- Wall Street indices open lower
- US100 tested support at 23.6% retracement
- Movie studios gain on deal with writers
Wall Street indices launched today's trading lower. S&P 500, Nasdaq and Dow Jones traded 0.2-0.3% lower at the opening while small-cap Russell 2000 was down 0.6%. Economic calendar for today is almost empty with only the Dallas Fed manufacturing index scheduled for release at 3:30 pm BST.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appUS100 is trading slightly lower today. Index is testing the support zone marked with the 23.6% retracement of a recent upward impulse in the 14,750 pts area. This zone is further strengthened by previous price reactions and the lower limit of the Overbalance structure can be found slightly below it. Breaking below this mix of support could pave the way for a deeper decline with 38.2% retracement slightly below 14,000 pts mark being the first major target.
Company News
Entertainment stocks gained after Hollywood movie studios reached a tentative agreement with screenwriters. Warner Bros Discovery (WBD.US), Disney (DIS.US), Paramount Global (PARA.US), Netflix (NFLX.US) are among stocks trading higher at the beginning of today's session. The agreement still needs to be ratified by writer's union members but is a step towards ending a 5-month strike.
HP Inc (HPQ.US) dropped over 2% at session launch after Berkshire Hathaway, investment conglomerate led by Warren Buffett, disclosed selling $129 million worth of company's stock.
Analysts' actions:
- Dow (DOW.US) upgraded to "overweight" at JPMorgan. Price target set at $55.00
- Nike (NKE.US) downgraded to "hold" at Jefferies. Price target set at $100.00
- FootLocker (FL.US) downgraded to "hold" at Jefferies. Price target set at $18.00
- Urban Outfitters (URBN.US) downgraded to "hold" at Jefferies. Price target set at $31.00
Shares of HP (HPQ.US) opened lower today and weaker sentiment towards the stock is driven by Berkshire Hathaway disclosed a sale of part of the company's shares. Stock is making a break below the $27.00 support zone today. Source: xStation5
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