Following a strong selloff during the start of the week, US Indices consolidated for a major part of the day as no significant movements were made, with US Treasury Secretary Janet Yellen set to testify to the House of Representatives today with regards to the Coronavirus and Cares Act. The Fed is set to announce tapering in next month’s FOMC meeting. Read more.
The markets were positive yesterday for the first time in the last 2 weeks in the lead-up to tomorrows FOMC announcement, US indices recovered but still has a fair amount of ground to make up to get back to this month’s open. Read more.
Yesterday was a negative day throughout the market as American policymakers signalled that the Fed is still on track to taper asset purchases. Despite recent positive earnings and revenue, the big focus will be the Delta variant that has pushed up infections to near peak levels causing concerns with regards to how it will impact air travel despite the high vaccination rates in the US. Read more.
Exxon has been declining steadily since 25 June, despite having positive earnings and revenue that was released on the 30th July the continued expansion plans of its oil refineries are contradicting the vision that the Biden administration has for renewable energies. Read more.
Fed chair Powell addressed the elephant in the room on Friday, tapering will take place and it won’t be at the same time as when they decide to raise interest rates. Apples earnings and revenue remain positive as earnings and revenue surpassed expectations in last months earnings reports. Apple was up 0.72% on Friday’s close. Read more.