Beat the street: Fed effect; Micron Technology; Apple; Tesla
The US Federal Reserve bolsters rate cut hopes. The Bank of England, as expected, kept rates on hold, but signalled the economy was moving in the right direction for it to start cutting rates.
Chipmakers rally after Mircron’s Q2 earnings. Apple shares could be active after a report relating to antitrust laws. Plus, Tesla sold more cars in the EU in February.
(AI Video Summary)
Overall market trends and company news
In today edition of "Beat the street", Angeline Ong covers a range of topics that even someone with little trading experience can understand.
First, let's talk about the overall market trends. US stocks are on the rise, and the Fed is maintaining its rate-cut projections. However, Apple may face a lawsuit from the US Department of Justice for allegedly violating antitrust laws. These are all important factors that could impact the stock market.
Next, Ong dives into specific companies and their performance. She discusses Micron Technology, a memory chipmaker, which has seen strong AI-driven second-quarter earnings. She also mentions the ongoing jobless claims, which have reached $210,000. These details give you a sense of how different companies and sectors are doing.
Throughout the video, Ong also touches on other market moves, such as the drop in the US dollar against British pound and potential interest rate cuts by central banks like the European Central Bank. She highlights upcoming earnings announcements from Nike and FedEx. Ong also mentions the record-high performance of the Dow Jones Industrials and the positive sentiment in the overall market.
Indicies updates
Ong then looks at charts, including the Dow Jones, Tech 100, and the US 500. She notes that there hasn't been much change on the 15-minute chart, indicating a relatively stable market. She also highlights how different central banks have been cautious about making changes to interest rates. For example, Nordisk Bank decided to keep rates on hold, the Swiss National Bank cut its main interest rate, and the Bank of England maintained interest rates at a high level since 2008. These decisions can impact currencies and stock markets.
BoE interest rate cuts
Jeremy Naylor adds to the discussion by emphasising the potential interest rate cuts by the Bank of England. Although rates were unchanged in a recent vote, they are likely to come down in the future. This is because inflation hasn't met the target of 2%. Naylor mentions Swati Dhingra, who has been advocating for an interest rate cut, and suggests that the next report from the Monetary Policy Committee could shed light on when the Bank of England will make this move.
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