- US indices launched today's cash trading in mixed moods
- US30 bounced off support
- Dollar Tree (DLTR.US) plunges despite upbeat quarterly results
Three major Wall Street indices launched today's session in mixed moods as a worsening Covid-19 situation in China pushed investors away from growth stocks and toward defensive sectors. The Dow Jones rose 0.40%, S&P 500 advanced 0.20%, thanks to upbeat earnings from the retail sector, while Nasdaq fell 0.37% weighed down by Zoom and Dell quarterly figures. Also investors remain cautious ahead of tomorrow’s FOMC minutes which may provide more hints regarding FED future rate hike path. Today, several Fed members are set to speak, including Kansas City Fed President Esther George and St. Louis Fed President James Bullard, which may be a source of volatility in the afternoon.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US30 bounced off major support at 33700 pts, which coincides with 61.8% Fibonacci retracement of the downward correction launched in January 2022. As long as the index sits above the aforementioned level, upward impulse may accelerate towards the next resistance at 34330 pts, which is marked with the upper limit of the 1:1 structure. On the other hand, if sellers manage to regain control, a downward move towards local support at 32620 pts may be launched. Source: xStation5
Company news:
Dollar Tree (DLTR.US) shares fell over 5.0% as the discount store operator lifted its annual revenue guidance but expects full-year profit to be in the lower half of its range. Quarterly results topped market estimates.
Dollar Tree (DLTR.US) stock launched today's session sharply lower and is testing major support at $155.50, which coincides with 23.6% Fibonacci retracement of the upward wave started in September 2021 and 200 SMA (red line). Should break lower occur, downward move may accelerate towards next support at $141.50. Source: xStation5
Dell Technologies (DELL.US) shares lost over 1.5% before the opening bell as disappointing revenue forecasts overshadowed upbeat quarterly results for the third quarter. Company said a slowing economy, inflation and other economic factors will have a negative impact on customer spending.
Zoom (ZM.US) shares fell over 9.0% in premarket after the video-conferencing platform cut its annual sales outlook, expecting a hit from declining online business.
Best Buy (BBY.US) stock jumped more than 7.0% after the consumer electronics retailer posted solid quarterly results and forecasts a smaller-than-expected drop in annual sales ahead of the holiday season.
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