• FOMC Minutes disappoint market bulls
• US jobless claims above 1mln
• Intel (INTC.US) announces $10B stock buyback plan
• US jobless claims above 1mln
• Intel (INTC.US) announces $10B stock buyback plan
US indices launched today's session lower after recent US jobless claims report showed that 1.1 million Americans applied for benefits, above market expectations. Also yesterday FOMC minutes turned out to be less dovish than expected and weighed on market sentiment. Policymakers were considering tweaks to monetary policy and that they were concerned about the economic recovery. On the geopolitical front, China’s commerce ministry announced that trade talks, that were postponed last week, will be held “soon.”
Yesterday S&P500 (US500) managed to reach a fresh post-pandemic highs. However, buyers were unable to hold onto gains and price pulled back. Today index is testing local support at 3355.9 pts. Break below the aforementioned level would be a signal for deeper downward move. In such a scenario, the first key support can be found at 3322pts. However, should bulls regain control resistance at 3383.6 pts could be at risk. Source: xStation5Intel (INTC.US) stock rose 3.5% in extended trading after company announced a $10 billion accelerated stock repurchase program. Intel had halted stock repurchases in March, but now said it “believes that its common stock is at the time of this announcement trading well below intrinsic valuation.”
Intel (INTC.US) stock has been trading in an sideways move recently. Today price is testing the upper limit of consolidation range at $49.73. In case of a break higher, the next resistance to watch is located at $52.28 per share. However if sellers manage to halt declines here, the downward move into $46.97 per share is possible. Source: xStation5Nvidia (NVDA.US) reported better than expected quarterly results. Chipmaker earned $2.18 per share well above analysts’ expectations of $1.97. Revenues increased by 50% year over year to $3.87 billion thanks to a high demand in online gaming and working-from-home computing fostered demand for the company’s semiconductors.
Goodyear Tire & Rubber (GT.US) stock rose 1% after market close. President Trump on Wednesday called for a boycott of Goodyear Tire & Rubber Co, accusing the company of "playing politics". The president tweeted earlier in the day to his followers: “Don’t buy GOODYEAR TIRES.” The White House uproar after a Goodyear employee posted a photo that showed a slide during a workplace training that “Black Lives Matter” and LBGT pride apparel were “acceptable” while “Blue Lives Matter” and “MAGA Attire” were “unacceptable.”
Goodyear Tire & Rubber (GT.US) stock rose 1% after market close. President Trump on Wednesday called for a boycott of Goodyear Tire & Rubber Co, accusing the company of "playing politics". The president tweeted earlier in the day to his followers: “Don’t buy GOODYEAR TIRES.” The White House uproar after a Goodyear employee posted a photo that showed a slide during a workplace training that “Black Lives Matter” and LBGT pride apparel were “acceptable” while “Blue Lives Matter” and “MAGA Attire” were “unacceptable.”
Alibaba (BABA.US) reported better-than-expected quarterly figures, helped by a pandemic-related boost in online shopping. The China-based e-commerce giant earned 14.82 yuan per American depository share (ADS). Analysts had expected 13.78 yuan per ADS, according to IBES data from Refinitiv.
Nio (NIO.US) will begin offering new battery leasing service that's unique to the electric vehicle industry: Battery as a Service, or "BaaS." Drivers will be able to buy an electric vehicle without owning the battery pack, one of its most expensive components, and lower the price of its vehicles.
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