- US stock opened lower
- US PPI inflation rises more than expected
- Recent studies reveal Pfizer (PFE.US) Covid pill and vaccine effective against omicron
US indices launched today's session lower, after data showed producer prices increased more than expected in November, with the year-on-year increase hitting a new record high, ahead of the highly anticipated Fed policy statement which will be released tomorrow. Fed officials are seen announcing a faster tapering of asset purchases from January 2022, as well as signal a quicker start to interest rate hikes next year, in order to counter rising inflation.
US100 broke below the major support at 16077 pts and earlier broken upper limit of the descending channel. If current sentiment prevails, next support at 15750 may be at risk.Source: xStation5
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Pfizer (PFE.US) announced that a final study of its antiviral Covid-19 pill showed it to be 89% effective in preventing hospitalizations and deaths in high-risk patients, similar to what earlier studies had shown. The drugmaker also said that the drug appears to be effective against the omicron variant.
Pfizer (PFE.US) stock hovers near all-time high at $55.60 which coincides with the upper limit of the triangle formation. Should a break higher occur, upward move may accelerate towards $58.90 which coincides with external Fibonacci retracement of the last downward wave. Source: xStation5
Apple (AAPL.US) shares rose 0.7% in premarket after the iPhone maker hit fresh ATH yesterday, equating to a market cap of $2.98 trillion. Already the most valuable company in the world, Apple could become the first to have a $3 trillion market cap. Morgan Stanley and Evercore have both lifted their target prices on the stock this week.
Tesla (TSLA.US) stock fell 1.5% before the opening bell after CEO Elon Musk sold additional amount of his shares to cover tax bills generated by the exercising of stock options. Company's stock price fell over 20% from it's all-time high and its market cap fell back under the $1 trillion.
Ford (F.US) fell over 2.5% after Toyota said it would be investing $35 billion into battery-powered electric vehicles.
GameStop (GME.US) stock dropped over 3.0% and AMC Entertainment (AMC.US) stock plunged more than 6.0% in premarket as meme stocks in general extended yesterday's losses as small investors freed up some cash ahead of the expensive festive period.
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