- US stocks opened lower
- Russian tanks advance on Kyiv
- Kohl’s (KSS.US) stock rises despite mixed quarterly results
US indices launched today's session lower, with the Dow Jones fell 0.5% and both the S&P 500 and the Nasdaq lost over 0.3% as the Russian aggression on Ukraine escalates. The Russian army is enclosing the capital city of Kyiv, after Russia's defense minister said Moscow will continue its attack until its goals are met. Meanwhile the European Parliament has accepted Ukraine's membership application in the EU. A special admissions procedure has been initiated. Treasury yields were mostly lower, with the benchmark 10-year note most recently at 1.77% as investors rushed into safe-haven bonds amid the stock market turmoil. Bank stocks took a hit in pre-market trading, while higher oil prices supported energy shares and defense stocks.
US2000 launched today's session lower, however buyers managed to defend local support at 2035 pts which coincides with 23.6% Fibonacci retracement of the last downward correction. If buyers manage to regain control, then upward move may accelerate towards resistance at 2110 pts which coincides with the upper limit of the 1:1 structure and 38.2% retracement. On the other hand, should a break below the aforementioned 2035 pts level occur, support at 1900 pts may be at risk. Source: xStation5
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Kohl’s (KSS.US) stock jumped over 5.0% in the premarket after the company posted mixed quarterly results and issued upbeat guidance for the current fiscal year. The retailer earned $2.20 per share, while analysts expected $2.12 per share. Revenue of $6.22 billion came in below market estimates of $6.54 billion.
Kohl’s (KSS.US) stock has been moving sideways in recent months, however price reacted positively to the upbeat outlook, therefore another upward move towards recent high at $64.75 cannot be ruled out. On the other hand, if sellers manage to regain control, then nearest support is located at $52.05 and is marked with 23.6% Fibonacci retracement of the upward wave from March 2020. Source: xStation5
Zoom Video (ZM.US) stock fell 2.5% in premarket after the video conferencing platform provided a disappointing full-year outlook. The company beat earnings and revenue expectations.
Chevron (CVX.US) stock rose over 1.0%, after the oil giant announced a share buyback program, in the region from $5 billion to $10 billion every year, compared with its previous forecast of between $3 billion and $5 billion. Company expects operating cash flow through 2026, benefiting from the recent surge in energy prices.
Two credit card giants Visa (V.US) and Mastercard (MA.US) announced they have blocked Russian banks from their networks in response to the Western sanctions.
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