- US indices launched today's cash trading higher
- US500 below key resistance
- JD.com (JD.US) surges on better than expected earnings
Three major Wall Street indices launched today's session 0.50% higher as upbeat results from the several sectors overshadowed another set of hawkish comments from FED members and persistent concerns over deteriorating economic outlook. St. Louis Fed President Bullard warned that tightening conditions have only had a modest effect on inflation. Fed's Collins emphasized that the US central bank most likely will have to raise interest rates even more and expects a modest rise in unemployment. On the data front, Existing Home Sales decreased ninth time in a row to 44.30 million in October from 47.10 million in September, still slightly above market estimates of 4.38 million. It is the lowest reading since December of 2011.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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Despite slight improvement of market sentiment US500 struggles to break above key resistance at 4000 pts. As long as the index sits below, another downward impulse towards short-term support at 3900 pts may be launched. On the other hand, should buyers manage to break higher, then 200 SMA (red line) again may act as the first line of resistance. Source: xStation5
Company news:
JD.com (JD.US) ADR jumped more than 5.0% in premarket only to erase all gains after the US open despite the fact that Chinese e-commerce giant topped top and bottom line estimates as Covid-related lockdowns in China forced citizens to shop online.
JD.com (JD.US) stock launched today's session with a bullish price gap above long term downward trendline and 200 SMA (red line). However sellers quickly regain control and price is moving towards support at $53.80, which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if buyers managed to regain control, the upward move may accelerate towards resistance at $64.40. Source: xStation5
Foot Locker (FL.US) stock rose 14% in the premarket after the apparel and footwear retailer reported better than expected quarterly figures and lifted its full-year financial guidance due to unexpected rise in comparable store sales.
Gap (GPS.US) shares jumped more than 8% before the opening bell after the clothing and accessories retailer posted solid results for the third quarter.
Applied Materials (AMAT.US) stock rose over 4.0% in premarket after the producer of semiconductor manufacturing equipment posted upbeat quarterly results and issued upbeat current quarter guidance.
Williams-Sonoma (WSM.US) shares dropped over 8.0% before the opening bell after the home and kitchen retailer said it would not reiterate or update its outlook through fiscal 2024, citing macro uncertainty.
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