- US stocks open mixed, US100 fell over 1%
- Merck (MRK.US) COVID-19 pill success slams Moderna (MRNA.US) shares
- Tesla (TSLA.US) deliveries beat expectations
US indices launched today's session in mixed moods. Dow Jones futures rose 0.15%. S&P 500 futures shed 0.30% and Nasdaq 100 futures plunged more than 1.0%.Treasury yields inched higher which weighs on tech stocks. Investors continue to worry over slow growth, high inflation, energy crisis, and chances the Fed will start tapering as early as next month. On the political front, the US Trade Representative is set to deliver more details today regarding new trade talks with China aiming to fulfil a 2020 trade agreement.
US100 launched today’s session sharply lower and is trading below major support level at 14,710 pts which coincides with lower limit of the wedge formation and lower bound of the 1:1 structure. If current sentiment prevails then downward move may accelerate towards support at 14,450 pts. Source: xStation5
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Merck (MRK.US) shares rose nearly 3.0%, extending Friday’s gains after the pharmaceutical company announced its experimental antiviral oral treatment for Covid-19 reduced death risk. Meanwhile, the stocks of its competitors Moderna (MRNA.US) and Novavax (NVAX.US) plunged 4.8% and 3.9% respectively.
Moderna (MRNA.US) stock launched today’s session with a bearish price gap, extending recent losses and is currently testing major support zone around $329,00 which is marked with the lower limit of the 1:1 structure and 38.2% Fibonacci retracement od the upward wave launched in September 2020. Should break lower occur, then downward move may accelerate towards $224.90 which is marked with 61.8% Fibonacci retracement and 200 SMA (red line). Source: xStation5
Tesla (TSLA.US) stock jumped 3% in the premarket after the company delivered 241,300 cars in Q3, its most ever for a quarter and a 73% increase over the same quarter a year ago.
Southwest Airlines (LUV.US) shares rose more than 1.0% in premarket after Barclays upgraded the stock to “overweight” from “equal weight,” saying it sees bluer skies ahead for airlines and that it favors low-cost, low-fare carriers like Southwest.
3M (MMM.US) shares dropped 1.5% in the premarket after J.P. Morgan Securities downgraded the stock to “neutral” from “overweight,” citing a lack of “fundamental direction” for the company.
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