- US indices launched today's cash trading higher
- Interesting week ahead with FOMC decision and megacap earnings
- Snap (SNAP.US) stock downgraded by Morgan Stanley
US indices launched today's session slightly higher as investors restrain themselves from taking big transactions in anticipation of the FED meeting on Wednesday and GDP figures on Thursday. Also quarterly results from 5 US megacap companies - Apple, Microsoft, Alphabet, Amazon, and Meta Platforms -may cause some moves on the markets and provide more clues on the economy's health.
US2000 rose sharply last week, however buyers on Friday failed to break above major resistance at 1837.5 pts, which is marked with upper limit of the 1:1 structure, 100 SMA (purple line) and 23.6% Fibonacci retracement of the last downward move. As long a price sits below, another downward move towards support at 1700 pts may be launched. Source: xStation5
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Snap (SNAP.US) stock extended declines after Morgan Stanley drastically lowered its rating on the owner of Snapchat to ‘underweight’ from ‘overweight’ due to weakness of its advertising business.
Snap (SNAP.US) stock remains under pressure following recent weak quarterly results. Price is currently testing support at $8.00, where lows from March 2020 are located. Should break lower occur, downward move may accelerate even further. Source: xStation5
Tesla (TSLA.US) stock jumped over 1.0% after the latest 10-Q filing revealed that the major EV producer received a $64 million gain from sales during the first six months of 2022.
JD.com (JD.US) stock rose over 2.0% before opening bell after Morgan Stanley described the Chinese e-commerce company as “catalyst driven idea” and expects an upbeat sales growth forecast when the company will reveal its quarterly results in August.
Intel (INTC.US) stock rose 0.8% in premarket after the chipmaker announced it will produce chips for Taiwan’s MediaTek, one of the world's largest chip design firms.
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