As we are entering the last month of summer in the northern hemisphere, let’s look back at the important market events of July and see what assets might be worth checking.
Despite seeing higher commodity prices, the company managed to surpass 2019 levels and report a higher than expected second-quarter revenue. The giant reported a revenue of $10.13 billion versus the expected $9.32 billion, and EPS of 68 cents versus the expected 56 cents. It seems, the company finds new possibilities and manages to not just maintain their performance, but increase profitability in the post-pandemic economy.
Coca-Cola grew significantly in July and the company’s expectations are optimistic for the second half of the year as well. So far, Coke’s shares gained +4.85% in a month and are currently traded at $56.63 per share.
The American stockbroker publicly filed for its IPO with the SEC on July 1 and now the shares of the company can be found under the ticker HOOD on NASDAQ. This was one of the most anticipated IPOs due to Robinhood’s popularity among stock traders. The stockbroker was widely discussed in January, during the hype around Gamestop, caused by a Reddit community r/WallStreetBets.
Following the IPO, Robinhood immediately jumped 57% in the first week, reached its peak at $70 and it is currently trading at $55, well above its initial public offering price.
End of July brought Bitcoin momentum and the asset climbed almost +40%, reaching its highest peak this summer — $45,500 per 1 BTC. Is this new high point only a base for future jumps or will the price reverse? According to the digital asset firm Zerocap, a break over the 200-day MA might accelerate prices.
Of course, Bitcoin remains quite volatile, but it has many things going for it that might help the price grow.
July was also notable for the acceleration of U.S. job growth: the U.S. unemployment rate dropped to 5.4%, which is the lowest number in a year. The resurgence in economic activity, particularly in the leisure and hospitality industries, has caused an increase in labor demand. This could be particularly influential on certain USD Forex pairs, as well as on gold, due to its correlation with the US dollar.
Was July a good trading month for you? Let us know your thoughts in the comments below!