Market Highlights π‘ - 24 July 2024
* Investors remain cautious during tech earnings season
πΊπΈ S&P 500: -0.16% π
πΊπΈ Nasdaq: 0.16% π
πͺπΊ Stoxx 600: 0.13% π
π―π΅ Nikkei 225 Index: -0.01% π
ππ° Hang Seng Index: -0.94% π
π¨π³ CSI 300 Index: -2.14% π
* U.S. stocks were mixed, with the S&P 500 down -0.2% and the Nasdaq Composite up 0.2%, as upbeat earnings from tech giants dampened investors' lofty expectations.
* Asia-Pacific markets fell, with the Hang Seng Index and the CSI 300 Index falling -0.9% and -2.1% respectively, as investors awaited clarity on policy support after the Third Plenary Session of the Central Committee of the Communist Party of China expressed confidence in achieving development and growth targets by the end of the year. Several ministries and commissions Their respective detailed plans will be released.
π‘ Future events: π‘
* The preliminary U.S. manufacturing PMI and service industry PMI values, as well as the preliminary Japanese manufacturing PMI value, will be released on Wednesday.
* U.S. advanced GDP and jobless claims will be released on Thursday.
* At the end of the week, we have the U.S. core PCE price index for the month, revised University of Michigan consumer sentiment and inflation expectations.
π‘ Things you need to know today: π‘
1. Tesla's stock price fell after the bell, failing to meet profit expectations for the fourth consecutive quarter. The long-awaited launch of Robotaxi has been pushed back from August to October, while early promises of artificial intelligence helped boost investor sentiment by sending the stock higher ahead of earnings.
2. Alphabet's $Alphabet(GOOGL)$
3. LVMH $LVMH-Moet Hennessy Louis Vuitton(LVMHF)$ sales growth slowed last quarter as wealthy shoppers spent less on pricey Louis Vuitton handbags and Christian Dior fashions. Organic revenue at the luxury group's fashion and leather goods unit, its largest unit, rose 1%, half the expected increase. Sales fell 14% in regions including China, but that was partly offset by strong spending by Chinese tourists overseas, particularly in Japan, where sales rose 57% amid a weak yen.
4. Coca-Cola's $Coca-Cola(KO)$
KEY TAKEAWAYS:
Technology stocks have regained momentum as key earnings reports this week brought optimism, with Microsoft and Apple still in focus due to reports next week.$Semiconductor Bull 3X Shares(SOXL)$
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