- Negative sentiment on Wall Street
- US retail sales unexpectedly rose in August
- Las Vegas Sands (LVS.US) stock tumble on China’s casino crackdown
US indices launched today's session in mixed moods after the release of better-than-expected August retail sales and disappointing weekly jobless claims report. August retail sales jumped 0.7% from the month prior, well above analysts’ estimates of 1.0% decline. Meanwhile, the latest unemployment insurance weekly data showed 332k first-time jobless claims last week, well above market estimates of 317k. Traders now await the FOMC decision next week for further details on when the Fed will start tapering.
US500 finished yesterday’s session higher, however today buyers failed to uphold momentum and index pulled back below 4475.5 pts level which coincides with 100 EMA ( purple line) and is currently testing an earlier broken upper limit of the downward channel. If current sentiment prevails, then support at 4435.0 pts may be at risk. Source: xStation5
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Wynn Resorts (WYNN.US), Las Vegas Sands (LVS.US) — casino stocks extended yesterday's losses as authorities considered implementation of stricter regulations on Macao’s gaming industry. Wynn stock fell nearly 2% in premarket, while Las Vegas Sands dropped over 3.5%. JPMorgan downgraded both stocks to neutral from overweight due to the uncertainty and opacity surrounding Macao and China policy.
Las Vegas Sands (LVS.US) stock fell sharply this week and price is approaching major support at $36.00 which is marked by the lower limit of the 1:1 structure. Should break lower occur, then downward move may accelerate towards next support at $29.00. Source: xStation5
Cisco Systems (CSCO.US) stock rose over 1.0% after Credit Suisse upgraded the stock to an outperform rating, saying Cisco is poised to execute on its long-term guidance while ramping its recurring revenue streams. JPMorgan upheld its overweight rating and added the stock to its analyst focus list.
Fisker (FSR.US) stock fell more than 2.5% in premarket after Bank of America downgraded the electric vehicle company stock to neutral from buy. BofA believes that Fisker is “one of the more legitimate among the universe of start-up electric vehicle automakers,” however “competitive landscape is becoming incredibly fierce.”
Alibaba (BABA.US), JD.com (JD.US), Pinduoduo (PDD.US) all three stocks fell more than 1% in premarket due to rising concerns regarding the impact of new regulatory measures on the businesses.
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