U.S Markets, there was a positive uplift for the U.S. stocks as it jumped in Tuesday trading as investors digested a round of fresh retail earnings and economic data along with comments from Federal Reserve Chairman Jerome Powell.
|I:DJI||DOW JONES AVERAGES||32654.59||+431.17||+1.34%|
|HD||THE HOME DEPOT INC.||301.00||+4.55||+1.53%|
Home Depot shares helped lift the Dow Jones Industrial Average over 430 points or 1.3% after profits and sales exceeded estimates. Walmart shares fell after reporting a 25% drop in profits as inflation remains a headwind for its shoppers.
The S&P 500 and Nasdaq Composite also gained by 2% and 2.7%, respectively helped by tech and material stocks.
Powell indicated policymaker's main goal is stomping out inflation and ongoing rate hikes are appropriate with 50 basis point increases on the table at forthcoming meetings.
Retail sales Data, retail sales data for April rose 0.9%, despite inflation, while industrial production rose 1.1% and manufacturing output 0.8% both better than expected, suggesting an improving economy.
|I:COMP||NASDAQ COMPOSITE INDEX||11984.522877||+321.73||+2.76%|
|XLK||TECHNOLOGY SELECT SECTOR SPDR ETF||138.61||+3.97||+2.95%|
|XLB||MATERIALS SELECT SECTOR SPDR ETF||84.70||+2.31||+2.80%|
Citigroup shares rallied after Warren Buffett disclosed a new 8% stake in the bank worth nearly $3 billion.
Twitter shares remain in focus after CEO Elon Musk set a key condition for his pending $44 billion purchase of Twitter to go through: transparency on the number of fake or spam accounts.Musk tweeted, "20% fake/spam accounts, while 4 times what Twitter claims, could be *much* higher. My offer was based on Twitter’s SEC filings being accurate."
He followed up by pushing a Twitter poll on whether the percentage of daily users, 95% being unique humans, were accurate.
Commodities, oil slipped by 1.5% to $112.40 per barrel, while gas prices rose to $4.52 per gallon per AAA, a fresh record.
SPOT MARKET BY THE HOUR AS OF GMT 10:15 05-18-22
Cryptocurrencies, at an intraday range of $29,664.08 by the hour and a maximum of $30,670 in 24 hours.