- US stocks opened lower
- Netflix (NFLX.US) puts pressure on tech stocks
- Peloton (PTON.US) attempt to recover after yesterday slump
Us indices launched today's session lower, extending yesterday's losses. Netflix stocks weighed on the tech sector, after the company showed a slowdown in subscriber growth. Meanwhile Treasury yields continued to decline from recent highs. The yield on the benchmark 10-year Treasury note dropped for a third straight day to 1.75%. Next week market attention will focus on the Fed monetary policy decision next week and further earnings reports from major US companies including Apple and Tesla which investors fear could disappoint.
US30 index fell sharply on Thursday, however buyers managed to halt declines around major support zone 34720 pts which is marked with lower limit of the 1:1 structure, previous price reactions, 61.8% Fibonacci retracement of the upward wave launched in October 2021 and lower limit of the ascending channel. As long as the index sits above this zone, another upward impulse may be launched. However should break lower occur, support at 34000 pts may be at risk. Source: xStation5
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Peloton (PTON.US) stock rose nearly 6% in premarket after plunging by 25% on Thursday after company announced it is reviewing its production levels as well as the size of its workforce following to CNBC report which revealed that company was temporarily halting production of bikes and treadmills , due to a slump in demand for home workouts now that the pandemic is fading.
Peloton (PTON.US) stock launched today's session higher however this may be related to profit taking after recent declines. Stock price broke below the major support around $34.68 last week, which is marked with lower limit of the 1:1 structure. If sellers will manage to regain control, downward move may accelerate toward all-time low at $17.50. Source: xStation5
Netflix (NFLX.US) stock plunged nearly 20.0% in premarket trading, after the company posted solid quarterly results but expects slower subscriber growth for the current quarter compared to market estimates.
Coinbase stock (COIN.US) stock dropped 6% lower before the opening bell as the cryptocurrency market underwent another meltdown. MicroStrategy (MSTR.US) stock dropped over 7.0% on similar concerns.
Intel (INTC.US) is planning to invest $20 billion in new manufacturing facilities outside Columbus, Ohio. Factory will produce advanced semiconductors in order to meet the increasing demand.
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