- US stock opened higher
- Retail sales well above expectations
- Walmart (WMT.US) posted upbeat quarterly figures
US indices launched today's session higher as investors digest better-than-expected retail sales and industrial production data for October and try to assess what such upbeat figures and persistent high inflation would mean for the Fed's tightening plans. Retail sales figures for October came in 1.7% higher than 0.7% in September, the Commerce Department reported Tuesday. Economists expected sales to have jumped by 1.0%. Additionally better-than-expected quarterly results from Walmart and Home Depot lifted market sentiment.
US100 bounced off the upper limit of the ascending channel last week, however the downward move turned out to be short-lived and the index is climbing towards all-time high at 16,442 pts. On the other hand, if sellers manage to regain control, 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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Walmart (WMT.US) shares rose 2% in premarket trading after the retail giant posted better than expected quarterly results. Walmart earned $1.45 per share, while analysts expected earnings of $1.40 per share, with comparable-store sales topping forecasts as well. Company also lifted its full-year guidance.
Walmart (WMT.US) stock erased premarket gains and launched today’s session lower, below major support zone around $145.45 which is marked with 38.2% Fibonacci retracement of the last upward wave, 200 SMA ( red line) and lower limit of the descending channel. If current sentiment prevails, the next target for bears is located around $143.60. On the other hand, if buyers will manage to regain control, then another upward move towards recent highs at $151.90. Source: xStation5
Home Depot (HD.US) stock rose over 1% before the opening bell, after the home improvement retailer posted third-quarter profit of $3.92 per share, well above market expectations of $3.40 per share. Revenue also topped analysts’ projections. Comparable-store sales were up a better-than-expected 6.1%, driven by demand for household tools and building materials.
Tesla (TSLA.US) stock dropped more than 1.0% in premarket after CEO Elon Musk sold $930 million in shares to meet tax obligations after exercising options to buy 2.1 million shares, while JPMorgan Chase brought a $162-million lawsuit against the company alleging breach of contract over stock warrants that came due this year.
Peloton stock (PTON.US) stock fell more than 3.0% lower in premarket as the gym equipment maker hit the market with an offer to sell stocks worth $1 billion.
Pfizer Inc (PFE.US) said on Tuesday it will allow generic manufacturers to supply its experimental antiviral COVID-19 pill to 95 low- and middle-income countries through a licensing agreement with international public health group Medicines Patent Pool.
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