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Salesforce earnings send U.S. indices higher

Today’s Waves – 26th August

Salesforce earnings send U.S. indices higher

The NASDAQ and S&P 500 reached new highs today as Salesforce reported its Q2 results.

Salesforce saw its share price rise by close to 25% after it reported that subscriptions and support revenues came in at $4.84 billion, which is up 29% from Q2 2019.

The S&P 500 was up 0.15% and NASDAQ rose by 0.53%. Both have hit a series of record closing highs this week, led by demand for tech stocks.

Durable Goods Orders rise in July

Today it was reported that Durable Goods Orders in the U.S. increased last month, surpassing the initial market expectation.

Overall durable goods rose by 11.2% in July, compared with previous forecasts of 4.3%.

Although durable goods rose, new orders for capital goods slowed in July, which suggests that potential rebounds in business investment could take longer than initially hoped.

This comes as the uncertainty surrounding the Covid-19 pandemic continues to impact business confidence.

Crude Oil prices hit 6-month high

After trading below $10 per barrel only 4 months ago, Crude oil prices have reached their highest level since February.

Intraday trading saw prices reach $43.55 per barrel which resulted in crude going back to pre-pandemic levels.

Many believe this move has been driven by fears of hurricane Laura threatening to damage oil refineries in Texas and Louisiana.

Quote of the day: “Short-term volatility is greatest at turning points and diminishes as a trend becomes established.”

George Soros

Biggest Bull

XAUUSD: After trading below the support of $1,914 yesterday, Gold today rallied to a high of $1,946.23 today. Will more rallies follow tomorrow?          

Source: Tradeview MT4

Biggest Bear

EURGBP: EURGBP continues to fall after failing to break out of the 0.9039 resistance level earlier this week. The pair fell to a low of 0.8946 today.

Source: Tradeview MT4