HFM

Indices, ETFs and Stocks 💰 Goldman Sachs reported EPS of $17.01, significantly above expectations of approximately $13.02. Revenue rose 23% year-over-year to $18.68 billion. Equities trading revenue jumped 72% to $6.44 billion. 📉 JPMorgan reported EPS of $5.57 and revenue of $50.91 billion, both below analysts' forecasts. Increased expenses and weaker fixed-income trading contributed to the disappointing results, although consumer spending remained resilient. The stock fell 0.90% as a result. 🏥 UnitedHealth reported adjusted EPS of $4.69, exceeding expectations of $4.14, with quarterly revenue reaching $112.7 billion. 💊 Johnson & Johnson stocks fell more than 5.00%. Pharmaceutical sales rose 7.7%, but weaker-than-expected medical technology sales weighed on investor sentiment despite an increase in full-year guidance. 🌍 Most global indices are trading slightly higher on Wednesday, but volatility and order flow seem minimal. Most investors await the CPI data for clarity. Metals & Energy 📉 Gold prices are falling despite lower bond yields and a weaker US Dollar. The main price driver remains expectations that in the medium-term the Fed will still hike and yields will remain high. 📊 The Gold and Silver outlook will likely become clearer after today’s CPI announcement. Market’s expect US inflation to rise from 3.4% to 3.6%. 🥈 Silver and Gold are the day’s worst-performing metals, while Copper and Palladium are holding onto previous gains. 🛢️ Oil prices remain high despite attempts to pressure prices lower. The conflict with the Yemeni Houthis is causing travel disruptions in Saudi Arabia. Major airlines, including Etihad Airways and Qatar Airways, have cancelled or suspended flights to the country. Concerns continue about energy supply disruptions making transportation more expensive. Forex 📈 The best performing currencies of the day so far are the Australian, New Zealand and Canadian Dollar. However, all are experiencing minor gains. 📉 The worst-performing currencies of the day so far are the US Dollar, Japanese Yen and Swiss Franc. 🏦 New York Fed President John Williams supports one more rate hike this year. With markets already pricing it in, the focus shifts to whether further hikes will follow in 2027. 🇫🇷 Fiscal concerns in France continue to weigh on European market sentiment. ECB President Christine Lagarde has dismissed expectations of central bank intervention in France's bond market, instead calling for stronger fiscal discipline.