US Markets Futures were flat overnight after a positive day for U.S. markets on Wednesday. - Sonos lost almost 20% overnight after the company missed its earnings expectations.
- Tech stocks rose on Wednesday. Netflix was up 6.2%, Nvidia rose 6%, Meta gained 5.8%, and AMD climbed 4%.
- The current 10 Year U.S. Treasury yield is set at 2.78830%
| Dow Jones | 33,309.51 | 1.63% | | S&P 500 | 4,210.24 | 2.13% | | Nasdaq | 12,854.81 | 2.89% | | Russell 2000 | 1,969.25 | 2.95% | *Stock Market data as of the last closing bell. Data received directly from the references indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Market Insight Disney reported its earnings and provided a major update on the state of the streaming market and Disney+. - Disney+ now has 152.1 million subscribers, more than the 147 million predicted by analysts.
- Hulu has 46.2 million subscribers and ESPN+ has 22.8 million, which makes Disney the largest streaming company by subscriber numbers at 221 million, more than Netflix's 220 million.
- This is the first time Netflix has been unseated as the world's biggest streaming company.
- Disney shares were up 6% after the results were published.
- Netflix recently announced a decrease in subscribers and Warner Bros has shifted its strategy due to a lack of interest in its streaming service.
- Disney also introduced a two-tier system for subscriptions. Starting Dec. 8, subscribers can choose either a $3 increase in their $7.99 per month or a service including commercials.
- Disney forecasts 215 million to 245 million Disney+ subscribers by 2024.
- Disney saw a 72% revenue surge in its parks, experiences, and products division.
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Economic Analysis The Consumer Price Index rose 8.5% on an annualized basis in July, which was better than the 8.7% increase expected by economists. - Excluding food and energy prices, the core CPI was up 5.9% annualized, beating expectations of a 6.1% increase, and up 0.3% month over month.
- Energy prices were down 4.6% from June to July, with gasoline prices down 7.7%.
- Food costs were up 1.1%, and shelter costs rose 0.5%, both calculated on a monthly basis.
- Food costs on an annualized basis were up 10.9%. Some standouts include egg prices (+38%), butter (+26.4%), and coffee (+20%).
- Transportation as a whole was down 0.5%.
- Vehicle prices were down 0.4% from June to July and airline fares decreased by 1.8% on a monthly basis. Airline fares are down 7.8% compared to 12 months ago.
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Canadian Markets Stocks in Canada were up on Wednesday, tracking the positive sentiment in the U.S. stemming from the release of better-than-expected CPI figures. - The odds of the Bank of Canada raising interest rates by 75 basis points at its next meeting decreased from 60% to 45% after the U.S. CPI figures were announced.
- Centerra Gold lagged the market with a 21.63% drop after the company missed its earnings expectations.
- CAE Inc lost 17.62% after the aviation company posted disappointing results due to changes in exchange rates with U.S. customers.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets European stocks were up on Wednesday, rising late in the day, following the release of U.S. CPI figures. - The Stoxx 600 rose 1%. Retail shares led markets with a 3% increase.
- Germany's July CPI came in at 7.5% on an annualized basis and 0.9% on a monthly basis. Both figures matched expectations.
- Aviva shares were up 12% as the British insurer beat its earnings expectations.
| Euro STOXX 50 | 3,749.35 | 0.91% | | UK (FTSE 100) | 7,507.11 | 0.25% | | Germany (DAX) | 13,700.93 | 1.23% | | France (CAC 40) | 6,523.44 | 0.52% | *European stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Asian Markets Stocks in Asia were down on Wednesday, with trading closing before the U.S. CPI figures were released. - China's July CPI came in at 2.7% on an annual basis, the largest surge in two years.
- Tech stocks were down, with Meituan dipping 3.64% and JD.com losing 4.46%.
- Longfor was down 16.4% after it announced a 58% sales drop in the first seven months of 2022 compared with the same period of 2021.
| S&P Asia 50 | 4,513.46 | -2.01% | | Japan (Nikkei 225) | 27,819.33 | -0.65% | | South Korea (KOSPI) | 2,480.88 | -0.90% | | China (Hang Seng) | 19,610.84 | -1.96% | | India (SENSEX) | 58,817.29 | -0.06% | *Asian stock prices are as of 7 am ET. Data received directly from the references indexes through ICE Data Services.
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Commodities Oil prices were up on Wednesday after they rebounded midday following earlier losses during trading in Europe and Asia. - Brent finished the day up 0.7% and U.S. West Texas Intermediate gained 0.9%.
- U.S. crude stockpiles rose by 5.5 million barrels last week, well above expectations of 73,000 barrels, the U.S. Energy Information Administration said.
- Data from the U.S. shows that gasoline demand decreased by 6% over the past four weeks compared to the same period last year.
| Oil (NYSEARCA:OIL) | 31.97 | 1.23% | | Gold (NYSEARCA:GLD) | 166.78 | -0.25% | | Silver (NYSEARCA:SLV) | 18.95 | 0.11% | | Corn (NYSEARCA:CORN) | 25.02 | 0.77% | | Lumber (NASDAQ:WOOD) | 80.30 | 3.11% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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 |  | Liam Gill is a founder, lawyer and investor.
He previously founded Fumarii Technologies, which became a top 20 ranked cloud computing service (Yahoo Finance! 2019) valued at over $30M. He holds an LLB Laws (UK), MSc Management and Master of Laws and currently practices law at Zargar Lawyers + Business Strategists in Vancouver, Canada.
|   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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