- US stocks open slightly higher
- Higher oil prices support energy stocks
- Southwest Airlines (LUV.US) stock slumps as company canceled over 1,000 flights on Sunday
US indices launched today's session slightly higher despite concerns over mounting inflationary pressure due to rising energy prices. Energy stocks popped as WTI crude oil topped $82 a barrel before pulling back from session highs. Investors also await the earnings season to kick-off with major banks set to report third quarter results this week. Also FOMC meeting minutes due Wednesday will be keenly watched for any more clues on the Fed's next steps.
US2000 bounced off the local resistance at 2258 pts which coincides with lower limit of the triangle formation after publication of Friday’s NFP report. Index is currently testing local support at 2227 pts which coincides with 100 EMA (purple line). Should the break lower occur, downward move may be extended to the support at 2184 pts which coincides with the lower limit of the triangle formation. Source: xStation5
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Southwest Airlines (LUV.US) stock plunged over 3.0% in premarket after the company canceled more than 1,800 flights over the weekend, citing bad weather, air traffic control issues and staff shortages.
Southwest Airlines (LUV.US) stock launched today’s sharply lower, below the lower limit of the wedge formation and 50 SMA (green line). If current sentiment prevails, then downward move may be extended to support at $51.15 which coincides with 23.6% Fibonacci retracement of the last downward wave and 200 SMA (red line) or even towards $47.00 level, where August lows are located. Source: xStation5
Hasbro (HAS.US) shares fell more than 1.0% after the toy company announced that CEO Brian Goldner will take medical leave, with immediate effect. Rich Stoddart, the company's lead independent director, will act as the temporary CEO.
Exxon Mobil (XOM.US) stock added 1.5% to in premarket as crude oil prices continued their ascent. WTI crude futures rose above $81 a barrel for the first time since October 2014, supported by a sharp squeeze on gas and coal markets worldwide. Other oil stocks such as Antero (AM.US) and Marathon (MPC.US) rose 2.20% and 1.50% respectively.
Robinhood (HOOD.US) stock fell more than 2.0% in premarket, following SEC filing that detailed the risks of increased regulation of cryptocurrency trading as well as possible new rules surrounding payment for order flow.
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