Hello Traders, and welcome to Thursday’s trading session. Today is shaping up to be very interesting, especially with some key earnings reports and market movements making headlines.
Let's start with earnings from yesterday. Two of the big names were Tesla and Coca-Cola. Coca-Cola reported earnings before the market opened, and although the results were better than expected, the stock dropped 2% during the trading day. On the other hand, Tesla posted an EPS significantly better than expected, though revenue was slightly lower. Despite this, investors loved the report, and in pre-market trading today, Tesla is up a massive 14%. It looks like Tesla holders are set to enjoy a fantastic Thursday as the stock is surging in anticipation of market opening.
As for the macro calendar, today is quieter in terms of big news, but we do have important PMIs. European PMIs came out earlier today, with those from Germany and the Eurozone better than expected, while UK PMIs were worse than anticipated. We are still waiting for PMIs from the US later in the session.
Market reaction to the PMI data has been notable. Despite weaker-than-expected PMIs from the UK, the British Pound is currently the strongest currency. On the flip side, the American Dollar, Swiss Franc, and Euro are the weakest. The Euro, which started the European session well, is now giving back those earlier gains.
Looking at the indices, most are showing green across the board, with markets performing well so far today.
Finally, on the commodities front, we’re seeing a strong performance, with gold, silver, and other metals rising. Oil also started on a positive note, but those early gains seem to be fading, with oil now testing key resistance and potentially heading for a strong drop by the end of the day. Despite the positive start, it could be a volatile finish for oil traders.
That’s the overview for this Thursday, and it’s looking like a day full of opportunities, especially for Tesla investors!