US OPEN: Nasdaq hits record high, Dow under pressure

15:03 28 June 2021
  • S&P 500 and NASDAQ 100 both hit new all-time high
  • FAA notes safety concerns over new Boeing 777X
  • Tesla (TSLA.US) faces China recall over software glitch

US indices launched today's session slightly higher, with both the S&P 500 and Nasdaq hitting new record highs. However moods quickly changed and all major indices besides Nasdaq erased early gains. Over the weekend further news regarding the infrastructure bill emerged. President Joe Biden clarified on Saturday that he doesn’t plan to veto the legislation if it comes without a separate reconciliation bill favored by Democrats. Republican senators then said on Sunday that the deal can move forward. This week investors will focus on quarterly figures from Micron Technology, ConocoPhillips and Walgreens; while key economic data to watch for include June's NFP report, foreign trade balance, the ISM Manufacturing PMI survey, and the CB consumer confidence index.

On Friday US30 broke above major resistance at 34181 pts which coincides with200 SMA (red line). Index launched today’s session higher however buyers failed to uphold momentum and price pulled back. In case buyers will manage to regain control, index may still move towards long-term downward trendline or even towards all-time high at 35019 pts. However if current sentiment prevails, and break below aforementioned 34181 level occurs, then next support lies at 33961 pts. Source: xStation5

Boeing (BA.US) stock fell more than 1% after the Federal Aviation Administration informed the plane maker that it may not be able to obtain certification for its 777X long-range aircraft until mid-to-late 2023 as numerous technical issues still need to be resolved.

Boeing (BA.US) - on Friday buyers failed to break above the upper limit of the triangle formation and  stock launched today’s session lower. The nearest short term-support lies at $239.50 and coincides with 50 SMA ( green line). Source: xStation5

Intellia Therapeutics (NTLA.US) stock jumped over 55.0% in the premarket after the biotechnology company which acts in partnership with Regeneron (REGN.US) announced positive results in a phase 1 study of a gene-editing treatment for a disease called transthyretin amyloidosis. 

Tesla (TSLA.US) -  China’s vehicle safety authority issued a recall of more than 285,000 Model 3 and Model Y Tesla cars in the country due to the technical issue which can be fixed with a software update. The owners will not actually have to return the vehicles in order to receive the update.

MicroStrategy (MSTR.US) stock rose more than 3% in premarket as the business analytics company’s benefits from higher bitcoin prices. MicroStrategy holds several billion dollars of virtual currency.

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

Back

Join over 1.6 Million investors from around the world