Here is what you need to know on Monday, July 19:
Equity markets are in doom-and-gloom mode on Monday as continued fears over the Delta strain of COVID-19 hit markets. While the UK continues with its plan to fully lift all restrictions, investors are taking a more cautious approach as statistics across Europe and the US continue to trend in the wrong direction.
Investor optimism has been put on hold as book closing ahead of a busy earnings season seems to be the trade of choice. Investment banks' impressive run of earnings last week could not stop all main indices from posting negative performance, but given the strong ascent so far in 2021, something had to give.
Next week, big tech will provide some data for bulls and bears to pour over to see if the Roaring 20s bull market can continue.
Oil prices slide to under $70 as OPEC+ agrees to end supply cuts. The dollar remains strong at 1.1786 versus the euro, while Gold is at $1,806. Bitcoin is lower by 3% at just over $30,000.
European markets are all lower with the Dax -2.8%, FTSE -2% and EuroStoxx -2%.
US markets are also lower: Nasdaq -1%, Dow -1.4% and S&P -1.1%.
Wall Street top news
OPEC+ agrees to end production cuts, oil drops.
UK ends covid restrictions.
AutoNation (AN) EPS smashes forecasts $4.83 v $2.81.
Cal Maine Foods (CALM) EPS -$0.09 versus $0.18 forecast.
Zoom (ZM) to buy Five9 (FIVN) for $14.7 billion in stock.
Meme stocks suffer again as AMC down 7% premarket, GME -3%.
Cruise stocks suffer on appealed court ruling: CCL -5%, CUK -6%, NCLH -5%.
Oil stocks lower on OPEC+ agreement: OXY, COP, MPC, MRO, DVN, HAL.
Airline stocks suffering on Delta covid concerns: AAL -5%, LUV -4%, UAL -5%.
Pershing Square Tontine Holdings (PSTH) drops plans to buy 10% of Universal Music.
XPEV prices new model at $24,700, undercutting new TSLA Model 3 model.
Upgrades, downgrades, premarket movers
Source: Benzinga Pro
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.