- 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
Create account Try a 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
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
