- US indices launched today's cash trading in mixed moods
- US Core PCE inflation slightly below estimates
- Amazon (AMZN.US) stock plunges on poor earnings forecast
- Intel (INTC.US) stock surges on upbeat quarterly results
Major Wall Street indices launched today's session higher, with Dow Jones added nearly 1.0%, while S&P500 and Nasdaq rose 0.60% and 0.50% respectively as investors digested a slew of economic data and weak earnings results from Amazon. The Federal Reserve's favorite inflation gauge, the PCE price index, showed core inflation came slightly below market estimates, strengthening hopes that a FED pivot could be on the horizon.
US100 managed to defend key support at 11000 pts despite negative sentiment caused by the poor performance of big tech companies. As long as price sits above this level, another upward move towards local resistance at 11700 pts may be launched. On the other hand, if sellers manage to push the index below the aforementioned support, downward move may deepen towards support at 10460 pts, which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
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Intel (INTC.US) shares rose nearly 7.0% in premarket despite the fact that the chipmaker lowered its full-year sales outlook. Company reported better than expected quarterly results and aims to lower costs over the next year.
Intel (INTC.US) stock broke above the mid-term downward trendline and launched an upward correction in the second half of October, however buyers failed to break above the local resistance at $27.80. Stock pulled back yesterday, however the downward move was halted around $26.20 where the 50 SMA (green line) is located. Moods improved today and price is testing next resistance at $29.00 which is marked with the upper limit of the 1:1 structure. Source: xStation5
Tesla CEO Elon Musk is now in charge of Twitter (TWTR.US) according to CNBC. Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company’s San Francisco headquarters.
Pinterest (PINS.US) stock jumped over 10.0% in the premarket following upbeat quarterly results and rising number of monthly users.
Exxon Mobil (XOM.US) and Chevron (CVX.US) shares gained around 2.0% in premarket as both oil giants beat top and bottom line estimates for the latest quarter.
Amazon (AMZN.US) stock plunged nearly 14.00% in premarket after the e-commerce giant forecast a slowdown in sales growth for the all-important holiday season and warned of a hit to consumers' purchasing power.
Apple (AAPL.US) rose 1.0% before the opening bell after the iPhone maker posted upbeat quarterly results, with its highest revenue ever for the July through September period. On the downside, iPhone sales failed to beat market expectations.
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