- US indices launched today's cash trading higher
- Retail sales above expectations
- BlackRock (BLK.US) and Wells Fargo (WFC.US) posted disappointing quarterly results
US indices jumped 1.0% at the start of today's session as investors digested another set of disappointing corporate results and weak economic data. Retail sales rose more than expected, which means that FED will most likely stick to its current tightening path. Meanwhile industrial production fell below expectations. On the week, the three main averages are on track to post weekly declines.
US30 again approaches major resistance at 31320 pts, which coincides with 23.6% Fibonacci retracement of the last downward wave. Nevertheless as long as price sits below aforementioned level, support at 29615 pts is at risk. On the other hand, should buyers manage to uphold current momentum and break above aforementioned resistance, then another upward impulse towards next resistance at 32410 pts may be launched. Source: xStation5
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BlackRock (BLK.US) stock fell over 2.0% in premarket after the world's biggest asset management firm earned an adjusted $7.36 per share, well below market estimates of $7.90. Revenue figures also disappointed. Profit plunged 30% from a year ago as the global market turmoil discouraged investors.
BlackRock (BLK.US) stock launched today's session lower and is currently testing key support at $575.50 which coincides with 61.8% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5
Wells Fargo (WFC.US) stock dropped 1.0% in premarket after one of the major US banks reported weak quarterly results. Company earned 74 cents per share, which included an 8-cent equity impairment charge, while analysts expected 80 cents per share as profits decreased compared to last year as banks accumulated funds to cover possible bad loans.
Pinterest (PINS.US) stock jumped nearly 15% before the opening bell after the WSJ reported that activist investment firm Elliott Management acquired 9% shares in the social-media company to become its largest investor.
UnitedHealth (UNH.US) stock rose 1.7% in the premarket after the health insurer’s posted upbeat quarterly figures partially thanks to solid performance of its Optum health care services unit. Company raised its full-year profit forecast for a second straight quarter.
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