- Weekly jobless claims fall in line with expectations
- Robinhood (HOOD.US) stock fell more than 10% after a four-day surge
- Moderna (MRNA.US) and Uber (UBER.US) shares fell despite upbeat quarterly figures
US indices launched today's session higher, attempting to rebound from yesterday's losses amid solid quarterly earnings and upbeat claims report while concerns about the inflationary pressure limit upside potential. Of the 340 companies in the S&P 500 that have reported earnings so far, a record 87.6% have beat profit estimates. On the data front, US weekly jobless claims dropped to 385k and broadly in line with market expectations of 384k, while the trade deficit reached new record levels as imports hit a new high. Tomorrow all eyes will turn to the NFP report, as investors await further hints on the Federal Reverse next steps.
US500 bounced off the upper limit of the downward channel during yesterday’s session and index is currently testing local support at 4400 pts which is strengthened by 50 SMA ( green line) and 200 SMA (red line). Should break lower occur, downward move may be extended to the lower limit of the aforementioned channel or even support at 4330 which coincides with 23.6 Fibonacci retracement of the upward wave which started back in May. Source: xStation5
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Open account Try demo Download mobile app Download mobile appModerna (MRNA.US) stock dropped more than 2.0% in the premarket, despite solid quarterly figures. Drugmaker earned $6.46 per share for its latest quarter, well above analysts’ projections of $5.96. Revenue also beat market forecasts. Moderna said its Covid-19 vaccine is 93% effective after 6 months.
Robinhood (HOOD.US) stock plunged more than 11.0% in premarket after the trading platform company announced on Thursday its stockholders could sell up to 97.9 million of shares and that the company will not receive any of the proceeds.
Cigna (CI.US) stock fell more than 3.5% in premarket despite the fact that the insurance company earned $5.24 per share in the latest quarter while analysts expected earnings of $4.96 per share. Revenue also came in above forecasts, however the company noticed a negative impact of higher medical costs on its business.
Uber (UBER.US) posted an unexpected quarterly profit of 58 cents per share, while Wall Street expected 51 cents per share loss. The ride-hailing company’s revenue also topped estimates. However stock fell more than 4% in premarket as most of the company profits came from its investments.
Uber (UBER.US) recently broke below major support at $43.50 which now acts as resistance. Price is currently testing the lower limit of the descending channel. Should break lower occur, then downward move may accelerate towards next support at 38.10 which coincides with 50.0 % Fibonacci retracement of the last upward wave which started back in March 2020. Source: xStation5
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