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US markets open slightly lower after a six-day streak
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Goldman’s economists boost their US GDP forecast
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Tesla’s sales in China more than doubled
US markets opened slightly lower on Tuesday following a six-day winning streak. A day earlier US stocks climbed to fresh all-time highs and investors clearly need a pause now. Prospects for more stimulus remains a major driver behind recent rally. Congressional committees are expected to work out details of the legislation this week. Meanwhile Goldman Sachs economists increased their 2021 and 2022 United States GDP growth forecasts by 0.2 percentage points each to 6.8% and 4.5% respectively. They now expect that the stimulus package will be worth $1.5 trillion. Apart from that, Trump’s 2nd impeachment trial beings at 1 pm EST today, but the event is not likely to affect markets directly. Market participants also focus on Bitcoin amid Tesla’s hot $1.5 billion investment in the most popular cryptocurrency. 
US30 is trading slightly lower today. The index has already tested the 50-hour moving average (purple line), which might be seen as the first support for now. One might still notice a sequence of higher highs and higher lows on the chart, therefore the bearish scenario has not been validated yet. Should the index break below the mentioned moving average, traders might want to focus on 31,000 area. Source: xStation5
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Tesla (TSLA.US) more than doubled its sales in China last year as it rose to $6.66 billion, according to a filing out Monday. The electric car maker’s sales in China accounted for about one-fifth of Tesla’s sales overall.
Take-Two Interactive (TTWO.US) managed to beat Wall Street expectations as the company posted $814.3 million in adjusted revenue and an adjusted EPS of $1.24, compared to consensus estimates of $752.6 million in revenue and $0.95 in EPS. The firm raised its annual sales targets due to continued strong demand for video games franchises like “NBA 2K” and “Grand Theft Auto”. However, share price fell 4% as the firm did not announce any new game releases.
Coty (COTY.US), a beauty products company, released its fiscal 2Q earnings before today’s market open. The firm reported adjusted quarterly profit of 17 cents a share, 10 cents a share above expectations. Sales fell a bit shy as revenue declined 15.9% to $1.415 billion, slightly below consensus. The company said its profit got a boost from increased cost savings, yet the demand was dented by the pandemic.
Coty (COTY.US) stock price fell as the firm’s revenues remain under pressure due to pandemic. Shares soared recently, breaking above 50-day moving average. The mentioned average might be seen as key support for now and the price has already touched that hurdle today. Next critical support area might be found near $6.25. Source: xStation5
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