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US stocks open lower after crucial CPI data
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US inflation surged 4.2% YoY in April
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Electronic Arts fell after earnigns report release
US equity markets opened lower on Wednesday following a shocking CPI data for the month of April. The headline inflation soared a staggering 4.2% YoY in April, well above the consensus estimate of 3.6%. The core CPI figure climbed to 3.0% YoY (est. 2.3% YoY). On month-over-month basis, the core CPI advanced the most since 1981 (+0.9% MoM).
US tech stocks fell the most at the market open with Nasdaq tumbling over 1%. The Dow Jones seemed the most resistant as it opened roughly 0.40% lower. US Treasury yields rose after the CPI release as markets bet that the Fed could be forced to start tightening sooner than expected. The banking sector gained at the market open with shares of the biggest banks rising as much as 2%
US30 is the strongest stock index amid the ongoing market sell-off in the United States. Nevertheless, the index has been approaching a critical support near 33,940 pts marked by the 78.6% Fibonacci retracement of the recent upward impulse. Should the sellers manage to break below it, the attention of market participants could shift towards the area at 33,650 pts.
Company News
Amazon (AMZN.US) won court appeal against the European Commission who had ordered the US company to pay back €250 million taxes in Luxembourg. The EU’s general court declared that the commission failed to prove that there was an illegal tax advantage given to Amazon.
Tesla (TSLA.US) sold 27% fewer made-in-China cars in April versus March. The data comes from China Passenger Car Association. Meanwhile, last month’s drop in China amounted to 12% MoM.
Electronic Arts (EA.US) released its quarterly report. The videogame producer reported an adjusted $1.23 net income a share for the fiscal fourth-quarter. Revenue fell from $1.39 billion a year ago to $1.35 billion. Meanwhile, analysts anticipated earnings of $1.05 a share on revenue of $1.4 billion. The firm expects to earn an adjusted 55 cents a share in the current quarter ending June 30 (Wall Street had forecasted EA earnings of 62 cents a share). EA’s share price fell slightly as its earnings guidance for the current quarter missed views.
Electronic Arts (EA.US) stock fell after weaker-than-expected forecast for the current quarter. The price is nearing the 50-day moving average (orange line) that may be found just slightly above an important price zone ($136).
Fubotv (FUBO.US) shares soared almost 20% as the company topped revenue expectations. The provider of streaming sports programming raised it full-year outlook as well. Nevertheless, the firm reported a net loss of 59 cents a share.
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