- US stocks open lower amid Evergrande concerns
- Robinhood (HOOD.US), Coinbase (COIN.US) stocks under pressure as China intensifies cryptocurrency crackdown
- Roku (ROKU.US) stock slid over 2% after analyst downgrade
US indices launched today’s session lower amid mounting concerns over a potential default from Evergrande. Chinese developer failed to make a coupon payment on its offshore bonds yesterday and has entered a 30-day grace period during which it can make overdue payments without going into default. At the same time, investors continue to digest prospects for the start of the tapering process despite early signs of a slowing recovery.
US2000 rose sharply during yesterday’s session, however buyers failed to break above key resistance at 2258.0 pts and index pulled back towards earlier broken resistance at 2227.0 pts which now acts as support. This level coincides with 200 SMA (red line) and 100 EMA (purple line). Should break lower occur, then next support at 2210.0 pts may be at risk. Source: xStation5
Company news:
Roku (ROKU.US) shares fell more than 2% in premarket after Wells Fargo downgraded the streaming video stock to equal weight from overweight as market expectations regarding company's revenue growth is exaggerated given growing competition.
Roku (ROKU.US) stock launched yesterday’s session with a bullish price gap, however buyers failed to break above downward trendline and local resistance at $342.00. Today stock fell sharply at the beginning of the session and if current sentiment prevails, then downward move may accelerate towards major support at $310.00 which is marked with previous price reactions. xStation5
Robinhood (HOOD.US), Coinbase (COIN.US) stocks fell more than 2% and over 3.5% respectively in the premarket after the Chinese government intensified crackdown on the cryptocurrency market. PBOC announced today that all cryptocurrency-related activities are illegal vowing and banned crypto mining nationwide.
Nike (NKE.US) stock dropped over 4% in premarket after the company reduced its revenue forecasts due to supply chain issues.
Costco (COST.US) stock rose nearly 0.50% in the premarket after the retailer posted better than expected quarterly results yesterday. The company earned $3.90 per share, well above analysts' estimates of $3.57, and net sales for the quarter rose more than 17% year over year. Membership fees increased 11.7% to $1.234 billion, with total members topping 61.7 million.
Merck (MRK.US) along with AstraZeneca (AZN.US), announced today that their drug Lynparza is slowing the progression of prostate cancer in a phase three trial. Merck stock gained over 1% in premarket trading.
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