- US stocks opened higher
- Face-to-face talks between Ukraine and Russia
- US trade deficits narrowed in February
- Apple (AAPL.US) to cut iPhone, AirPods output
US indices launched Monday's session in mixed moods as investors wait for the outcome of another round of face-to-face talks between Russia and Ukraine. Earlier President Zelenskyy said is ready to discuss neutral status as part of a peace deal with Russia. Nevertheless, higher bond yields and signs of an inflation-driven slowdown in consumer spending continue to weigh on market sentiment. On the data front, the US goods trade deficit narrowed to USD 106.59 billion in February, but remained close to a revised all-time high of USD 107.57 billion in the previous month, the advance estimate showed.
US30 pulled back after buyers failed to break above local resistance at 34830 pts, which is marked with an upper limit of the 1:1 structure. If current sentiment prevails, downward move may accelerate towards 34375 pts, which coincides with 50 SMA (green line). Source: xStation5
Company news
Apple (AAPL.US) stock dropped over 1.5% in premarket after news the tech giant could lower the production of its iPhone and AirPods as the ongoing Russian aggression and inflation concerns could weigh on demand for consumer electronics.
Apple (AAPL.US) stock rose sharply last week and buyers managed to break above the upper limit of the 1:1 structure at $173.10. If buyers manage to uphold current momentum, upward move may accelerate towards all-time high at $182.83. Source: xStation5
Beyond Meat (BYND.US) fell over 5.0% before the opening bell after Piper Sandler downgraded the plant-based meat producer to “neutral” from “underweight” due increasing competition for plant-based meat substitutes, as well as lower positive expectations for the impact of a nationwide McDonald’s launch.
Tesla (TSLA.US) stock rose over 6.0% in premarket after the electric car manufacturer may ask shareholders to authorize the issuance of additional shares at the upcoming annual meeting so it can pay a stock dividend, according to a company tweet.
HP (HPQ.US) shared dropped nearly 2.5% after the information technology company announced acquisition of communications technology company Poly for $3.3 billion.
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