📆 Thursday, August 1
► Wall Street looks set for a continuation of yesterday's strong rally as bullish sentiment continues after dovish comments from Fed Chairman Jerome Powell and the rise in technology stocks in the previous session led to the biggest gains since February. Technology stocks received a further boost from Meta's strong sales figures, in particular thanks to optimization through artificial intelligence, and strong sales growth at Qualcomm, whose key business of chips and modems for smartphones rose 12% year-on-year – more than expected. We see the S&P 500 up 0.25% pre-market and the Nasdaq 100 up 0.5%, while the Dow Jones remains flat for now as tech/AI stocks play a smaller role in the 30-stock average.
► However, the positive sentiment on the US stock markets did not carry over to Europe. The benchmark Stoxx 600 index fell more than 0.4% after banks and industrials reported mixed results and after yesterday's mixed economic data, including a rise in inflation in the Eurozone. Societe Generale shares slumped after continued disappointment over its domestic retail business. Shares in Rolls-Royce Holdings jumped as much as 11% after the company raised its profit forecast.
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