Dow Jones and Nasdaq try to rebound after purging

The American rating is trying to put itself together before the market on Friday. The S & P 500 has recovered 0.9%, the Dow Jones 0.8% and the Nasdaq 1.2%. The US index was loose enough yesterday evening, with the Dow abandoning 2.4% and the Nasdaq abandoning 4.1%. Operators remain very nervous in the face of record inflation, and in the face of further monetary tightening prospects, while the economy is already showing signs of significant weakness. At Nymex, a barrel of WTI crude rose 0.5% to $ 117. One ounce of gold rose 0.2% to $ 1,853. The dollar index rose 0.9% against a basket of currencies. Bitcoin has been around $ 21,000 since the recent price drop.

In the bond market, 2-year bond yields are currently 3.11%, 10-year yields are 3.21% and 30-year yields are 3.28%.

This Friday is the Day of the Four Witches on Wall Street. This can lead to increased (but less) volatility in the market. Held four times a year (the third Friday of June, March, September and December), this stock market event marks the simultaneous expiration of four types of contracts: index and stock options, and index and futures. Correspond. stock.

Statistics show US industrial production figures for May at 3:15 pm (consensus + 0.4% compared to previous month, manufacturing production + 0.4%, availability 79.2%). The Conference Board’s key indicator index for May will be revealed at 4 pm (FactSet Consensus-0.3%). Finally, Fed head Jerome Powell intervenes in Washington, where the US central bank has just raised interest rates on the Federal Reserve by 75 basis points by 1.5-1.75%, a scale not seen. It is an index of. Since 1994, of course, to combat galloping inflation. Markets fear that this accelerated monetary tightening by the Fed will cause a recession. However, Powell’s speech today for an introductory remark to the conference on the international role of the dollar is unlikely to provide new insights into monetary policy.

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Adobe reported higher-than-expected second-quarter market results and sales Thursday evening, but was disappointed by the cautious forecasts due to the “uncertainty” environment, the negative effects of foreign exchange and the effects of the war. .. The second-quarter group, which ended June 3, was known for its InDesign, Photoshop, and Acrobat products and generated a net profit of $ 1.18 billion, up 6% over the year. Adjusted net income per share was $ 3.35, but FactSet consensus analysts expected it to be $ 3.31. Quarterly sales reached $ 4.39 billion, an increase of 14% year-on-year, slightly higher than expected, at $ 4.34 billion.

Meanwhile, management lowered its annual forecast to $ 13.50 per share, with revenue of $ 17.65 billion, while analysts expected $ 13.66 and $ 17.85 billion, respectively. In December, Adobe forecasts EPS of $ 13.70 and revenue of $ 17.90 billion for the fiscal year ending at the end of November. Thus, Adobe has joined a cohort of technology companies such as Microsoft and Salesforce, reporting that the stronger dollar has had a negative impact on earnings and has led to a downward revision of its annual forecast. The dollar, backed by a rate hike from the Federal Reserve to curb inflation, recently hit a 20-year high against a basket of currencies such as the euro, yen and pound sterling.

A stronger dollar, on the one hand, makes US exports less competitive, and on the other hand, earns in other currencies and reduces the dollar-converted income in multinational accounts.

twitter. Elon Musk, who is currently planning to acquire Twitter, has spoken to platform staff for the first time since offering $ 44 billion two months ago. At a virtual town hall meeting, Mask hinted that Twitter should be downsized and said it needed to be rationalized. He was also asked about the moderation of the site and its political trends. He described himself as moderately open to free speech, and social networks had to tolerate extremes “within the law,” according to him. Billionaire wants the network to reach at least 1 billion users, compared to the current 229 million. He also went back a bit to his previous comments on this subject and showed that promotion would continue to be important in the group’s model. He would say something like “I’m not against advertising. You probably talk to advertisers and say,” Hey, make sure your ads are as interesting as possible. ” “

Musk did not reveal details about the final decision on the deal, nor about the possibility of a price revision expected by Wall Street. In response to a question about potential layoffs, he stated that he would need to “for staffing and rationalization of spending.” Employees also wanted to know more about Mask’s vision for telecommuting, but for the time being they have great freedom in remote work, and billions of billionaires are already on this subject about Tesla. Expresses hostility. Work from home and design good products at the risk of calling employees to return home or being considered resignation.

Mr. Musk said Twitter staff should move towards working in the office, but expressed his willingness to make some exceptions. Bias should “strongly support face-to-face work, but remote work may be tolerated if someone is exceptional.”

Snapchat’s parent app for free video and photo sharing time, Snap, is testing paid subscription features, The Verge reports. A spokeswoman, Liz Markman, told The Verge that the company is conducting “initial internal testing” of Snapchat Plus. This gives users early access to features and other benefits. Keep in mind that Snap has continued to loosen its screws on Wall Street, especially since the quarterly mix results were announced at the end of May, with warnings about earnings and profits for the second quarter ending at the end of June. ..

According to Bloomberg, Alibaba soared before the Wall Street stock market, but the People’s Bank of China would have accepted Ant Group’s request for a potential IPO. Reuters has also reported the rumor, and China’s central bank has accepted Ant’s request for permission to set up a financial holding company to resume plans to introduce FinTech giants, which had been delayed for a long time by authorities. Regulatory barriers. Ant Group is a subsidiary of e-commerce giant Alibaba.

China’s e-commerce group JD.com has surged ahead of the Wall Street stock market. JD.com will certainly explore the possible expansion of food delivery. These plans were confirmed by JD Retail’s general manager Xin Lijun in an interview with Bloomberg. This will allow China’s e-commerce giants to compete directly with Alibaba and Meituan, which dominate the business in China.

US Steel, an American steel group, is up ahead of the Wall Street stock market due to strong forecasts for the second quarter. Therefore, yesterday evening, the group announced that it expects adjusted net income in the range of $ 3.83 to $ 3.88. David B. Burritt, President and Chief Executive Officer of US Steel, said: “Our broad end-market exposure allows us to remain resilient and is in demand from a diverse customer base, including the resurrected energy market.”

Centene is gaining pre-market traction on Wall Street as health insurers raise their earnings treasury estimates and add $ 3 billion to their share repurchase program. The group also plans to reduce its real estate footprint. Therefore, these wonderful intentions to create value are welcomed. The group is currently expecting adjusted earnings per share in the range of $ 5.55 to $ 5.7 in 2022. A $ 1 billion debt repurchase plan has also been announced. Premium and service revenues for 2022 are currently expected to be between $ 134.3 billion and $ 136.3 billion.