Wall Street turns positive premarket - Broadcom under pressure, Snowflake convincing

Wall Street is turning positive in the premarket. There is relief in the yields of long-term government bonds. Central banker Waller emphasizes that he will speak out against raising interest rates in September.

Brent oil is rising to around $96 to $97, although the situation in the Strait of Hormuz has calmed down somewhat. On Monday and Tuesday, around 17 to 18 million barrels passed through the strait again, compared to around 20 million before the war.

In the technology sector, Broadcom is taking center stage. Despite the strong quarter and the improved outlook, the stock is under pressure. Snowflake, on the other hand, delivers exactly what Wall Street currently wants to see: sales plus 35 percent, increasing margins and an increased annual outlook. Morgan Stanley even increases its price target from $300 to $470, pointing out that growth is accelerating for the third quarter in a row. Around half of the acceleration in product sales now comes from AI products.