- US indices launched today's cash trading in mixed moods
- Netflix (NFLX.US) surges on upbeat subscriber numbers
- Alphabet (GOOGL.US) surges as mass lay-offs revealed
Three major Wall Street indices launched today's session mixed, with Dow Jones trading 0.15% lower, while the S&P 500 and Nasdaq rose 0.15% and 0.50% respectively as strong subscriber growth in Q4 posted by Netflix and Alphabet lay-offs plans boosted sentiment around the tech sector. Nevertheless, the fourth-quarter earnings season has painted a mixed picture of the health of the US economy as some companies showed growth while banks expect recession. Also uncertainty regarding FED's next move also weighs on investors' moods. On one hand policy makers remain hawkish - Harker said today that the Fed will raise rates a few more times this year. He also opted for holding rates once monetary policy is restrictive enough. On the other hand, recent weak economic data have boosted bets that the Fed may ease the pace of rate increases. Money markets see the rate peaking at 4.85% by June, expectations that Fed officials have pushed back on recently. On the data front, Existing Home Sales in the US decreased to 4.02million in December from 4.08 million in previous month.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US100 remains below resistance at 11500 pts and 50 SMA (green line) even despite upbeat sentiment related to latest Netflix figures. If sellers manage to uphold current momentum downward move may accelerate towards October 2022 low at 10460 pts, which is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5
Company news:
Alphabet (GOOGL.US) stock rose over 3.0% before the opening bell after the Google parent announced significant job cuts. The tech giant will lay off 12,000 employees and explained in a memo that the company “hired for a different economic reality than the one we face today.”
Alphabet (GOOGL.US) stock launched today's session with a bullish price gap and broke above the downward trendline. If current sentiment prevails, upward correction may extend towards major resistance at $100.60 which is marked with upper limit of the 1:1 structure and 50.0% Fibonacci retracement of the massive upward wave launched at the beginning of pandemic. Source: xStation5
Netflix (NTFLX.US) stock urged over 7.0% in prime as blowout Q4 subscriber growth overshadowed weak earnings figures.
Nordstrom (JWN.US) stock plunged over 7.0%% in premarket after the clothing lowered its annual financial outlook as its holiday sales fell 3.5% YoY despite heavy discounts of its products.
PagerDuty (PD.US) shares jumped over 6.0% in off-hours trading after Morgan Stanley upgraded the cloud computing company to 'overweight' from 'equal-weight' as it expects improved profitability in the future.
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