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E-commerce stocks plummet – Amazon’s poor Q2 earnings drag down Etsy, Wayfair, and eBay shares


E-commerce stocks plummet – Amazon’s poor Q2 earnings drag down Etsy, Wayfair, and eBay shares.

Last Week Risers & Fallers:

Pfizer (NYSE: PFE) share price increased by 2.8% this week, closing at $42.81on Friday. Pfizer’s Q2 earnings were better than Wall street’s expectation, with a $1.07 adjusted earnings per share vs $0.97 expected.

US Oil futures (WTI) price increased on Friday by 0.26%, closing at $73.81. Oil prices have been on a four-month rise as demand outperforms supply. Brent crude has also increased to approximately $76 a barrel.

Amazon (NASDAQ: AMZN) stock is down by 9.42% this week, closing at $3327.57 per share. Amazon’s Q2 earnings were disappointing, and their third-quarter is weaker than expected. 

GBP /USD gained 161 pips this week; the pound gained 1.16% over the US dollar. The USD is weakened by the Fed’s decision to keep interest rates flat. The Bank of England might be the first central bank to increase interest rates since the post-pandemic recovery looks promising, further supported by a successful vaccine roll-out in the UK.

Major events to watch:

Australia (AUD): Australia’s retail sales (MoM) measure the change in the total value of inflation-adjusted sales at the retail level and indicates consumer spending. The report is due Wednesday, 4 August at 03:30 GMT+2. The last report was -1.8% vs -0.5% forecast. If the retail sales figure is higher than expected, it could be bullish for the AUD, and a lower result could be negative for the AUD.

UK (GBP):  UK Interest rate decision, Thursday 5 August at 13:00 GMT+2. BoE (Bank of England) monetary policy committee sits to determine where to set the interest rate. The current rate, reported in June, has been flat at 0.10%. If interest rates increase, it could mean positive movement for the GBP, while lower interest rates mean bearish GBP.

USA (USD): Non-Farm Payroll (NFP) Friday 14:30 GMT+2, measures the change of the number of employed people during the previous month; this excludes farmworkers. The last report for July was 850,000, which was better than the forecast of 700,000. NFP is an indicator followed by traders. A higher than forecasted data could be bullish for the USD, whereas a lower value means bearish for the USD.

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