- US stock opened lower
- Retail sales well below forecasts
- Fed policy decision in the evening
- Eli Lilly (LLY.US) stock surges on upbeat guidance
US indices launched today's session lower on Wednesday as investors digested fresh disappointing retail sales figures ahead of the highly anticipated Fed meeting which will take place at 7:00 pm GMT. Central bank is expected to announce an acceleration of the tapering process and signal a quicker start to raising interest rates later today.
US30 launched today's session lower and broke below the upward trendline which coincides with 50 SMA ( green line). If current sentiment prevails, downward move may be extended to the 35275 pts handle which is strengthened by 38.2% Fibonacci retracement of the upward wave launched in October 2020 or even support at 34870 pts which is marked with lower limit of the 1:1 structure. Source: xStation5
Company news:
Eli Lilly (LLY.US) stock surged nearly 5% in premarket after the drugmaker lifted its 2022 financial outlook ahead of today’s meeting with the investors, helped partly by a recent US government contract for its Covid-19 antibody treatment. Company is planning to deliver 20 new treatments in the 10-year period.
Eli Lilly (LLY.US) stock launched today's session with a bullish price gap and is currently trading above local support at $252.80 which coincides with 23.6% Fibonacci retracement of the upward wave launched at the end of April 2021. If current sentiment prevails, the upward move may accelerate towards all-time high at $276.00. Source: xStation5
Toyota (TM.US) shares more than 2.0% in premarket, after the carmaker announced that it will produce a record 800,000 vehicles next month. Toyota is increasing production sharply to make up for prior production lost to parts shortages.
Vir Biotechnology (VIR.US) stock jumped more than 5.7% before the opening bell after recent data showed that its Covid-19 antibody therapy was effective against the Omicron variant.
United Parcel Service (UPS.US) shares rose more than 1.0% after Citigroup upgraded the company's stock to ‘buy’ from ‘neutral, taking a more constructive stance on the delivery firm, and ranking it ahead of FedEx (FDX.US).
Domino’s Pizza (DPZ.US) stock fell 1.5% in premarket after Barclays downgraded the pizza chain to ‘underweight’ from ‘equal weight’, seeing its pandemic-era outperformance dwindling.
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