- US stocks opened mixed
- US 10 Year Treasury yields jumped above 1.64%
- US is ready to release crude from strategic reserves
- Zoom Video Communications (ZM.US) stock plunged despite upbeat quarterly figures
US indices launched today's session mixed, following a big tech sell-off on Monday prompted by a rally in Treasury yields and the dollar after President Biden picked Jerome Powell for a second term at the Fed signaling a continuation to the current withdraw of extraordinary stimulus and raising expectations of a sooner increase in the feds fund rate. WTI crude futures erased early losses and jumped above $77.5 a barrel, after a coordinated release of oil reserves between the US, India, China, Japan, Republic of Korea and the UK fell short of expectations and many analysts believe that will not have a significant effect on prices. Meanwhile, investors await a slew of economic releases this week including the latest FOMC minutes and the Fed-preferred measure of inflation PCE.
US100 reached a new all-time high at 16775 pts yesterday, however buyers failed to uphold momentum and the index returned below the upper limit of the ascending channel. If current sentiment prevails, then support at 15,750 pts, which is marked with a lower limit of the 1:1 structure, may be at risk. Source: xStation5
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Zoom Video Communications (ZM.US) stock dropped nearly 10% in premarket after the popular video-conferencing platform added fewer large clients than expected for the second straight quarter. Even better than expected quarterly figures failed to change investors sentiment. Zoom posted quarterly profit of $1.11 per share, slightly above market estimates. Revenue also beat analysts’ projections and Zoom raised its full-year guidance.
Zoom Video Communications (ZM.US) stock launched today’s session with a bearish price gap and if current sentiment prevails downward move may accelerate towards support at $186.20 which coincides with lower limit of the wedge formation. On the other hand, if buyers manage to regain control, then upward impulse towards the resistance zone around $261.60 may be launched. This level is strengthened by 61.5% Fibonacci retracement of the upward wave launched in October 2019. Source: xStation5
Urban Outfitters (URBN.US) stock fell more than 11% in premarket after the apparel retailer reported quarterly earnings of 89 cents per share, slightly above market estimates. Revenue also came in very slightly above analysts’ projections, however shift to more online sales increases costs for the company.
Dick’s Sporting Goods (DKS.US) stock rose 1% in premarket after the sporting goods retailer posted quarterly earnings of $3.19 per share, easily beating market estimates of $1.97 per share. Revenue also topped analysts' estimates and comparable-store sales rose 12.2% compared to Wall Street projections of 1.9% .
Dollar Tree (DLTR.US) shares dropped more than 1% before the opening bell after the discount retailer posted quarterly profit of 96 cents per share which came in line with analysts’ expectations, however revenue figures disappointed slightly as freight costs during the quarter were significantly higher than expected.
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