- US indices launched today's cash trading higher
- US ISM non-manufacturing index for August at 3:00 pm BST
- Bed Bath & Beyond (BBBY.US) extends sell-off
US indices started a holiday-shortened week higher, while markets continue to assess the outlook for monetary policy. Several speeches from Fed members and new economic data, including today's ISM Services figures at 3:00 pm BST, will be closely watched for clues about the central bank's rate path.
US30 fell sharply on Friday and is currently testing local support at 31300 pts, which coincides with 23.6% Fibonacci retracement of the last downward correction. Should break lower occur, next support to watch can be found around 30370 pts, which is marked with the lower limit of the 1:1 structure. On the other hand, if buyers manage to keep index above the aforementioned support level, then another upward move towards resistance at 32360 pts may be launched. Source: xStation5
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Bed Bath & Beyond (BBBY.US) stock extends recent sell-off caused by suicidal death of CFO Gustavo Arnal and dropped over 14.0% in premarket. Company said in a statement Sunday that Arnal was “instrumental” in guiding the company through the pandemic. Bed Bath & Beyond also nominated the chief accounting officer as interim CFO.
Bed Bath & Beyond (BBBY.US) stock resumed downward move after buyers failed to break above major resistance at $14.00, which coincides with 78.6% Fibonacci retracement of the last upward wave and 50 SMA (green line). If current sentiment prevails, downward move may accelerate towards recent lows around $4.00. This level is marked with a lower limit of the 1:1 structure and previous price reactions. Source: xStation5
Alibaba (BABA.US) stock fell 2% in premarket, similar to other Chinese stocks listed on the US stock exchanges, as more cities implement fresh lockdowns due to rising number of Covid infections.
CVS Health (CVS.US) stock jumped more than 1.0% before the opening bell after the healthcare company agreed to buy Signify Health for $30.50 per share in cash in a transaction valued at approximately $8 billion.
Tesla (TSLA.US) shares jumped 0.9% after Wolfe Research upgraded its investment stance on the EV producer to ‘outperform’ from ‘peer perform’, saying it can rise 30%, benefitting from the Inflation Reduction Act.
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