eToro Daily Update 29/07/2020

Futures flat ahead of FOMC statement

Wall Street registered moderate losses yesterday, as the DJ30, SPX500 and NSDQ100 all finished in the red. At time of writing, futures indicate a flat opening, as investors await the Federal Open Market Committee (FOMC) statement, scheduled for 19:00 GMT. US markets may also be affected by the monthly Pending Home Sales report, to be released at the same time.

Today’s highlights: XRP jumps 8%

XRP catches up to BTC and ETH: While Bitcoin and Ethereum showed little movement over the past 24 hours, the 3rd-largest crypto, XRP, surged more than 8%. At time of writing, XRP was at a 3-month high, while Bitcoin remained stable at around $11,000.

Asian markets mixed: While the China50 index was seen around 1% higher at time of writing, the JPN225 was down around 1% and the HKG50 was nearly flat.

Oil falls on demand concerns: After yesterday falling briefly below $41, oil prices rebounded slightly, but were still lower overall yesterday and this morning. The spread of the second wave of COVID-19 has led to growing concerns that global demand for black gold may take longer to recover.

Cannabis stocks on the rise: Medical marijuana stocks Canopy Growth and Aurora yesterday climbed 14.86% and 9.22%, respectively. On eToro, both stocks are part of the CannabisCare CopyPortfolio, which gives investors exposure to the medical marijuana market. For the most recent and significant price movements in markets, check out the Market Movers page on eToro.

Procter & Gamble reaches all-time high: The consumer goods giant is scheduled to reports its earnings tomorrow. In anticipation of the report, the PG stock climbed more than 1.2% yesterday, reaching a new all-time high.

Stocks jump after the bell: Both AMD and Starbucks announced their earnings yesterday after markets closed, showing better than expected performance. As a result, the companies climbed more than 10% and 5%, respectively, in after-hours trading.

Big tech CEOs to testify today: Facebook, Amazon, Apple, and Google CEOs will be testifying before the House Judiciary Committee today, as part of Congress’ ongoing antitrust probe.