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June 1st - Many on Wall Street are now warning investors holding speculative tech stocks: sell now. Goldman Sachs basket of unprofitable tech stocks rose 27% in May, outperforming the Nasdaq 100 by 17 percentage points, its best performance since November 2020. Year-to-date, the portfolio is up 57%, while the S&P 500 is up 11%. JPMorgans market intelligence division, led by Andrew Taylor, notes that after such a rapid rise, investors should be "cautious about the riskier individual stocks in the tech sector," given that potential yields may remain high. Taylor advocates shifting towards more established companies in the industry, especially given rising bond yields, as this could have the greatest impact on smaller, loss-making companies. He adds that share buybacks by larger, more profitable tech companies "help drive a transformation towards quality businesses."According to the Norwegian statistics agency OFV, Teslas new car registrations in Norway increased by 28.7% year-on-year in May.On June 1st, the Expanded Meeting of the Directors of the Custody, Settlement and Financial Accounting Professional Committee of the Securities Association of China was held in Shanghai. The meeting focused on discussions and exchanges regarding key areas such as data asset valuation, digital transformation of finance, research on industry tax issues, optimization of account management functions, and settlement and operation of open-ended funds. The meeting emphasized that the committee should continue to promote research on self-regulatory rules and standards development in key areas of the industry, strive to solve industry tax and practical problems, further guide securities companies to standardize private equity fund custody business, and promote the industry to better fulfill its financial management functions.June 1st - DeepBlue Autos announced that its global sales in May 2026 reached 33,243 units, a year-on-year increase of 30%. From January to May, cumulative global sales reached 130,531 units, a year-on-year increase of 15%.AMC Theatres (AMC.N) announced that its global movie attendance in May reached a new high since 2019.

Forecast for Gold Price: XAU/USD consolidates above $2,000 as investors await initial US S&P PMI data

Daniel Rogers

Apr 21, 2023 13:52

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During the Asian session, the price of gold (XAU / USD) is oscillating above the psychological resistance of $2,000.00. After a gradual increase, the price of gold has leveled off near $2,005.00 as investors await the release of preliminary S&P PMI data for the United States.

 

S&P500 futures have added some gains during the Asian session following three consecutive declines. As a result of Elon Musk's price-cutting frenzy, Tesla's revenue projections were gloomy, which dampened market sentiment. Near 101.77, the US Dollar Index (DXY) has extended its correction. The USD Index has been consolidating in a range between 100.90 and 102.03 for the past several trading sessions. Therefore, a move that exceeds the previously specified limit will be considered decisive.

 

The subdued USD index weighs on US Treasury yields as well. The demand for U.S. government bonds has increased as weekly unemployment claims have increased. The number of individuals claiming unemployment benefits rose to 245K, exceeding the consensus estimate of 240K. This indicated a softening in the labor market and bolstered expectations that the Federal Reserve (Fed) will not raise interest rates after the monetary policy meeting in May.

 

In the future, the publication of the preliminary US S&P PMI data will determine the impact of the Fed's rate hikes on the scope of economic activity. According to projections, the Manufacturing PMI and Services PMI will decline to 49.0 and 51.5, respectively. A preliminary PMI reading that is weaker than anticipated could impact heavily on the U.S. dollar.

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