- US indices launched today's cash trading higher
- Hopes that the Fed will eventually slow down rate hikes support bullish sentiment
- Twitter (TWTR.US) stock falls on US review report
- Snap (SNAP.US) revenue forecast puts pressure on whole add sector
US stock futures erased most of the early losses after WSJ reported that Fed officials are likely to debate how to signal plans to approve a smaller 50 bp rate hike increase in December. This headline improved market sentiment. Earlier, Snap crashed almost 30% triggering a selloff in the tech sector.
Despite the negative sentiment in the tech sector US100 manages to defend major support at 11000 pts, which is marked with previous price reactions and lower limit of the 1:1 structure. Should break lower occur, the next target for sellers can be found around 10460 pts, which is marked with 61.8% Fibonacci treatment of the upward wave launched in March 2020. However if market sentiment shifts, then another upward impulse towards resistance at 12000 pts may be launched. Source: xStation5
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- Twitter (TWTR.US) stock plunged nearly 5.0% in premarket after Bloomberg reported that the US government is considering subjecting Elon Musk's takeover bid to a national security review, which could potentially ruin the transaction.
Twitter (TWTR.US) stock once again pulled back from Musk offer price and may be heading towards local support at $47.00 which coincides with 38.2% Fibonacci retracement of the last downward wave. Source: xStation5
- Verizon (VZ.US) stock plunged over 4.0% in premarket despite better than expected quarterly results. The telecommunications conglomerate earned an adjusted $1.32 per share, slightly above analysts’ estimates of $1.29 per share. Revenue also topped market estimates. However the company reported a smaller number of postpaid net phone ads than expected, noting it had anticipated some negative impact from raising prices.
- Snap(SNAP.US) stock sinked over 28.0% in the premarket after the social media company does not expect revenue growth for the current quarter due to the slowdown in the digital ad market. Other companies dependent on ad revenue, also took a hit – Pinterest (PINS.US) fell 7.5% while Meta Platforms (META.US) lost 3.5%.
- American Express (AXP.US) stock dropped nearly 5.0% in premarket after the company increased provisions to $778 million to prepare for potential defaults, even as it said its third-quarter profit had modestly improved.
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