Fri, August 19, 2022

Stocks Market Overview: Is Bear Still On?

Stocks, shares, and global economy

The stocks market keeps losing high gains. Is bear still on? let’s overview today’s performance.

European shares traded lower on Tuesday as global markets failed to consolidate gains after a bloody week last week.

The pan-European Stoxx 600 was down 0.6% in early trade after giving back about 0.5% of its opening gain. Basic resources stocks led to the decline and fell 2 percent. All sectors fell except food and beverages, which rose 0.4 percent.

Uniper shares rose more than 6% and tried to recover from Monday’s 27% slump after the German utility giant announced it was working with the government after being sidelined by Russia’s war in Ukraine and the depletion of Russian gas supplies.

At the bottom of Europe’s blue-chip index, shares of German mass media company ProSiebenSat.1 fell more than 9 percent after Goldman Sachs downgraded the stock to sell from neutral.

Despite a calmer day in global markets around the U.S. July 4 holiday, European markets appeared to be building solid momentum after the region’s indexes closed higher on Monday.

However, fears of an impending recession continued to create volatility in global stock markets. Central banks tightened monetary policy to curb rising inflation.

How Have US Stocks Performed?

U.S. stock futures were also volatile Tuesday morning, trading lower as earlier momentum waned. U.S. markets await the release of the latest Federal Open Market Committee minutes from the Federal Reserve on Wednesday.

This week’s U.S. data release also includes Friday’s June jobs report. Dow Jones estimated that job growth likely slowed in June, with 250,000 nonfarm payrolls added, compared with 390,000 in May. Economists polled expected an unemployment rate of 3.6%.

As expected, Asia-Pacific shares were higher for much of the night. The Reserve Bank of Australia raised interest rates by 50 basis points to 1.35%.

The central bank’s actions could also determine market sentiment in Europe this week. The Bank of England is due to release its latest semi-annual financial stability report on Tuesday. The European Central Bank will release the results of its latest monetary policy discussions on Thursday.

On the data front, the Eurozone Services Purchasing Managers’ Index (PMI) came in at 53.0 in June, slightly above the consensus estimate of 52.8 but down from 56.1 in May.

Companies To Add To Watchlist

However, here are some companies that are still able to reach the top.

Tesla (TSLA) – Tesla delivered 254,695 vehicles in the second quarter, down 17.9% from the first quarter and below analysts’ expectations. The Covid-19 shutdown in China was a crucial factor in delaying production. Tesla fell 1% in premarket trading.

Occidental Petroleum (OXY) –  Occidental Petroleum Corp rose 1.3% in premarket trading following news that Berkshire Hathaway (BRKb) is increasing its stake in the energy producer again. Berkshire Hathaway bought another 9.9 million shares, increasing its stake to 17.4%.

Exxon Mobil (XOM) – Exxon Mobil rose 1.3% in premarket trading after announcing late Friday that second-quarter earnings could be as high as $18 billion. Increasing oil and gas prices and improved refining margins boosted Exxon’s results.

Crocs (CROX) — Shares of Crocs rose 2.4% premarket after Loop Capital upgraded shares of the casual shoemaker to buy from hold.

Stellaris (STLA) – Stellantis shares fell 6% in premarket trading after a report from unionized workers said a global chip shortage could reduce the automaker’s production in Italy by about 220,000 vehicles this year. Stellaris produced about 14% fewer vehicles in the first half of 2022 than last year’s period.

Hecla Mining (HL) – Hecla rose 1% ahead of the listing. The mining company announced a deal to acquire all of the shares in Alexco Resource that it does not already own in stock exchange trading.

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