- US indices launched today's cash trading in mixed moods
- Fed Chair Powell to speak on the economy and inflation at 6:30 pm GMT
- Hormel (HRL.US) stock plunged on mixed quarterly results and weak outlook
Three major Wall Street indices launched today's session around the flatline as investors digest a slew of economic reports and await FED Chair Powell speech in the evening which may provide more hints on future rate hikes. On the data front, ADP report showed employment increased by 127k jobs in November, the least since January 2021, suggesting demand for labor was cooling, while Q3 GDP figures were revised higher to 2.9%.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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Yesterday US100 broke below major support at 11700 pts, which is marked with previous price reactions, however sellers struggle to break below 50 SMA (green line). Nevertheless should break lower occur, downward impulse may deepen towards recent lows at 10460 pts. Source: xStation5
Company news:
Hormel (HRL.US) stock plunged over 6.0% in premarket after the food producer’s posted mixed quarterly results. Earnings topped expectations, but revenue figures disappointed. Company issued weaker than expected financial guidance as it expects an additional volatility and high cost environment.
Hormel (HRL.US) stock launched an upward correction at the end of October, however bulls failed to break above major resistance at $49.50, which coincides with 38.2% Fibonacci retracement of the upward wave launched in September 2021 and downward trendline. Weak quarterly outlook provided more fuel for the bears and during today's session price broke below local support at $47.70. If current sentiment prevails, downward move may accelerate towards next support at $46.00. Source: xStation5
Tesla (TSLA.US) shares jumped over 0.7% in premarket after its EV sales in China nearly doubled in November, compared to previous year, after lowering prices and offering incentives on its Model 3 and Model Y.
Crowdstrike (CRWD.US) shares plunged more than 17% before the opening bell despite better than expected quarterly earnings. However the cybersecurity company posted weak financial outlook for Q4 2022, as new revenue growth was weaker than expected.
Biogen (BIIB.US) stock jumped over 3.0% in premarket after its experimental Alzheimer's drug, developed in partnership with Eisai, slowed cognitive decline in a closely watched trial.
Petco (WOOF.US) stock surged more than 8.0% in premarket after the pet products retailer reported quarterly earnings of 16 cents per share, which came in line with analysts’ estimates, while revenue slightly topped market projections.
Amazon (AMZN.US) stock rose 0.60% in premarket after e-commerce giant said that the latest Thanksgiving holiday shopping weekend was “biggest ever".
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