NAGA’s Weekly Recap | May 15 — May 19 — 2023

This week was filled with intriguing market developments and notable asset movements that captured investors' attention. From surprising earnings reports to unexpected shifts in various markets, there were plenty of intriguing moments.

For instance, we witnessed stocks rallying as the debt ceiling debate unfolded, and Walmart's earnings impressed the market, revealing the resilience of American consumers.

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Join us for these insights and more in this week's succinct economic roundup!

Stocks rally amid debt debate and Walmart earnings

Stocks closed higher as investors await updates on the debt ceiling debate, and Walmart's earnings impressed the market, signalling resilience from American consumers.

The S&P 500, Dow Jones, and Nasdaq all made gains, rising 0.94%, 0.34%, and 1.51%, respectively.

During this, Walmart ($WMT) showcased its strength as America's largest big box retailer, reporting higher same-store sales growth than expected.

Elsewhere in stocks, Netflix ($NFLX) shares soared 9.22% as the streaming giant announced its ad tier has five million monthly active users.

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Cisco ($CSCO) profits beat at the earnings report

The revenue of $14.57 billion exceeded last year's $12.84 billion, and its earnings per share at $1 outperformed last year's 87 cents.

Despite these gains, the lack of growth in the annual revenue target and a 23% year-over-year decline in orders resulted in its stock price falling by 4%.

For the fiscal fourth quarter, executives are projecting a 14-16% growth, leading to sales of $15.07 billion and adjusted earnings of 3% higher than the market expectation.

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Gold attempts recovery as US Dollar pauses ahead of Fed speech

Gold price ($XAU/USD) has shown signs of recovery, bouncing back from support below $1,960. However, it may be too early to consider a reversal as optimism regarding US debt-ceiling issues still persists. Additionally, the upcoming speech by Federal Reserve Chair Jerome Powell is boosting the appeal of the US Dollar.

Attention is focused on guidance regarding interest rates for the June monetary policy meeting. Investors anticipate a neutral policy stance, given the consistent decline in US inflation, easing labor market conditions, and the struggles faced by small-scale firms due to tight credit conditions imposed by regional banks.

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$EUR/USD declines, bearish impulse wave indicates a correction

The $EUR/USD exchange rate price was declined. If the price continues to decline below the 1.08000 rate, indicators may provide further signals for downward price movements.

As we can see, the shared currency fails to gain any respite from bets for more rate hikes by the European Central Bank (ECB). It is worth recalling that ECB President Christine Lagarde has already made it clear that efforts to curb stubbornly high inflation aren't over. This, however, fails to impress bulls or lend any support to the $EUR/USD pair.

Investors now look to the ECB Bulletin for some impetus, though the focus will remain glued to Fed Chair Jerome Powell's appearance later this Friday.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋