Oil plunges on inventory increase
Market Daily Update from Etoro
- Moderna rises despite profit fall
- Avast surges 44%
- Oil plunges on inventory data
Moderna rises despite profit fall
Wall Street stocks reversed course yesterday with the NASDAQ100 increasing 2.55%, the SPX500 rising 1.38% while the DJ30 was up 1.09%. Leading risers were pharmaceutical firm Moderna which popped 15.87% with revenues up 9%, followed by PayPal (+9.25%), and NortonLifeLock (+7.91%). Biggest fallers included SolarEdge Technologies (-19.13%), Match Group (-17.56%) and Assurant (-10.18%). On eToro, investors can gain exposure to Moderna and the general vaccine industry through the Vaccine-Med Smart Portfolio.
Avast surges 44%
The UK100 index ticked up 0.34% yesterday as cybersecurity software firm Avast’s share price surged 43.76% after it was announced that its takeover by NortonLifeLock had been approved by the UK’s competition regulator, which did not believe that the takeover would harm competition. Also up were Taylor Wimpey (+4.69%) and Ocado (+4.83%). For the most recent and significant price movements in markets, check out the Market Movers page.
Oil plunges on inventory data
OPEC+ agreed to a modest increase of 100,000 bpd in output in September, compared to 684,000 in July, thus disappointing hopes that it would do more to relieve supply pressures for the global economy. Nonetheless, the price of oil plunged briefly under $90 on US data of unexpected surge in oil and gas inventory. Oil was trading around $90.50 at time of writing.
- Cocoa drops 2.3%: The price of Cocoa dropped $55 on Wednesday due to an increase in supply from Ivory Coast, the world’s biggest cocoa producer. Supplies from the West African country are up almost 1% year-over-year in the past nine months
- Top cryptos inch higher: Cardano, Solana, XRP and Ethereum all gained approximately 2% while Polkadot advanced around 4% over the past 24 hours. Bitcoin was trading above $23,000 at time of writing, up more than 1% over the past day.
- Asian markets mixed: The HKG50 was up around 0.5%, the China50 registered small gains while the JPN225 posted minor losses at time of writing.
- Today, Thursday August 4th at 13:15 US EST, US Markets Analyst Callie Cox will interview Author, Venture Capitalist, and Financial Provocateur, Howard Lindzon, on Twitter Spaces.
- Potential volatility in the UK: The BOE will announce its Monetary Policy Report and Bank Rate, followed by a press conference with its Governor, Andrew Bailey, at 11:00 GMT.
- Europe opens higher: The UK100 advanced 7 points, the GER40 jumped 52 points, and the FRA40 gained 8 points.
-Cryptoassets are a highly volatile unregulated investment product. No EU investor protection. Your capital is at risk.
-Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.
-The information above is not investment advice.