- US indices launched today's cash trading lower
- Mixed retail sales report
- Union Pacific (UNP.US) stock surges after deal with unions averts strike
US indices launched today's session lower as investors digest another set of macroeconomic data. The Dow Jones fell 0.2%, while S&P 500 and Nasdaq fell 0.5% and 0.7% respectively as mixed retail sales figures and better than expected jobless claims figures will do little to alleviate concerns about persistent inflation and further rate hikes from FED.
US30 is once again testing local support at 31300 pts, which coincides with 23.6% Fibonacci retracement of the last downward correction. If current sentiment prevails, next support to watch can be found around 30370 pts, which is marked with the lower limit of the 1:1 structure. On the other hand, if buyers manage to push the index above the aforementioned 31300 pts level, then another upward move towards resistance at 32360 pts may be launched. Source: xStation5
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Railway stocks- Union Pacific (UNP.US), CSX (CSX.US), Norfolk Southern (NSC.US) rose 4.1%, 3.95% and 1.55 respectively in the premarket railroads and labour unions reached agreement which will prevent a rail workers’ strike.
Union Pacific (UNP.US) stock fell sharply yesterday amid uncertainty regarding rail workers strike, however sellers failed to break below key support around $213.20, which coincides with 78.6% Fibonacci retracement of the last upward wave. Moods completely reversed today and price may be heading towards resistance at $227.40, which is marked with 61.8% retracement. Source: xStation5
Adobe Inc. (ADBE.US) shares plunged 8% in premarket after the company revealed plans to acquire software design startup Figma Inc. for approximately $20 billion. The company also posted upbeat Q3 adjusted EPS figures.
Netflix (NFLX.US) stock rose over 2.0% in premarket after Evercore ISI upgraded the company to “outperform” from “in line” as it sees revenue opportunities from planned ad-supported tier and limits on password sharing..
Arconic (ARNC1.US) shares plunged nearly 10.0% before the opening bell after the aluminum products maker lowered its annual financial outlook citing high energy costs, mainly in Europe.
Wynn Resorts (WYNN.US) stock jumped over 3.0% in premarket after Credit Suisse upgraded the casino and hotel operator to ‘outperform’, saying it offers an attractive risk-reward basis.
Danaher (DHR.US) stock surged more than 11.0% in the premarket after the medical technology company announced plans to create an environmental & applied solutions unit which will focus on life sciences and diagnostics businesses. The transaction is expected to close in Q4 of 2023.
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