- Wall Street trades lower on Thursday
- Candel Therapeutics continues rally on a potential cancer drug
- Adobe plummets on disappointing sales outlook
The American indices walked into the red after a highly divergent opening. Nasdaq retreats 0.2%, weighed mainly by Nvidia (NVDA.US: -1.5%) and Adobe (-12.8%). S&P500 trades 0.2% lower, Dow Jones remains flat (-0.08%) and Russell 2000 falls 0.75% in spite of the positive opening.
US wholesale inflation data came in higher than expected all across the board, shedding some doubt over Fed’s upcoming rate cut decision next week. In November, PPI rose by 3% YoY (projected: 2.6%, previously: 2.4%), while Core PPI climbed even higher to 3.4% (projected: 3.2%, previously: 3.1%). The stickiness of inflation for both consumers and producers still remains an obstacle to get back to the neutral rate, albeit the analysts suggest that the PPI reading should not alter Fed’s short term behaviour. Money markets currently bet on the 25 bp rate cut next week with 96% probability.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Volatility currently observed on the US stock market. Source: xStation5
US100 (D1)
The Nasdaq 100 index, represented by the US100 contract, is trading 0.3% lower today compared to yesterday's close. The losses are modest in the context of the ongoing bullish trend of the tech-heavy US index. The key support level to be tested by the bears is the region of the most recent peak around 21,250. Nevertheless, given the recovery from the even lower opening, it feels unlikely that the end-of-the year really would be halted in the near future. Both MACD and RSI remain bullish, with the first one staying in the positive territory above its signal and the second trading at the boundary of overbought area.
Source: xStation5
Corporate news:
- Adobe’s (ADBE.US) stocks slump 12.8% following a disappointing annual sales outlook. The projected revenue is expected to be around $23.4 bn, $0.4 bn short off the analysts’ initial estimates. EPS, on the other hand, is estimated to settle between $20.20 and $20.50, compared to the expected $20.52. Though the outlook remains conservative, the investors are worried about the competition that the creative software company is facing from the AI-driven startups.
- Candel Therapeutics soars 24% after reporting a success of its prostate cancer treatment in a Phase 3 trial. Patients having undergone Candel’s viral immunotherapy (CAN-2409) combined with a second drug and radiotherapy showed significantly greater disease-free survival compared to the control group.
- Keros Therapeutics’ shares have been sold off almost entirely today (-76.7%) after the biotech stopped dosing its lung disorder drug for some patients over side effects concerns. Nevertheless, the trial will continue, as it has already reached its patients enrollment goal, with data release planned for Q2 2025.
- Uber (UBER.US) gains 2.85% as the TD Cowen analyst shares a positive growth outlook and overall direction of the offer development following his meeting with the company’s CFO.
Other news from the most traded S&P500 companies. Source: Bloomberg Finance L.P.
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.
