- US indices launched today's cash trading slightly lower
- US retail sales well above expectations
- Target (TGT.US) stock plunges on weak financial outlook
Three major Wall Street indices launched today's session mixed, with Dow Jones trading around the flatline while the S&P 500 and Nasdaq fell 0.4% and 0.9% respectively, following grim sales outlook from major retailer Target, while US retail sales rose 1.3% MoM in October which suggests that US consumers continued to spend despite the weakening economy. Among other economic releases, industrial production unexpectedly declined.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US500 again fell below 4000 pts following the release of retail sales and industrial production data. As long as the index sits below, downward move may accelerate towards short-term support at 3900 pts.. Source: xStation5
Company news:
Etsy (ETSY.US) stock dropped over 3.5% after Evercore put the online crafts marketplace on its “Tactical Underperform” list, however uphold its outperform rating. Evercore expects a 3-month trend of slower sales and a shift in spending toward lower-priced items.
Etsy (ETSY.US) stock jumped nearly 40.0% since the beginning of November, however buyers failed to stay above resistance at $123.50, which coincides with 23.6% Fibonacci retracement of the downward wave launched in November 2021. Nearest support to watch lies at the earlier broken upper limit of the local descending channel. Source: xStation5
Target (TGT.US) shares fell over 14% in premarket after a major retailer reported lower profit in Q3 and expects weaker sales in holiday-quarter, citing surging inflation and "dramatic changes" in consumer spending.
Lowe’s (LOW.US) stock rose over 2.4% before the opening bell after the home improvement retailer posted upbeat quarterly results and reported better-than-expected comparable store sales. Company lifted its annual financial outlook, thanks to higher prices and robust demand for its products.
Grab (GRAB.US) stock rose 15% in premarket after the ride-hailing platform lifted its revenue guidance thanks to solid demand in Southeast Asia.
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