Beat the Street: Israel-Hamas, earnings, economic data keep investors on their toes
Investors brace for an earnings and data-packed week while keeping one eye on the Israel-Hamas conflict. Relative safe havens, like the US dollar, gained ground amid warnings that the conflict could worsen before it gets better.
(Partial Video Transcript)
Watching Middle East developments closely
Hello, I'm Angeline Ong, and welcome to Beat the Street, the show that gives you all the tradeable news and data you need to know ahead of the Wall Street open. Coming up, safe havens in focus amid the rising tensions in the Middle East. We're keeping a close eye on developments there for you.
The earnings deluge continues: Netflix, Tesla, Goldman Sachs and Morgan Stanley are all due to report this week and big news in the pharmaceutical chain space, Rite Aid has filed for bankruptcy protection.
Good afternoon. I'm Angeline Ong and welcome to this new edition of Beat the Street. Not long now before Wall Street starts trading, this is how equity markets are looking. We're seeing quite a bit of caution; it has to be said that we're not seeing a huge amount of risk off at least on the Wall Street markets just yet in a big and meaningful way. However, it is still early days.
Middle East conflict intensifies
The situation on the ground in Israel and Gaza is intensifying and there is now this expectation of a likely ground invasion in southern Gaza. All this could change things quite rapidly. Just checking in on the volatility index (VIX) for you because it has spiked up just a touch recently.
Let's take a look at the hourly chart for you. There you can see it better on the hourly chart, and volumes, as you can see there, have returned. What's also interesting is the resilience that we are seeing. amid these markets, despite what is going on over there as well.
Just trying to get up the US 500 for you, especially given it's such a big week on the earnings front. There you have it. This is the S&P 500, otherwise known as the US 500 on our platform.
And also let's take a look at the US Tech 100 as well, given we've got Netflix reporting this week among the big tech earnings expected.
We're keeping a close eye on what's happening there. Safe havens are actually benefitting, so the dollar is being well supported. Oil obviously having upward pressure there. We are keeping a close eye on that for you. Yields on long days at US Treasury notes gain as the US strived to prevent an escalation in the tensions.
Secretary of State Antony Blinken arriving in Israel for talks after top US officials warned that the conflict could worsen. Now the NASDAQ has fallen, not as much as you think though, but it has fallen as worsening consumer sentiment data and the Middle East conflict kept investors away from riskier bets and overshadowed some upbeat earnings from big US banks.
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