- Wall Street opens slightly lower
- US500 continues pull back from all-time highs
- AMD, Intel and Microsoft drops on China ban
Wall Street indices launched the first cash session of a new week slightly lower. S&P 500 was down 0.3% at the opening, Dow Jones traded 0.2% lower, Nasdaq opened 0.5% lower while small-cap Russell 200 0 gained 0.3%. This comes after a rather uneventful session in Europe, during which major indices from the region traded slightly lower.
Economic calendar for today is slight and does not include and releases that tend to trigger strong moves on the markets. Traders will be offered US new home sales data at 2.00 pm GMT and Dallas Fed manufacturing index at 2:30 pm GMT.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app
Source: xStation5
S&P 500 futures (US500) continues to pull back from recent all-time highs. Taking a look at chart at H1 interval, we can see that they were reached near the upper limit of the short-term bullish channel. Index pulled back below 50-hour moving average (green line) and a key near-term support to watch can be found in the 5,250 pts area, marked with previous price reactions and the lower limit of the channel.
Company News
Shares of AMD (AMD.US), Intel (INTC.US) and Microsoft (MSFT.US) drop following Sunday report from Financial Times. FT reported that China adopted new guidelines that will cut use of AMD and Intel chips in government servers and computers, as well as limit usage of Windows operating system.
Masimo (MASI.US) launched today's trading with a big bullish price gap. Company announced on Friday that it is planning to spin off its consumer unit. The move is aimed at improving profitability of the primary healthcare unit. Masimo said that spinoff will be completed as soon as possible after it undergoes due diligence process and gains approval from regulators.
United Airlines (UAL.US) drop after US Federal Aviation Administration increase oversight over the airline following a recent series of safety incidents.
Analysts' actions
- Tesla (TSLA.US) downgraded to 'neutral' at Mizuho. Price target set at $195.00
- Rivian Automotive (RIVN.US) downgraded to 'neutral' at Mizuho. Price target set at $12.00
- Walt Disney (DIS.US) upgraded to 'overweight' at Barclays. Price target set at $135.00
- Tempury Sealy (TPX.US) upgraded to 'buy' at Loop Capital. Price target set at $75.00
Intel (INTC.US) drops over 3% today and breaks below the $41.75 suppor zone. Stock trades at the lowest level since mid-November 2023. The next support to watch can be found in the $39 area. Source: xStation5
