oil prices regain upside momentum.

GOLD

The safe-haven metal remains under pressure after the strong US inflation numbers reinforced bets for aggressive Federal Reserve rate hikes. During the previous session, the gold price hit a fresh three-month low of $1810. At the time of writing, the metal trades near $1818.

Economic Outlook

On the data front, the US producer price index increased by 0.5% in April, compared with a 1.6% jump in March. Core PPI, which excludes food and energy prices, was up 0.4% on the month compared with an upwardly revised 1.2% in March.

Coronavirus update:

Worldwide, more than 520 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: For today, the immediate support for the Euro stands near the level of 1.0350. On the flip side, the first resistance at 1.0430 any break above this level will open 1.0480 minimum.

eurusd

The important levels to watch for today: Support- 1.0350 and 1.0320 Resistance- 1.0430 and 1.0480.

GOLD: The precious metal now trading below the $1820 level, the key support remains below the previous session low of $1810. On the flip side, the immediate resistance is located above $1830.

gold neww

The important levels to watch for today: Support- 1810 and 1800 Resistance- 1828 and 1832.

Quote of the day - “Remember, the best traders think in a number of unique ways. They have acquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.” – Mark Douglas.

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