- US indices launched today's cash trading in mixed moods
- Core PCE eases slightly in October
- Designer Brands (DBI.US) stock slumps on weak financial outlook
Three major Wall Street indices launched today's session in mixed moods as investors digest a slew of economic reports and yesterday's FED Chair Powell dovish comments. Dow Jones fell 0.5%, while S&P500 and Nasdaq rose 0.20% and 0.45% respectively. Powell signaled that it might be appropriate to slow the pace of monetary policy tightening. Money markets are now pricing an over 80% chance of a smaller 50 bps hike in December. On the data front, the core PCI price index eased slightly to 5% in line with expectations, in the latest signal that inflation could be peaking. Personal income and spending both beat expectations, while jobless claims feel more than expected. ISM Manufacturing PMI pointed to the first contraction in factory activity since May of 2020. Now investors’ attention will focus on tomorrow's NFP report.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US100 rose sharply during yesterday's session and is currently testing a long-term downward trendline. Should a break higher occur, an upward move may accelerate towards key resistance at 13000 pts which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020 . Source: xStation5
Company news:
Designer Brands (DBI.US) stock lost over 15.0% in the premarket after the footwear retailer posted weak quarterly results and lowered its profit outlook. Company noted volatile market conditions that are affecting other retailers, but assured it was in position to navigate the conditions.
Designer Brands (DBI.US) stock launched today's session with a bearish price gap and is trading below key support at $13.75, which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020 and upward trendline. If current sentiment prevails, downward move may deepen towards support at $11.60. Source: xStation5
Dollar General (DG.US) stock fell over 6.0% before the opening bell after the discount retailer posted mixed quarterly results and lowered its annual financial guidance due to rising costs.
Salesforce (CRM.US) stock plunged over 7.0 % in off-hours trading as news of the surprise departure of co-CEO Taylor overshadowed upbeat quarterly figures.
Snowflake (SNOW.US) shares fell nearly 5.0% in premarket after the data software provider issued weak financial outlook, despite solid quarterly results.
