- US indices launched today's cash trading slightly higher
- US jobless claims rose again
- Tesla (TSLA.US) faces potential production problems in Shanghai
Three major Wall Street indices rose slightly at the beginning of Thursday's session, with Dow Jones adding 0.505, while S&P500 and Nasdaq jumped 0.40% respectively as latest US weekly jobless claims figures increased again last week, suggesting that demand for work could be easing which sparks hopes that FED will become less aggressive in the future. Currently markets pricing a smaller 50 bp hike next week but betting on a higher terminal rate.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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Despite negative sentiment US30 managed to defend key support at 33720 pts which coincides with 61.8% Fibonacci retracement of the last downward correction launched early January 2022. As long as price sits above another upward impulse may be launched towards local resistance at 34330 pts. On the other hand, if sellers manage to regain control, then another downward impulse towards major support at 32620 pts may be launched. Source: xStation5
Company news
Tesla (TSLA.US) shares dropped over 1.5% in premarket after Bloomberg reported that the EV producer may shorten working hours at its Shanghai factory and freeze new hires at its most productive plant. Meanwhile, Elon Musk's bankers are considering providing the billionaire with new margin loans backed by Tesla stock to replace some of the high-interest debt he layered on Twitter according to Bloomberg Television.
Tesla (TSLA.US) stock launched today' session lower, below key support at $174.50 which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020. If sellers manage to uphold current momentum then downward move may deepen towards the lower limit of the wedge formation. Source: xStation5
Hershey (HSY.US) stock jumped nearly 2.0% in off-hours trading after UBS upgraded the candy giant to ‘buy’ from ‘neutral’, adding the company’s strong 2022 is set to continue into the new year.
GameStop (GME.US) stock fell slightly before the opening bell after the video-game retailer posted a wider-than-expected quarterly loss and disappointing revenue figures. CEO Matt Furlong announced that the necessary investments process has been completed and now the company will be very judicious when it comes to future spending.
Exxon Mobil (XOM.US) shares added more than 2.0% after the oil giant announced its capital spending for 2023 will reach the upper limit of its annual target of $20 billion to $25B.
