- US indices launched today's cash trading slightly lower
- US500 below major support
- Apple (AAPL.US) scales self-driving plans
Three major Wall Street indices moved slightly lower at the beginning of today's session as investors are growing worried about the likelihood of a longer rate-hike cycle and a potential recession. JPMorgan CEO Jamie Dimon, feels increasingly sour about the health of the US economy as it deals with the twin shocks of high inflation and rising interest rates. Fears that Fed aggressive tightening will push the economy into a recession next year overshadowed some optimism around China's reopening.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US500 broke below key support at 4000 pts yesterday, however the downward move was halted by 100 EMA (purple line). As long as price sits above another upward impulse may be launched. On the other hand, if sellers manage to uphold recent momentum, then major support at 3800 pts may be at risk. Source: xStation5
Company news
Apple (AAPL.US) shares dropped over 1.5% in off-hours trading after Bloomberg reported that the tech giant reduced plans regarding its self-driving electric vehicle and postponed the car's target launch date to 2026. Also some concerns over its iPhone 14 handsets emerged after a key supplier said it expects orders to drop due to weak demand.
Apple (AAPL.US) stock fell over 3.0% on Tuesday and downward pressure can be observed also today. If current sentiment prevails, declines may depend towards key support at $133.90, which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Campbell Soup (CPB.US) stock rose more than 1.0% in premarket on upbeat quarterly results. Company earned $1.02 per share well above market estimates of $0.88 per share. Revenue also topped analysts’ estimates thanks to strong pricing, improved productivity and supply chain improvements.
Stitch Fix (SFIX.US) shares fell 3% before the opening bell after the online personal styling service posted a wider-than-expected quarterly and issued disappointing revenue outlook.
Carvana (CVNA.US) stock fell over 18.0% in premarket after its creditors, including Apollo Global Management and Pimco, signed a cooperation agreement and will work together as the online used car seller goes through a debt restructuring process.
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