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Wednesday,07 August 2024 at 15:30

U.S. stocks extending rebound from recent sell-off following the notable rebound seen in the previous session, stocks are showing another strong move to the upside during trading on Wednesday. The major averages have all moved sharply higher, with the tech-heavy Nasdaq leading the charge.

Gold inched up slightly toward $2,400 per ounce on Wednesday due to dovish Fed expectations and increased tensions in the Middle East.

U.S. crude oil inventories tumble much more than expected, the Energy Information Administration released a report on Wednesday showing crude oil inventories in the U.S. fell by much more than expected in the week ended August 2nd.

At 429.3 million barrels, U.S. crude oil inventories are about 6 percent below the five year average for this time of year, the EIA said.

In corporate news, Walt Disney stock fell almost 3% after the entertainment giant reported a drop in profits at its Experiences segment that includes parks and consumer products, which makes up just over half of profit, even as its Entertainment unit, with the combined streaming businesses of Disney+, Hulu and ESPN+, posted a profit for the first time. 

Markets
16:26
FTSE 100 8,166 +1.74%
FTSE 250 20,594 +1.11%
DAX 17,632 +1.61%
16:28
Dow Jones 39,407 +1.05%
S&P 500 5,319 +1.52%
NASDAQ 16,661 +1.79%
Fixed Income
UK 10-YR YIELD 3.960
Exchange Rates
GBP/USD 1.272
GBP/EUR 1.1635
Commodities
Gold $2,398 +0.40%
Brent $78.64 +3.37%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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