- US stocks fell sharply as Russia invades Ukraine
- Weekly jobless claims fall more than expected
- Alibaba (BABA.US) stock plunges after weak quarterly results
US indices fell sharply on Wednesday as investors rushed to safe-haven assets after Russian forces launched a full-fledged invasion against Ukraine, while western states pledged to impose strict sanctions on Russia. S&P 500 fell 2.5%, as the benchmark plunged further into correction territory. The index closed Wednesday 12% off its record high. Dow Jones lost 2.4%. The blue-chip measure closed Wednesday more than 10% off its record. The Nasdaq Composite declined 3% and is teetering on bear market territory. At the moment index trades 20% from its all-time high. On the data front, weekly jobless claims came in better than expected and economic growth to end 2021 was slightly better than initially reported, according to government data.
US100 fell sharply to 40-week low as Russia-Ukrainian conflict escalated. Index broke below the lower limit of the descending channel and is currently testing the lower limit of the 1:1 structure around 13000 pts. Source: xStation5
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Alibaba (BABA.US) stock fell over 6% in premarket after the Chinese e-commerce giant reported mixed quarterly results. Earnings topped market expectations, however revenue recorded slowest-ever growth in quarterly revenue since going public in 2014. Sales failed to beat analyst expectations due to rising competition.
Alibaba (BABA.US) stock has been moving in a downward trend through the whole 2021 and the beginning of the current year. Escalation of geopolitical tensions and poor quarterly performance additionally weighed on market sentiment. Currently the price is approaching the lower limit of the descending channel. Should break lower occur, downward move may accelerate towards lows from August 2015 around $55.00. Source: xStation5
Moderna (MRNA.US) posted quarterly earnings of $11.29 per share, well above analysts’ expectations of $9.90 consensus estimate. The drugmaker revenue also topped Wall Street projections. Company lifted its full-year Covid-19 vaccine sales forecast and announced a $3 billion share repurchase program.
Live Nation (LYV.US) stock rose over 5.0% in premarket after the live event producer reported solid quarterly revenue and said it has already sold 45 million tickets for 2022 events even as ticket prices rise substantially.
Norwegian Cruise Line (NCLH.US) stock fell 7% in premarket after the cruise line operator recorded quarterly loss which was wider than anticipated, while revenue missed estimates as well. Also Russia’s invasion of Ukraine put heavy pressure on the whole sector.
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