US-China tension also remains among the uncertainties clouding the outlook. China announced it would halt cooperation with the US in a number of areas -- including working-level talks on climate change and defense -- after US House Speaker Nancy Pelosi’s trip to Taiwan this week. China also sent warships across the Taiwan Strait’s median line in the first such incursion in years, a day after likely firing missiles over the island.
West Texas Intermediate rose to near $90 a barrel, but remains on track for its biggest weekly decline since April. Gold fell and Bitcoin gained.
*Something interesting to read*
*Danger ahead: The U.S. economy has yet to face its biggest recession challenge*
https://www.cnbc.com/2022/08/05/danger-ahead-the-us-economy-has-yet-to-face-its-biggest-recession-challenge.html
*Which companies were in focus?*
• *Tesla Inc.* shareholders on Thursday approved a proposal expected to lead to a 3-for-1 stock split and sided with the company on most of the proposals up for a vote. Shares dropped 6.6%.
• Meme-stock favorite *AMC Entertainment Holdings Inc.* late Thursday announced a special dividend in the form of “Ape” preferred shares. AMC shares jumped 18.9%.
• Shares of *Twilio Inc. plunged 13.5%* after the software company’s outlook came in below Wall Street expectations following a reported beat in the previous quarter.
• *DoorDash Inc. shares fell 1.3%* after the company late Thursday reported continued growth in the second quarter, saying that its food-delivery business remains healthy despite economic uncertainty, though its loss was worse than what Wall Street expected.
• Shares of *Cloudfare Inc. soared 27.1%* after the cybersecurity company reported results late Thursday that topped Wall Street expectations and hiked its revenue outlook for the year.
• *Beyond Meat Inc. shares surged 21.9%* after UBS raised its price target. Shares had tumbled in early trade after the maker of plant-based meat substitutes posted on Thursday afternoon a larger-than-expected net loss and smaller-than-expected revenues, while announcing layoffs.
• *Block Inc. shares edged down 2.2%* after the payment-technology company late Thursday swung to a loss and projected that July volume growth for the Square seller business would be lower than what was expected in the second quarter when looking on a year-over-year basis.
• *Carvana Co. shares skyrocketed 40.1%* even as the used-car retailer missed expectations with its second-quarter revenue and logged a larger loss than analysts were anticipating. The company reported second-quarter sales volume of 117,564, up from 105,185 the previous quarter and 107,815 a year earlier. Shares are down almost 80% this year.
*The yield on the 10-year Treasury note jumped 16.4 basis points to 2.838%. Yields and debt prices move opposite each other.*
The Shanghai Composite ended with a gain of 1.2% Friday, but remained down 0.8% for the week. The Hang Seng Index in Hong Kong rose 0.1% Friday, bringing its weekly rise to 0.2%. Japan’s Nikkei 225 gained 0.9% Friday and climbed 1.3% for the week.
European markets closed lower on Friday afternoon after a key U.S. jobs report showed unexpected strength in the labor market.
*On the data front, French industrial output unexpectedly rose in June, posting a strong 1.4% monthly increase despite forecasts for a 0.2% contraction amid persistent supply chain problems and the energy crisis.*
*Currencies*
# The Bloomberg Dollar Spot Index rose 0.7%
# The euro fell 0.7% to $1.0178
# The British pound fell 0.8% to $1.2066
# The Japanese yen fell 1.7% to 135.10 per dollar
*Bonds*
# The yield on 10-year Treasuries advanced 15 basis points to 2.84%
# Germany’s 10-year yield advanced 15 basis points to 0.96%
# Britain’s 10-year yield advanced 16 basis points to 2.05%
*Commodities*
# West Texas Intermediate crude rose 0.4% to $88.91 a barrel
# Gold futures fell 0.9% to $1,790.50 an ounce
By: via @AlliesFin Serve Stock Market
