Quick overview
- Investors are focused on earnings reports from AMD, Amgen, Arista Networks, Shopify, and Booking Holdings, which will provide insights into various sectors including technology, healthcare, and travel.
- Key attention will be on forward guidance from these companies, as strong forecasts could bolster technology stock recovery, while disappointing commentary may lead to profit-taking.
- AMD and Arista Networks are particularly scrutinized for signs of sustained semiconductor and data-centre demand, while Shopify’s results will indicate consumer spending trends in e-commerce.
- Gold prices experienced volatility, retreating from highs due to a stronger U.S. dollar and rising Treasury yields, while Bitcoin and Ethereum showed mixed performance amid market fluctuations.
Investors turn their attention to Tuesday’s earnings calendar, with Advanced Micro Devices (AMD), Amgen (AMGN), Arista Networks (ANET), Shopify (SHOP) and Booking Holdings (BKNG) reporting quarterly results, offering fresh insights into semiconductor demand, healthcare, networking infrastructure, e-commerce and travel spending.
Technology Earnings Take Centre Stage
AMD and Arista Networks are likely to attract the most attention as investors look for evidence that data-centre and semiconductor demand can sustain current valuations. Recent capital expenditure figures from Microsoft and Alphabet have raised questions about the pace of infrastructure investment, making management guidance particularly important.
Shopify will provide insight into consumer spending and e-commerce growth, while Amgen offers a healthcare-sector perspective and Booking Holdings provides an indication of global travel demand.
Earnings Calendar Highlights Tuesday
The key market test will be forward guidance rather than earnings beats alone. Strong results accompanied by improved forecasts could support another recovery in technology stocks, while disappointing commentary on spending, margins or demand could trigger further profit-taking.
Advanced Micro Devices (NASDAQ: AMD) – After Market Close
- – Expected EPS: $1.94
- – Market capitalisation: approximately $762.7 billion.
- – Investors will focus on data-centre and semiconductor revenue, demand for its AI accelerators and competition in the processor market.
- – Forward guidance will be particularly important as investors assess whether infrastructure spending can continue supporting chip demand.
- – Any indication of stronger accelerator shipments or improving margins could support sentiment across semiconductor stocks.
– Amgen (NASDAQ: AMGN) – After Market Close
- – Expected EPS: $5.78
- – Market capitalisation: approximately $252.69 billion.
- – Investors will watch pharmaceutical revenue growth, product demand and the company’s pipeline developments.
- – Guidance on future sales, pricing pressures and research spending could influence the reaction.
- – The market will also assess whether earnings growth can remain resilient amid competition and changing healthcare conditions.
– Arista Networks (NYSE: ANET) – After Market Close
- – Expected EPS: $1.08
- – Market capitalisation: approximately $206.89 billion.
- – Networking equipment demand remains central to the investment outlook as technology companies expand data-centre capacity.
- – Investors will monitor cloud customers, Ethernet switching demand and revenue growth.
- – Commentary on infrastructure spending by major cloud providers could be particularly important following recent capital expenditure disappointments from Microsoft and Alphabet.
– Shopify (NASDAQ: SHOP) – Before Market Open
- – Expected EPS: $0.46
- – Market capitalisation: approximately $200.77 billion.
- – Investors will focus on gross merchandise volume (GMV), merchant solutions revenue and subscription growth.
- – Consumer spending trends and merchant adoption of Shopify’s platform will provide important signals about the health of e-commerce.
- – Forward guidance and operating margins will help determine whether its premium valuation remains justified.
– Booking Holdings (NASDAQ: BKNG) – After Market Close
- – Expected EPS: $4.50
- – Market capitalisation: approximately $115.76 billion.
- – Investors will examine travel demand, room-night bookings, average daily rates and gross bookings.
- – Commentary on international travel, consumer spending and holiday-season demand will be important.
- – Guidance could reveal whether travel demand remains resilient despite economic uncertainty and higher household expenses.
Forex Signals Update
Gold Capped by the 20 SMA
Gold prices experienced a volatile trading week, ultimately finishing significantly lower after an initially strong rally lost momentum. The precious metal climbed above $4,300 early in the week but later reversed sharply, ending nearly $100 below its recent highs as investors reassessed the outlook for interest rates and global risk sentiment.
The decline was largely driven by a stronger U.S. dollar, rising Treasury yields, and reduced demand for defensive assets following positive geopolitical developments in the Middle East. Despite the weakness, gold remains above the critical $4,000 support zone, which continues to define the longer-term bullish trend but it is under attack.
MAs Hold as Support for USD/JPY
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips as the pair found support at the 20 daily SMA (gray) and has rebounded more than 200 pips off that MA but reversed after the 25 bps rate cut from the FED. The price climbed to $164 but reversed after the BOJ meeting and fell 7 cents, breaking below the 100 daily SMA (red) as well, which has been acting as support before.
USD/JPY – Daily Chart
Cryptocurrency Update
Bitcoin Faces the 100 SMA as Resistance
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green) which might turn into resistance at 90K now, after the rebound.
BTC/USD – Daily Chart
Ethereum Returns Above $2,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned and pushed the price above $2K again.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
