- US indices launched today's cash trading slightly lower
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Powell to deliver semiannual testimony in US Congress at 3:00 pm BST
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Cara Therapeutics (CARA.US) stock plunges on weak quarterly results
Three major Wall Street indices are trading slightly below flatline on Tuesday as traders refrained from opening new positions ahead of Fed Powell's testimony to Congress later in the day. Recent solid macroeconomic data raised bets for more interest rate hikes in the coming months, with investors now looking for further insight into the direction of the Federal Reserve's rate path.
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Open account Try demo Download mobile app Download mobile appS&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
Despite recent upbeat sentiment US30 struggle to break above major resistance at 33720 pts, which coincides with 61.8% Fibonacci retracement of the downward wave started in January 2022. As long index sits below the aforementioned level, another downward move may be launched towards support at 32620 pts. Source: xStation5
Company news:
Cara Therapeutics (CARA.US) stock tumbled 29.0% in off-hours trading after the biotech company posted weak financial results for Q4. Revenue came in below market estimates while quarterly loss came in wider-than-expected, raising concerns over demand for the company’s kidney disease drug.
Cara Therapeutics (CARA.US) stock launched today's session with a massive bearish price gap below major support at $8.90 and lower limit of the triangle formation. If current sentiment prevails, recent lows at $7.35 may be at risk. Source: xStation5
Rivian (RIVN.US) shares fell almost 7.0% in premarket after the EV maker announced plans to sell bonds worth $1.3 billion in order to finance the launch of R2 vehicles.
Meta (META.US) stock jumped over 2% before the opening bell as the social media giant announced another round of layoffs which will take place this week. The company reduced its workforce by 13% in November in an attempt to restore profitability.
Dick's Sporting Goods (DKS.US) shares surged nearly 6.0% in premarket after the retailer reported better than expected revenue in Q4 as demand stayed strong. Same-store sales rose 5.3%, well above market estimates of 2.1%, according to StreetAccount.
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