European indices close higher on the day and near highs for the day Spain’s Ibex trades the highest level since February 10

The major European stock indices closed near high levels and up solidly on the day.

The Spain’s Ibex traded to the highest level since February 10 and move within a few points of the high for 2022 in the process.

The closing levels are showing:

  • German DAX, +1.59% at 14231
  • France’s CAC +1.78% at 6410.50
  • UK’s FTSE 100 +0.56% at 7564.92
  • Spain’s Ibex +1.47% at 8888.81
  • Italy’s FTSE MIB +1.22% at 24546

Looking at the hourly chart of the Spain’s Ibex, the price moved into a topside swing area ceiling between 8863.1 and 8912.20. A move above the upper extreme would take the price to the highest level in 2022 (and the highest level since November 19, 2021).

World Bank President Malpass: Russian invasion of Ukraine could trigger a global recessio

Malpass was speaking at an event hosted by the U.S. Chamber of Commerce on Wednesday. Sai:

  • “As we look at the global GDP … it’s hard right now to see how we avoid a recession,”
  • Russia’s war in Ukraine and its impact on food and energy prices, as well as the availability of fertilizer, could trigger a global recession.

Info comes via Reuters article, link here for more. These are not fresh concerns.

Stocks are more than halfway through the week and major indices are higher

The major US stock  indices IndicesStock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important i…Read this Term are all closing higher on the day. Moreover, the indices are also higher on the week with 2 days left to go. When the S&P and NASDAQ index are down for 7 consecutive weeks and the Dow is down for 8 consecutive weeks, closing with a positive week is a big thing.

The final numbers are showing:

  • Dow Jones, +191.66 points or 0.6% at 32120.27
  • S&P index up 37.25 points or 0.95% at 3978.74
  •  NASDAQ  index up 170.3 points or 1.51% at 11434.75
  • Russell 2000 rose 34.33 points or 1.95% at 1799.16

After the close Snowflake revenues beat but earnings-per-share were much weaker than expectations:

  • Revenues $422.4 million vs. $412.8 million estimate revenues are up 85% year on year
  • Earnings-per-share -$0.53 vs. $0.01 estimate

Although the revenues are up strongly and yoy sales gains are impressive at +85%, companies that don’t make any money are having a tough time. Shares of Snowflake are down -11% in after-hours trading.

Nvidia are expected to be released at 4:20 PM ET with earnings expected at $1.29/$0.67 GAAP on revenues of a $8.12 billion

UPDATE Nvidia:

  • EPS $1.36 vs $1.29
  • Rev 8.29B vs 8.12B estimate
  • Guidance for Revenue is $8.10B vs $8.44B est.
  • Shares are down -7%
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