-
US stock markets open higher on Friday
-
Major US indices near record highs again
-
Non-farm payrolls below expectations
US stock markets opened higher on NFP day. Key jobs data for May turned out to be a slight disappointment as non-farm payrolls stood at 559k (vs exp. 675k). However, US indices jumped after the release as equity investors might perceive the report as “bad news is good news” - lack of substantial progress in terms of US labour market means that the Fed could potentially postpone the discussion about tapering. US100 is currently an outperformer as the index is gaining 1.30%. US500 is adding 0.60% thus nearing all-time highs.
US100 is soaring after today’s NFP miss. The index smashed through 13,605 pts and is currently marching towards 13,735 pts - a key short-term resistance to watch. Market bulls were trying to breach that threshold in recent days, but they were unable to do that (one might spot merely 2 false breakouts on the chart). On the other hand, the mentioned 13,605 pts should serve as the first support while the area at 13,410 pts remains the next critical support zone.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appCompany News
Broadcom (AVGO.US) posted quarterly profit of $6.62, thus beating estimates by 19 cents a share. The supplier of semiconductor and infrastructure software solutions managed to beat revenue expectations as well. Moreover, the firm issued bullish fiscal-third quarter outlook as the ongoing adoption of 5G technology is said to be key for the company. Broadcom said it expects Q3 revenue of about $6.75 billion, above expectations of $6.6 billion
Lululemon (LULU.US), the athletic apparel and casualwear retailer, posted quarterly earnings of $1.16 per share, above the consensus estimate of 91 cents per share. The company had a net revenue of $1.2 billion, which topped expected net revenue of $1.12 billion. The company has benefited from going back to normal as brick-and-mortar sales rebounded. “Our first-quarter results reflected strength across all drivers of growth, fueled by the continued expansion in our e-commerce business and a rebound in brick-and-mortar stores,” said CEO.
Lululemon (LULU.US) stock jumped on upbeat results, but its share price quickly pared most gains. As a result, the price returned below the 100-day moving average (green line) at press time. Taking a look at a daily chart, the area near $346.50 seems to be the first resistance to watch. Source: xStation5
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.
