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US equity markets open slightly higher
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Jackson Hole Symposium begins today
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Powell’s speech in the spotlight
US equity markets opened slightly higher on Friday. Investors are awaiting the speech of the Fed Chair as Powell is set to deliver opening remarks during the Jackson Hole Symposium that starts today. The speech starts half an hour after US cash trading open (3:00 pm BST). Before the speech all major US indices are trading higher, Russell 2000 (US2000) is outperforming its peers.
US100 has managed to stay above the 15,252 pts mark that coincides with the lower limit of the 1:1 structure. This level may be seen as the first short-term support. Tech stocks are gaining slightly ahead of Powell’s speech - tech companies may be particularly affected by any potential hints about QE tapering. Therefore, investors will certainly pay attention to the Nasdaq100 (US100) during opening remarks of the Fed Chair. Source: xStation5
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VMware (VMW.US) plunged over 5% after its second-quarter revenue at the company’s cloud business fell short of expectations. SaaS revenue rose 23% YoY to $776 million, below the consensus estimate of $790 million. Still, company’s adjusted profit and overall revenues came in above analysts’ expectations.
Peloton (PTON.US) tanked more than 8% in pre-market after the company reported wider-than-expected Q4 loss ($1.05 per share vs the consensus estimate for a 44 cents per-share loss). The digital fitness firm also issued a quarterly revenue outlook below estimates. Apart from that, Peloton said it was cutting the price of its Peloton bike, to $1,495 from $1,895 - it is already the second price cut this year.
Peloton (PTON.US) stock plunged, falling below the $110 mark. Yesterday the price bounced off the downward trendline (red line seen on the chart above). Shares made a significant rebound after fatal accidents that forced the company to recall its treadmill in May 2021. Nevertheless, earnings miss and slashing the price of its Peloton bike are perceived by investors as negative. Source: xStation5
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