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US indices open slightly lower
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Markets await FOMC decision (7:00 pm GMT)
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Snap slumps after Q4 earnings
US indices launched today's trading a touch lower. Markets seem to be in a wait-and-see mode ahead of Fed rate decision later today. ADP report released earlier today turned out to be a disappointment, with US jobs growth in January reaching only 108k (exp. +170k). US index futures jumped following the release but the move was quickly erased. Manufacturing ISM data for January at 3:00 pm GMT may also trigger some short-term volatility on US stocks. However, the main event of the day is of course the FOMC decision (7:00 pm GMT) and it is likely to trigger large swings on the market.
Nasdaq-100 (US100) is attempting to break above the 12,150 pts resistance zone. The index managed to halt declines and bounce off the zone marked with 23.6% retracement and the 50-period moving average (H4 interval). A dovish message from FOMC tonight may help the index climb above the zone and potentially test recent highs in the 12,300 pts area. Source: xStation5
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Peleton Interactive (PTON.US) reported Q4 2022 earnings today ahead of the Wall Street session open. Company reported a $0.98 loss per share, compared to a $0.64 loss per share expected. Revenue dropped 30% YoY to $792.7 million but was higher than $710 million expected. Q4 net loss reached $335.4 million and was narrower than the $439.4 million loss reported in Q4 2021. This was the eight consecutive quarterly loss. Peleton expects $690-715 million in Q1 2023 revenue and a gross margin of 39%. Nevertheless, shares trade higher.
Baidu (BIDU.US) rallies today after the SEC reported that BlackRock, one of the world's largest asset managers, has boosted stake in the company. BlackRock now owns 6.6% of Baidu, up from 5.4% in the previous filling.
Shares of Snap (SNAP.US) are plunging today following a Q4 2022 earnings release and a disappointing forecast. Company reported Q4 revenue at $1.3 billion (exp. $1.31 billion) while adjusted EPS reached $0.14 (exp. $0.11). Snap had 375 million Daily Active Users in Q4 2022 (exp. 374.7 million). However, on an unadjusted basis, Snap reported a $288 million net loss. Snap expects Q1 2023 revenue to drop between 2 and 10% year-over-year while DAUs are expected to grow to 382-384 million.
Shares of Snap (SNAP.US) are slumping over 10% today. Stock is pulling back from the topside resistance of the $9.50-11.75 trading range, erasing gains made over the past 4 days. Source: xStation5
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