- US indices launched today's cash trading lower
- Kohl’s (KSS.US) ends M&A talks with Franchise Group
- FedEx (FDX.US) stock plunges after analysts downgrade
US indices launched today's session slightly lower, while the yield on the US Treasury 10-year note plunged to 4 week low at 2.9%, as demand for safe-haven assets increased amid persistent fears that the Fed's aggressive tightening to tame surging inflation will lead the US economy into a recession.
US2000 pulled back in recent days, however sellers struggle to break below major support at 1700 pts. As long as price sits above, another upward impulse towards key resistance at 1837 pts could be launched. On the other hand, should a break lower occur, the next target for sellers can be found around 1645 pts. Source: xStation5
Company news:
FedEx (FDX.US) stock dropped over 2.0% after Berenberg downgraded its stance on the shipping giant to ‘hold’ from ‘buy’, pointing to near-term earnings risks.
FedEx (FDX.US) stock price managed to break above the upper limit of the 1:1 structure at the beginning of the week, however upward turned out to be short lived. Price pulled back and is currently trading below local resistance at $231.00, which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. If current sentiment prevails, next target for sellers is located at $195.20. Source: xStation5
Nio (NIO.US) ADRs and Li Auto (LI.US) ADRs rose 2.0% and 1.2% respectively in premarket after the Chinese automakers delivered strong sales numbers in June. Li Auto delivered 13,024 vehicles last month, a 69%YoY increase, while Nio delivered 12,961 cars, a 60% increase compared to previous year.
Kohl’s (KSS.US) stock fell 18.0% in premarket after the department store chain confirmed an earlier CNBC report that it ended talks to be bought by Vitamin Shoppe parent Franchise Group (FRG) and lowered its outlook for Q2.
Apple (AAPL.US) – J.P. Morgan reiterated an “overweight” rating on tech giant and price target of $200 per share, as it is not as worried about Apple’s prospects as others.
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