- US indices launched today's cash trading higher
- US industrial production above expectations
- Upbeat earnings of Goldman Sachs (GS.US) and Johnson & Johnson (JNJ.US)
Major Wall Street indices continue to move higher supported by upbeat quarterly results from Goldman Sachs and Johnson & Johnson. The Dow Jones rose 1.50% on Tuesday, while the S&P 500 and Nasdaq added over 2% each. Market sentiment improved after the UK government withdrew from an unpopular package of tax cuts and government borrowing. On the data front, US industrial production topped expectations, signaling the resilience of the world's largest economy against growing macro headwinds, which may reinforce FED hawkish stance.
US30 extended its recent rally and broke abovelocal resistance at 30580 pts which is marked with 23.6% Fibonacci retracement of the last downward wave. If bulls manage to uphold current momentum, upward move may accelerate towards next resistance at 31760 pts. Source: xStation5
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- Starboard Value LP has taken a stake in Salesforce (CRM.US), with founder Jeff Smith saying a significant opportunity remains in the enterprise software maker, according to CNBC. Salesforce stock jumped 6.0% in premarket following the news.
Salesforce (CRM.US) stock launched today’s session with a bullish price gap and is currently testing major resistance at $155.70, which coincides with 78.6% Fibonacci retracement to the upward wave launched in March 2020. Potential targets for buyers and sellers are determined by the boundaries of the descending channel. Source: xStation5
- Hasbro (HAS.US) stock fell over 3.0% in premarket after the toymaker reported adjusted quarterly profit of $1.42 per share, below analysts’ estimates of $1.52 per share, while revenue came in line with market expectations. Recently the company lowered its sales outlook, noting increased consumer sensitivity to higher prices.
- Amazon.com (AMZN.US) shares rose more than 2.0% before the opening bell after Citi named e-commerce giant a top pick for both a hard and soft economic landing, saying it would perform well under either scenario.
- Apple (AAPL.US) stock rose 1.6% in premarket after Bloomberg reported that the company will reveal new 11-inch and 12.9-inch iPad Pro tablets in the near future, to take advantage of the upcoming holiday season.
- Microsoft (MSFT.US) stock added over 2.0% in premarket after Axios reported that the software giant laid off under 1,000 employees across several divisions this week, less than 1% of its total workforce in order to lower costs amid a global economic slowdown.
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