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.
Would you like to know the details?
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.
Trading involves significant risk of loss.
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 $15.07 billion and adjusted earnings of 3% higher than the market expectation.
Trading involves significant risk of loss.
Gold attempts recovery as US Dollar pauses ahead of Fed speech
Gold price ($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.
Trading involves significant risk of loss.
$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.
Trading involves significant risk of loss.
This concludes our weekly recap. Have a great weekend and see you next week! 👋
Copyright © 2023 – All rights reserved.
NAGA is a trademark of The NAGA Group AG, a German based FinTech company publicly listed on the Frankfurt Stock Exchange | WKN: A161NR | ISIN: DE000A161NR7.
The website is owned by The NAGA Group AG and operated by NAGA Capital Ltd which is authorised and regulated by the Financial Services Authority Seychelles (FSA) under licence No. SD026. The registered address of CT House, Office 9A, 2nd Floor, Providence, Mahe, Seychelles.
Tel: +2482574498
The group also includes NAGA Global (CY) Ltd, with registered address at Nikokreontos 2, NICE DREAM, 6th floor, Flat/Office 601, 1066, Nicosia, Cyprus. NAGA Global (CY) Ltd is wholly owned by The NAGA Group AG.
RISK WARNING: Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how derivatives work and whether you can afford to take the high risk of losing your money. This is not investment advice. Trading with NAGA Trader by following and/or copying or replicating the trades of other traders involves high levels of risks, even when following and/or copying or replicating the Lead Traders. Such risks include the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Before making an investment decision, you should rely on your own assessment of the person making the trading decisions and the terms of all the legal documentation.
Restricted countries: NAGA Capital Ltd does not provide services for the residents of certain countries, such as Afghanistan, Albania, American Samoa, Anguilla, Australia, Austria, Barbados, Belarus, Belgium, Benin, Bermuda, British Indian Ocean Territory, Bulgaria, Burkina Faso, Canada, Cayman Islands, Central African Republic, Christmas Island, Cocos (Keeling) Islands, Congo, The Democratic Republic of the, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Falkland Islands (Malvinas), Finland, France, Germany, Gibraltar, Greece, Guam, Haiti, Heard Island and McDonald Islands, Hungary, Iceland, Iran, Islamic Republic of, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Korea, Democratic People's Republic of, Latvia, Libyan Arab Jamahiriya, Liechtenstein, Lithuania, Luxembourg, Mali, Malta, Montserrat, Mozambique, Myanmar, Netherlands, New Zealand, Norfolk Island, Norway, Palestinian Territory, Occupied, Pitcairn, Poland, Portugal, Romania, Russian Federation, Saint Helena, Ascension and Tristan Da Cunha, San Marino, Senegal, Serbia, Slovakia, Slovenia, Somalia, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sweden, Switzerland, Syrian Arab Republic, Trinidad and Tobago, Tunisia, Turks and Caicos Islands, Uganda, Ukraine, United Kingdom and any other countries where the citizens have British proof of identity (i.e. British Virgin Island, Gibraltar, Isle of Man etc.), United States, U.S. Minor Islands, Vanuatu, Virgin Islands, British, Virgin Islands, U.S., Yemen, and Zimbabwe.