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US500 and US30 at new record highs
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University of Michigan’s data for August disappointed
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Walt Disney soared after strong Q2 results
The S&P 500 (US500) and DJIA (US30) hit another fresh intraday record highs on Friday and the Nasdaq100 (US100) jumped as well. The Russell 2000 (US2000), representing small cap stocks, is an underperformer today.
University of Michigan’s data for August turned out to be a huge miss as the headline index fell to the lowest level since 2011 (70.2 vs exp. 81.2) - we covered the issue in our BREAKING comment.
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US100 is moving higher and the index is outperforming its peers during today’s US session. The index jumped significantly after the UoM’s data release. Currently the area ranging above 15,155 pts should be seen as the nearest resistance. A short-term upward trend is quite apparent as market participants have been respecting the local upward trend line (green line on the chart above) - yesterday’s dip turned out to be a false breakout. Source: xStation5
Company News
Walt Disney (DIS.US) stock jumped more than 5% in premarket after the entertainment giant posted upbeat quarterly figures. Company earned 80 cents per share, well above analysts expectations of 55-cents per share. Revenue also topped market estimates forecasts as as people returned to its theme parks and more users paid for its streaming services.
Walt Disney (DIS.US) shares jumped above the upper limit of the wedge pattern after strong second-quarter results. The price tested recent local highs near $185, but has been unable to break above so far. The mentioned upper limit of the wedge pattern may turn out to be the nearest support in case of a sentiment reversal. Also, it is worth to note that the 200-day moving average (orange line) limited declines in early-August. Source: xStation5
Airbnb (ABNB.US) shares fell nearly 3% in premarket despite the fact that the vacation rental company posted better-than-expected quarterly figures. Airbnb lost 11 cents per share, compared to market expectations of a 47-cent loss. Revenue topped Wall Street projections, nearly quadrupling from a year earlier as domestic travel rebounded from its pandemic lows. On the flip side, Airbnb pointed to uncertainty surrounding the pandemic and the delta variant.
DoorDash (DASH.US) stock dropped more than 4.0% in premarket after the company posted wider than expected quarterly loss because it has allocated a lot of funds to international expansion.However, the food delivery service company managed to beat quarterly revenue expectations as the ongoing pandemic continues to drive high demand for food deliveries.
Pfizer (PFE.US), BioNTech (BNTX.US), Moderna (MRNA.US) shares climbed premarket after FDA approved COVID-19 vaccine booster shots for people with weakened immune systems utilizing the Pfizer/BioNTech and Moderna vaccines.
Activision Blizzard (ATVI.US) stock rose more than 1% in premarket after Citi upgraded the videogame maker’s stock to “buy” from “neutral”, saying the current risk/reward profile looks favorable following the stock’s recent pullback.
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