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Markets HIGHER Despite Worsening Global Growth Outlook

U.S. stocks were higher Friday despite concerns of a worsening global growth outlook and growing inflation.

The Delta variant could hurt economic activity in Asia, which would likely have a ripple effect across the world.

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Despite the worsening outlook, the S&P 500 still hit a record high again in Friday’s premarket trading.

Markets have gotten some respite from inflation worries after the Import Price Index data were released. U.S. July import prices grew at 0.3% vs 0.6% expected. 

Level Chg. Chg. %
DOW Futures 35,470.00 67 0.19%
S&P 500 Futures 4,4580.00 4.40 0.10%
Nasdaq Futures 15,087.00 9.25 0.06%

 

U.S. Dollar and Treasuries

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U.S. Treasury yields dropped as the Producer Price Index spiked more than expected, pointing to higher inflation. The dollar dropped. 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.8 -0.24 (-0.25%)

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.079% -0.003 0.081%
U.S. 2 Year Treasury Note 0.221% -0.004 0.225%
U.S. 5 Year Treasury Note 0.823% -0.005 0.828%
U.S. 10 Year Treasury Note 1.349% -0.013 1.362%
U.S. 20 Year Treasury Bond 1.895% -0.012 1.907%
U.S. 30 Year Treasury Bond 2.001% -0.024 2.002%

 

Stocks To Watch

U.S. e-commerce platform ContextLogic Inc. reported worse-than-expected second quarter earnings results. The company stated that profits dropped due to slowing demand and unexpected increases in operating costs.

Dental laser manufacturer BIOLASE Inc reported positive Q2 results. The company’s net revenue grew 211% to $9.1 million. The company also pointed out that Over 70% of U.S. laser sales came from new customers, which is a positive trend. 

Bit Brother (formerly UrbanTea), a specialty tea product retail business, surged in premarket trading despite no company-related news.

Boxlight, an education tech company, reported positive Q2 earnings results. The company’s revenues increased by 497% to $46.8 million. Customer orders increased almost tenfold, by 986% to $76.0 million.

 

Symbol Price Chg. Chg. % Volume
Contextlogic Inc WISH $6.84 -2.56 -27.23% 8.27M
BIOLASE Inc BIOL $0.87 +0.2339 +37.03% 3.33M
Bit Brother Ltd BTB $1.31 +0.1600 +13.91% 2.87M
Boxlight A BOXL $2.46 +0.540 +28.13% 1.76M

 

Commodities To Watch

Oil was stable despite concerns over slowing demand due to the delta variant. Gold continued to climb after last week’s drop to a 4-month low. 

 

Price Chg. %
WTI Crude Oil $68.93 -0.23%
Brent Crude Oil $71.22 -0.13%
Natural Gas $3.88 -1.27%
Gold $1,758.40 0.38%
Silver $23.35 $0.01
Copper $4.36 -0.10%
Soybeans $1,354.75 1.03%

 

Crypto

Bitcoin is back above $46,000. Altcoins outperformed the more mainstream cryptocurrencies today.

Global cap global cap chg.%
$1.95T 4.13%

  

Symbol Price Chg. % Market Cap.
Bitcoin BTC $46,373.68 +4.31% $871.12b
Etherium ETH $3,231.64 +4.93% $377.04b
Cardano ADA $2.05 +17.12% $63.67b
Ripple XRP $1.03 +6.84% $45.58b
Dogecoin DOGE $0.2779 +4.98% $36.36b

 

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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