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July 16th 2024, 3:40:23 pm

(about a few seconds ago)

Stock market investors eying earnings season

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📊 Stock market investors eying earnings season〽️

North American stock markets tumbled on Monday as mega-caps like Tesla and Apple pulled the indices lower. S&P 500 lost and Nasdaq lost 1.15% and 2.26%, and Canada’s S&P/TSX shed 1.08%. Inflation, monetary tightening, and a slowing economy continue to deter investors despite the global 2022 18 trillion wipeouts in stock markets.

As the second quarter ended, investors are awaiting corporate earnings reports and projections to see if they will hold up to expectations or if companies will cut their forecasts. The higher interest rates have kept the US dollar strong, negatively impacting the earnings of international conglomerates with vast payments from overseas. Many analysts believe that corporate America is resilient enough to pass on the higher prices to the consumers.

Elsewhere, the Crypto market continues to take a bigger hit with their leaders, Bitcoin and Ethereum, continuing the fall. Many analysts believe the token is more likely to plunge to USD10,000, losing half of its value, than climb back to USD30,000.

Commodities, including crude oil prices, decline amid the renewed increase in the number of COVID cases in China and Europe, temporarily turning to Africa for their energy needs. West Texas Intermediate crude oil is standing at 103 a barrel.