- US indices launched today's cash trading lower
- US100 below key support
- Meta Platforms (META.US) surges on JPMorgan upgrade
Three major Wall Street indices fell sharply at the beginning of Friday's session, extending yesterday's losses, with Dow Jones trading 0.7% lower, while the S&P 500 and Nasdaq fell 0.6% and 0.3% as hawkish central banks coupled with weak data boosted recession fears. For the week, all three major US stock indexes were down more than 1%, on track for a second consecutive weekly decline.
US100 extends yesterday's declines and broke below major support at 11500 pts, which is marked with previous price reactions and 50 SMA (green line). If current sentiment prevails downward move may deepen towards 10460 pts, where October lows can be found. Source: xStation5
Company news:
Meta Platforms (META.US) shares jumped over 2% in premarket after JPMorgan upgraded social media giant to ‘overweight’ from ‘neutral’, expecting that top and bottom-line pressures will ease next year.
Meta Platforms (META.US) stock managed to defend local support at $116.00 which coincides with 23.6% Fibonacci retracement of the last upward wave, 50 SMA (green line) an upward trendline. As long as price sits above, the upward move may accelerate toward the recent high at $124.50. Source: xStation5
Adobe (ADBE.US) stock surged more than 5.0% in off-hours trading after the software company posted upbeat quarterly earnings, while revenue matched analysts’ estimates. Company also issued solid financial guidance for the current quarter.
Darden Restaurants (DRI.US) stock dropped over 1.0% before opening bell after the owner of Olive Garden and other restaurant chains reported solid quarterly results and raised its 2023 financial guidance as customers continued to eat out.
Accenture (ACN.US) stock dropped 1.5% in the premarket despite the consulting firm reporting better than expected quarterly results. On the other hand, the company issued a weak financial outlook and said the stronger U.S. dollar will impact its fiscal 2023 results by 5%.
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