- US indices launched today's cash trading in mixed moods
- US500 bounced off key support zone
- Tesla (TSLA.US) posted a record amount of deliveries from China
Major Wall Street indices launched today's mixed, however volatility may be lower due to the Columbus day holiday. This week market attention will focus on the start of the earnings season, while key indicators including the CPI report, FOMC minutes and appearances from several Fed officials should provide further hints regarding rate hikes path. Today Fed's Evans said the US can lower inflation relatively quickly without recession or large increase in unemployment. On the other hand, he points out that many risks could derail Fed hopes for soft landing including the Ukraine war, slow supply improvement, Covid, and monetary policy either not fixing inflation or weighing more than expected on jobs. Also further escalation Russia-Ukraine tensions may quickly lead to deterioration of market sentiment.
US500 pulled back after buyers failed to break below key resistance at 3800 pts on Thursday, which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020. However, the downward move was halted around support at 3630 pts and as long as price sits above it, another upward impulse may be launched. Source: xStation5
Company's news:
Tesla (TSLA.US) stock rose slightly in premarket after the company delivered more than 83,000 vehicles from its Shanghai factory last month, which is 8% higher compared to August and its highest-ever monthly total for the recently upgraded plant.
Tesla (TSLA.US) stock fell sharply last week after buyers failed to break above local resistance at $253.00. As long as current sentiment prevails, downward move may deepen towards June lows around $207.20. Source: xStation5
Ford (F.US), General Motors (GM.US) shares of both automakers fell over 3.0% in pre-market after UBS downgrade. Investment banks believe that the auto industry is rapidly moving toward vehicle oversupply following three years of unprecedented pricing power.
Rivian (RIVN.US) stock plunged 9% in the premarket after EV producer decided to recall 13000 of its vehicles to fix potential steering issues.
Fortinet Inc (FTNT.US) shares jumped over 3.0% in premarket after Morgan Stanley upgraded the cybersecurity solutions business to "overweight" from "equal-weight" and raised its price target.
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