• Nasdaq hits wew record high
• US Durable Goods Orders above estimates
• Nordstrom (JWN.US) posted disappointing quarterly results
US indices launched today's session higher with Nasdaq at new all-time highs after data showed demand for US durable goods unexpectedly accelerated in July. Also set of upbeat earnings reports lifted market sentiment. All eyes will be on Fed Chair Jerome Powell's speech at the virtual Jackson Hole symposium on Thursday, where he is expected to announce a shift to targeting average inflation which would provide the Fed with more flexibility to let inflation run above target as the central bank retains an ultra-easy monetary policy stance to support the US economy.
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Dow Jones (US30) is approaching the major support area at 28,090 pts which previously acted as a resistance. In case buyers manage to halt decline there, another upward impulse could be launched. On the other hand , breaking below it may trigger a bigger downward move. If this case, the nearest support lies at the upward trendline. Source: xStation5
Nordstrom (JWN.US) stock dropped 5% after the closing bell after the company posted weak quarterly results. The department store company lost $1.62 per share, while analysts' expected loss of $1.48 per share. Revenue also came in below forecasts.
Nordstrom (JWN.US) - stock launched today’s session with a bearish price gap and price is heading towards support at $13.28 per share. If sellers will manage to push the price below it, then declines could deepen. However in the event of a change in market sentiment local resistance is located at $18.00 per share. Source: xStation5
HP Enterprise (HPE.US)— stock rose over 6% in extended trading after company posted better-than-expected quarterly results. HP earned 32 cents per share on revenue of $6.82 billion, while analysts' expected earnings of 23 cents per share on revenue of $6.06 billion.
Salesforce (CRM.US) stock jumped over 11% after the market close after the company reported quarterly earnings of $1.44 per share well above Wall Street expectations of 77 cents. Revenue came in at $5.15 billion, higher than the $4.9 billion forecast. Revenue from the core Sales Cloud increased 13% on an annualized basis.
Dick’s Sporting Goods (DKS.US) reported quarterly earnings of $3.21 per share well above analysts' expectations of $1.30 a share. Revenue also beat estimates, with comparable-store sales up 20.7% compared to a 9.9% expectations. Company's e-commerce sales nearly triple during the quarter.
Apple (AAPL.US) – Wedbush raised its price target to $600 per share from $515 a share, on expectations of what it calls an iPhone 12 “supercycle.” Wedbush maintained its “outperform” rating on the stock.
Tesla (TSLA.US) shares rose 1.4% after Jefferies increased its 12-month price target to a $2,500, from $1,200, citing the company's battery production plans in Europe.
Toll Brothers (TOL.US) stock rose nearly 3% in extended trading after the company posted its quarterly results. The luxury home building company earned 90 cents per share on revenue of $1.63 billion while analysts expected earnings of 71 cents per share on revenue of $1.52 billion.
Urban Outfitters (URBN.US)— stock rise 11% in extended trading on upbeat quarterly results. Company reported earnings of 35 cents per share on revenue of $803 million while Wall Street expected a loss of 40 cents per share on revenue of $673 million. Company’s same store sales declined 13%, compared to the 27% drop expected by the analysts'.
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