Market Overview

The following is a partial recap of the market analysis shared during today’s morning Discord call.

Today we see a continuation of yesterday, with no headline or catalyst to push the market in either direction, while all the movement takes place in the semiconductor sector. One surprising development from yesterday was the growth that gold miners saw, despite the drop in gold prices, which makes us curious to see where they go from here today.

Softwares

The software sector has been steadily regaining its losses since early April, and we see $97 as the next gap on the iShares Expanded Tech-Software Sector ETF (IGV) to close. We also see Salesforce (CRM) report earnings today, making it the first major software company to report earnings in some time, so we recommend keeping an eye on it if you’re interested in the sector.

Local Stocks

Bid Corporation (BID)

Bid Corp was very weak by the end of yesterday’s session, and it could become a good option to buy if it drops further.

Telkom (TKG)

Telkom released a good trading statement, and we speculate that it will continue to trade well into its earnings next week. If it opens above R60 today, we think it could easily reach the R62-64 range.

Sasol (SOL)

Sasol traded very well yesterday, ending the session around R222. Subsequently, it’s likely to give up some of those gains today. It appears that Sasol is currently unable to break the R225-230 barrier and, for the most part, hovers between R210 and R225.

Earnings & Economic Data

Today has quite a few notable earnings in the broader tech sector, heavily stacked towards the after-hours.

After-Market Earnings

HP Inc. (HPQ)

HP is a multinational tech and information company based in the U.S. It’s listed on the NASDAQ and S&P 500 indices.

Marvell (MRVL)

Marvell is an American semiconductor tech company based in California.

Saleforce (CRM)

Salesforce is an American software company that provides software and software subscriptions for a variety of sectors.

Synopsys (SNPS)

Synopsys is an American tech company, specialised in designing, as well as providing tools and services to semiconductor and other tech manufacturers.

Economic Data

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