Summary:
- S&P 500 supported by tech stocks
- Euro in focus
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S&P 500 ends Tuesday in the green
The positive earnings from both Tesla and Netflix that were reported on Thursday and Wednesday respectively has offered support to many tech stocks, driving the S&P 500 and other Tech stocks into the green. This move followed a rally on Tuesday that saw an overall increase of 2% across major indexes.
Investors will remain focused on the corporate earnings season in the coming days and weeks, which, despite concerns around a global recession, expectations around this earnings season have been almost completely rewritten.
S&P 500 Price Chart
Euro Stole headlines on Wednesday
European Central Bank’s (ECB) monetary policy decision due on Thursday. The Euro is still facing uncertainty regarding high inflation in the Eurozone and how the ECB plans to tackle it, in addition as the Noord Stream 1 opens after its routine maintenance period, there are still concerns as to whether Russia will open the gas taps. The recovery of the Euro against the dollar could be reflecting a possible market inflection point. The Euro has recovered half of its July losses so far, this could mean a turn around against the Dollar for many other major currencies aswell. The Euro stole the headlines on Wednesday as both Bloomberg News and Reuters reported that the market could see an outsized interest rate yield rise from the European Central Bank on Thursday.
Sources: FXmag.com, finance.yahoom.com
