A barely sleeping bear

07/29/2022 | 08:15am

Recession is the new buzz word on stock markets. From investors to consumers, fear is spreading throughout the world. And things turned for the worse when US GDP for the second quarter, released on Thursday, showed that the country's economic growth was negative for two straight quarters.

Joe Biden had to intervene to reassure investors: "The United States are not in a recession, not even in a pre-recession", he stated this week. Buoyed by good corporate results such as Amazon, Wall Street ends the week on a positive note. Despite a loss of market share in the cloud, a growth below inflation and margins that are melting, Amazon gained 13.5% after the close. Sales abroad are catastrophic - net sales down 12% - but in North America, they gained 10% YoY. 

Results will continue to will play a major role in the direction of the market in the coming days. Later today, we'll have those of oil companies Chevron and Exxon Mobil. This will be followed early next week by S&P Global, Caterpillar, Starbucks, Paypal and AirBnB. The bulls could continue their rebound, but be careful not to wake the sleeping bear.

Source: MarketScreener.com
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