- Coronavirus remains the dominant theme on the markets
- Data from US labor market did not affect the financial markets
- S&P500 tests support zone at 2946.8 pts
European stock indices wend down second day in a row as the number of coronavirus infections increased in numbers. The markets are concerned about the global impact of the outbreak.
US indices fell during pre-market trading and pointed to a drop at the open. Some of the largest technology companies in the US like Google, Microsoft, Facebook and Amazon asked employees from Seattle area not to show up in offices today and work remotely from home. Strong reading from the labor market did not significantly affect financial markets. Corona virus remains biggest concern for investors.
S&P500 (US500) after closing below 200 MA continues the downward movement. At the moment, the price is testing the local support level at 2946 pts. If the current trend continues, then another important area of support is located in the range between 2855pts and 2811pts.
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Open account Try demo Download mobile app Download mobile appAdvanced Micro Device Inc. (AMD.US) CEO Lisa Su predicted that in the long term the company should achieve revenue growth of 20%. Company’s stock went up about 4% in extended trading. AMD’s shares are trading at $47.95 and have doubled their value in the last 12 months.
Advanced Micro Device Inc. (AMD.US) shares are trying to recover from the recent downward move. The share price is testing a correlated level of support at $46.46 and 200 MA. If the price makes a move below this swing level then one can expect a sharp decline towards recent lows at $41.29.
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