- Mixed moods on Wall Street
- US PPI inflation at record levels
- Delta Air Lines (DAL.US) expects resurgence of travel demand
US indices launched today's session in mixed moods as JPMorgan Chase kicked off the earnings season with disappointing figures. Overall analysts have lowered their estimates regarding companies results due to rising commodity prices and ongoing war in Ukraine. Earnings for S&P 500 companies are expected to increase only 4.5% in Q1, which would be the lowest growth since Q4 of 2020, according to FactSet. Also recent macroeconomic data weighed on market sentiment. PPI inflation, which measures the prices paid by wholesalers, surged 11.2% YoY, the most in a data series going back to November 2010 paving the way for an aggressive tightening from the Fed.
US2000 rose sharply on Tuesday, however the upward move turned out to be short-lived as buyers failed to break above major resistance at 2024 pts which coincides with 23.6% Fibonacci retracement of the last downward correction. If current sentiment prevails, downward move may accelerate towards major support at 1900 pts. Source: xStation5
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Delta Air Lines (DAL.US) stock jumped over 6.5% in the premarket after one of the major US airlines posted narrower quarterly loss and expects to book profit in the current quarter as airline travel demand reached record heights. Company also revealed that monthly revenue exceeded pre-pandemic levels for the first time in March.
Delta Air Lines (DAL.US) stock launched today's session with a bullish price gap and is currently testing major resistance zone around $39.55 which is marked with previous price reactions, upper limit of the descending channel and 38.2% Fibonacci retracement of the last upward wave. Source: xStation5
Bed Bath & Beyond (BBBY.US) stock plunged more than 8.0% after the home goods retailer recorded an unexpected loss in Q4 due to low inventories, meaning it missed out on about $175 million in sales.
PayPal Holdings (PYPL.US) stock fell over 3.0% before the opening bell after its Chief Financial Officer John Rainey is moving to Walmart (WMT.US), effective June 6.
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