Newscasts - US Markets Briefing: Stocks surrender gains in choppy trading

Similarweb

07/08/2024 20:00

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Source: 'Reuters - Business videos'

Description: Wall Street share markets turned lower towards the end of the
trading session, giving up earlier tech-led gains after a disappointing
auction of 10-year Treasuries sent bond yields higher.
Short Link: https://refini.tv/3WApuqc

Video Transcript:

The reef rally stalls as US stocks trim gains. Welcome to your US Markets
Briefing. I'm Peter Devlin. Wall Street's recovery from these sharp losses
suffered earlier in the week was stinted a $42 billion sale of 10-year bonds
was met with weak demands, sending 10-year Treasury yields to session highs.
Wall Street's main indices trimmed earlier gains, as we saw the Philadelphia
Chip Index turning negative with NVIDIA's partner Supermicro dropping over 16%
on falling revenue. But one analyst we spoke to said that tech and AI stocks
continue to look attractive.

Large technology companies particularly in the fields of AI in other large
technology sort of fields, those I think are the companies which are
generating the most in terms of revenue, in terms of profitability. They have
this sort of dominant market positions that people really like and have that
quality factor that people are looking at in an environment where we have
elevated inflation and interest rate.

So, looking to the market movers today and the Summer Olympics are boosting
demand for Nike. The sportswear giant's new launches have edged out
competition, that's according to website searches from research firm at
Similarweb. Well, looking to shares of Shopify were set for their best day at
current levels, up over 23% at last check. The e-commerce firm beat earnings
results as its AI enabled tools attracted more merchants. And Airbnb was one
of the top three losers on the S&P 500 today, slumping over 13%. Third quarter
revenue fell below estimates as economic worries continue to slow demand for
domestic travel. And shares of Disney fell over 2% as profits dropped at its
key parks business. The media giant warned the coming quarter will continue to
see depressed attendance. Earnings continue to roll in tomorrow and US
drugmaker Eli Lilly, due to report. Investors will be closely focusing on
sales and supply related updates for its blockbuster diabetes as well as
obesity drugs. Any updates about the launch of its recently approved
Alzheimer's treatment will also be of interest. And Paramount Global is
expected to report a fall in revenue that says advertisers cut back on
spending, this would mark the first earnings report after Skydance secured a
deal to acquire the Hollywood studio. And economic data for tomorrow, US
jobless claims will be closely watched, the worse than expected non-farm
payers report last Friday spurred recession concerns and helped drive a global
sell-off. Initial jobless claims are expected to fall to 248,000 after
increasing to an 11-month high of 249,000 last week. Oil prices rallied,
bouncing back from multi month lows. Weekly imagery data from the EIA showed a
bigger-than-expected draw in US crude stockpiles. Well, that is your US
Markets Briefing