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May 31, 2023
- Peloton leader Icahn Enterprises gains 8.38%; currently at $22.38
- Taboola was the biggest decliner yesterday after giving up 6.69%
- Asia-Pacific markets are in session with varied performances.
Yesterday's trading session saw to it that markets completed a mixed session yesterday while Nasdaq ended the session at 13,017 after a 0.32% gain. Dow Jones shed 0.15% and closed at 33,043.
US markets are set to open today in around 12 hours. In the meantime, Asia-Pacific markets are currently mixed so far this session. European markets were down yesterday as FTSE is down by 1.38%, falls to 7,522
The one month Treasury rate fell from 6% to 5.31% alongside rising demand and prices. US bond yield gyrations reflect investor sentiment regarding the US economy, with lower yields suggesting investors remain confident about lending to the US government.
Advance Auto Parts Inc and Pure Storage, Inc. have released their earnings reports with GameStop Corp. & Smartsheet Inc. are set to publish their respective reports as scheduled.
This limbo state is reflected by market data published as data from United States concerning Consumer Confidence was released yesterday at 14:00 UTC. Newly published figures emphasized continued decline from last month's figure of 103.7 to 102.3 this month. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) came out at -1.1, while a consensus of analysts was expecting -1.6.
Data to be released today might clear up some of the market fog as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million, having previously been at -12.46 million. The figure will be published tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (May) will be released tomorrow at 12:15 UTC. As things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 253,000. New data is set to be published Friday.
While markets were generally sideways yesterday, these assets pulled ahead as Icahn Enterprises up 8.38% trading at $22.38. Confluent is doing well and gains 7.42%.
Despite lacklustre price action, some assets lagged behind their peers as Taboola lost 6.69% yesterday before closing at $2.65.
Confluent | Up 7.42% to $30.84 yesterday
- 4 months ago, the US software company fell to a low of $17.93 but has since recovered 60.17%.
- Confluent has posted further gains as part of a 19 day trend that has already seen the stock gain $8.75.
So far this year, it has been beating the Nasdaq by 29.26%. The company's market cap currently stands at $9.13 billion with an average daily trading volume of 4.57 million shares. Confluent last reported revenue of $174.30 million with an EPS of -36 cents.
Taboola | Closed down 6.69% at $2.65 yesterday
Having fallen 12 cents in 5 days, Yesterday's session continued down the same path: after ending Friday at $2.84, Taboola declined to $2.58 yesterday before closing at $2.65, thereby losing 6.69% in total. Daily trading volume (1.74 million shares) was higher than the current multiday average of 1.26 million.
