Top 3 things to know in the market on Wednesday

17.07.2019 / 14:03

Rating:

1. Bank of America, Netflix, IBM to release earnings

The string of bank earnings continues on Wednesday with the release of quarterly numbers from Bank of America (BAC.US) ahead of the open. Investors will likely focus on the bank's cost-cutting efforts along with its investment banking performance.

Tech will steal the spotlight after the market close with the first FANG report this season from Netflix (NFLX.US) as traders look for the latest reading on new subscribers.

IBM (IBM.US) will also publish its quarterly numbers and provide the opportunity for investors to begin to evaluate its costly acquisition of Red Hat.

2. U.S. stocks set to crawl back toward record highs

U.S. futures pointed to a higher open as stocks looked set to crawl back towards record highs. Comments from U.S. President Donald Trump on Tuesday that trade talks with China had a “long way to go” dented bulls enthusiasm, with the S&P 500 breaking a five-day losing streak.

Dow futures gained 33 points, or 0.1%, S&P 500 futures rose 5 points, or 0.2%, while Nasdaq 100 futures traded up 19 points, or 0.2%.

While company earnings will likely dominate trading, markets will also receive the latest measures of heath of the U.S. real estate market with the publication of June building permits and housing starts.

3. Pound pulls back from 2-year low against U.S. dollar

Fears that the U.K. will depart the European Union without a deal pushed sterling to a more-than-two-year low against the dollar in early morning trade in the region.

Concern over a “no-deal Brexit” has increased, after conservative leaders Boris Johnson and Jeremy Hunt both vowed to ditch the Northern Ireland backstop, a proposal Europe has rejected several times.

Cable sank as far as 1.2383, its lowest level since April 2017, before finding its footing and paring losses.

Trader Milko Zashev

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Top 3 things to know in the market on Wednesday

London

Universal numbers