- US indices launched today's cash trading higher
- US Q1 GDP contraction revised higher
- Powell, Lagarde and Bailey to speak at ECB event
- McCormick (MKC.US) stock plunges on weak financial outlook
US stock indexes launched today's session slightly higher as investors reassessed the outlook for tightening monetary policy against a backdrop of slowing growth. On the one hand some believe that disappointing GDP revision and dire consumer confidence data, will force Fed to lower the pace of interest rate increases. The American economy contracted an annualized 1.6% on quarter in Q1 2022, slightly worse than a 1.5% drop in the second estimate. On the other hand, weak data was so far not enough to change the central bank's tightening narrative as several policymakers made a case for faster interest rate hikes to tamp down inflation. Today's Fed Chair Powell speech at ECB event may provide some hints regarding interest rates path.
US2000 fell over 2.0% on Tuesday and a downward move can be spotted today. If current sentiment prevails major support at 1700 pts may be at risk. However if buyers manage to halt declines, another upward impulse towards key resistance at 1837 pts could be launched. Source: xStation5
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McCormick (MKC.US) stock fell over 7.0% in premarket after the spice maker’s company posted disappointing quarterly figures and lowered its full-year outlook as it expects higher costs, supply chain problems and unfavorable foreign currency trends.
McCormick (MKC.US) stock launched today’s session with a bearish price gap and is approaching support at $81.40, where recent lows are located. Should break lower occur, downward move may accelerate towards nest support at $77.70. The nearest resistance to watch lies at $87.75 and coincides with 38.2% Fibonacci retracement of the upward move started in March 2020. Source: xStation5
Bed Bath & Beyond (BBBY.US) shares plunged more than 14% in premarket after the housewares retailer announced that CEO Mark Tritton would be leaving the company after posting wider-than-expected quarterly loss.
General Mills (GIS.US) stock rose over 1.0% in premarket after the food producer posted better than expected quarterly results. Company earned $1.12 per share, beating analysts’ estimates of $1.01 per share. Revenue also exceeded market expectations. On the flip side, the company expects that full-year profit will not meet analysts’ estimates as costs are rising while consumers shift toward cheaper brands.
Pinterest (PINS.US) stock jumped over 4.0% before the opening bell after company's co-founder Ben Silbermann stepped down as CEO handing over the role to Google commerce executive Bill Ready.
Nio (NIO.US) stock fell 7.0% in premarket after electric vehicle maker repeals accusations from short-seller Grizzly Research that accuses the company of exaggerating its financial results. Nio is convinced that Grizzly accusations have no merit and contain numerous errors.
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