July Jobs Picture Worsens While Gold & Silver Glisten – Daily Financial News Summary For Wednesday, July 22, 2020

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We saw the S&P 500 and the Dow Jones gain 0.6%, while the Nasdaq snuck higher just 0.2% on Wednesday. The S&P 500 traded at its highest level since February, mostly thanks to tech stocks.

Silver saw its biggest jump since March by more than 8% and gold rose past $1,870. Both exchange-traded funds, or ETFs, backed by silver are also at their highest. Gold ETF holdings saw their biggest gains since mid-June and also sit at their highest levels ever.

We saw a few pieces of news come full circle from Call Put Strike’s original reporting today, including that of Tesla’s new Gigafactory being confirmed just outside of Austin, TX. We originally reported on the rumors back in May. This was announced during their quarterly earnings report which sent the stock soaring above $1700 a share for a brief period after announcing its first year of profitability on a GAAP basis, which also means it could be considered for the S&P 500 now.

Snap Inc., more well known as Snap Chat, tumbled on earning reports that showed increased revenues of  $454 million, or an increase of 17%, but fell short on user growth analyst estimates, despite growing by 9 million users over Q2 to  238 million, which also was a 17% growth from last year.

Chipotle Mexican Grill fell 1% in after-hours trading after reporting Q2 results, despite exceeding Refinitiv analysts’ expectations with earnings at 40 cents per share on $1.36 billion in revenues. Analysts expected 35 cents on 1.34 billion. As a likely result of COVID-19, they saw their digital sales triple during the second quarter.

According to the Census Bureau’s weekly Household Pulse Survey published Wednesday, employment rates decreased by 6.7 million from mid-June to Mid-July. A significant drop of 4.1 million occurred between the first and second week of July, which sends signals of a U.S. labor market rebound lapsing due to a resurgence in COVID-19 across the country.



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