These are the stocks posting the largest moves before the bell.
Bitcoin climbs past $23,000 as hopes of softer Fed action fuel crypto relief rally
Bitcoin surged as high as $23,800 Wednesday, up 8% in 24 hours and trading at levels not seen since mid-June.
Dow falls more than 100 points as Wall Street takes breather following Tuesday’s rally
Some investors have been encouraged by the recent trading action, believing it is signaling that the bear market has bottomed.
Stocks making the biggest moves midday: IBM, Boeing, Hasbro, Ford & more
These are the stocks posting the largest moves in midday trading.
Netflix loses fewer subscribers than expected and says cheaper ad tier is coming in early 2023
The company also said it aimed to unveil its lower-cost, ad-supported tier in early 2023.
British Pound Q3 2022 Forecast: The Bank of England – It’s Time to Decide
The second quarter of the year has been a tricky three months for the Bank of England (BoE) as inflation continued to soar – and is expected to rise further – while growth slowed to a crawl, sparki…
Euro Q3 2022 Forecast: Euro May Fall Anew as Debt Crisis Fears Dilute ECB Rate Hikes
The Euro has steadily depreciated against a basket of major currencies since Dec. 2020. Tellingly, that turning point coincided with topping gold prices and the start of a creep higher in Fed rate …
US MBA mortgage applications w.e. 15 July -6.3% vs -1.7% prior
- Prior -1.7%
- Market index 281.1 vs 300.0 prior
- Purchase index 208.0 vs 224.3 prior
- Refinancing index 655.7 vs 685.3 prior
- 30-year mortgage rate 5.82% vs 5.74% prior
Ouch. That’s another steep drop in mortgage activity as both purchases and refinancing activity declined strongly in the past week. For some context, the purchase index is now ~19% lower than the same week a year ago while the refinancing index is down ~80% as compared to that same period. It’s not a good look on housing market activity with MBA noting that:
“Mortgage applications declined for the third week in a row, reaching the lowest level since 2000. Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low.
“Purchase activity declined for both conventional and government loans, as the weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand. The decline in recent purchase applications aligns with slower homebuilding activity due to reduced buyer traffic and ongoing building material shortages and higher costs.”
This article was written by Justin Low at www.forexlive.com.
Dollar finds some footing on the day
There is a bit more of a push and pull feel now on the session as the dollar finds a bit of a footing as risk sentiment turns the other way around. EUR/USD fell to a low of 1.0175 quickly before trading back to near 1.0200 currently. Buyers are still in near-term control though but it highlights some nerves going into the ECB policy decision tomorrow.
Elsewhere, GBP/USD has also fallen back below 1.2000 and AUD/USD has seen earlier gains trimmed with a drop from 0.6930 to 0.6900 near the lows for the day.
As much as the dollar was softer earlier in the week, the moves are largely viewed as a retracement still. It is tough to bet on a major turnaround in sentiment for the greenback unless something changes at the FOMC meeting next week.
This article was written by Justin Low at www.forexlive.com.
US futures pare gains on the day
The gains at the start of the session are failing to hold but it is still early in the day to be drawing much conclusions. US stocks had a great run-out in trading yesterday but futures are failing to build on that optimism so far today. S&P 500 futures were up as much as 27 points earlier in the day but are now down by 4 points at the lows:
It is going to be a testing day for both buyers and sellers with the 28 June high in focus from a technical perspective:
This article was written by Justin Low at www.forexlive.com.