- US stocks open lower
- NFP report well above expectation
- Tesla (TSLA.US) halt recruitment process and plans to laid-off 10% workers
Major Wall Street indices launched today’s session lower as strong nonfarm payrolls report added to expectations of tighter policy by Fed. The US economy added 390k jobs in May, surpassing analysts' estimates of 325k. Also recent Elon Musk comments regarding layoffs weighed on sentiment. The Dow Jones Industrial Average fell 0.75%, while S&P 500 slipped 1.1%, while Nasdaq 100 fell 1.7%.
US500 struggles to break above resistance around 4180 pts area which coincides with 23.6% retracement of the upward wave launched in March 2020. Today the index pulled back following release of the NFP report and if current sentiment prevails another downward move towards the key support zone at 3885 pts may be launched. Source: xStation5
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Tesla (TSLA.US) stock fell over 4.5% in the premarket after Elon Musk ordered to suspend the recruitment of new employees and reduce employment by10% as he feels “super bad” about the economy.
Tesla (TSLA.US) stock rose sharply on Thursday and tested local resistance at $797.00 which coincides with 38.2% Fibonacci retracement of the massive upward wave launched in March 2020. However moods deteriorated after Musk comments and stock opened today's session lower. Potential break below psychological support at $700.00 could deepen declines. Source: xStation5
Lululemon (LULU.US) stock added 1% in premarket after the athletic apparel producer posted upbeat quarterly earnings and lifted its full-year financial outlook. Lululemon earned $1.48 per share topping analysts’ estimates of $1.43 per share amid continued strong demand for premium sportswear.
Coinbase (COIN.US) stock fell nearly 4.0% before the opening bell after the cryptocurrency exchange said it is extending a hiring freeze and rescinding some job offers that had been accepted.
RH (RH.US) stock plunged 4% in the premarket after the luxury home goods company issued disappointing full year financial guidance which overshadowed solid quarterly results and $2 billion expansion of its stock buyback program.
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