- S&P 500 and Nasdaq Composite hit new record highs
- ISM Services PMI survey below expectations
- Pinduoduo (PDD.US) stock fell 2% on regulation worries
US indices launched today's session in mixed moods as Wall Street kicked off the holiday-shortened week with the S&P 500 and Nasdaq Composite at record highs. On the data front, the ISM Services PMI dropped to 60.1 in June from an all-time high of 64 in May, and compared to analysts' estimates of 63.5. Despite the fact that the reading was below market expectations, it still points to a strong growth in the services sector. In the absence of further catalysts, investors await tomorrow’s FOMC minutes release for more hints on the Fed's hawkish pivot.
US2000 index pulled back sharply after a failed attempt of breaking above resistance at 2305 pts which coincides with lower limit of the triangle formation. If the current sentiment prevails then support at 2258 pts may be at risk. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appShares of several Chinese companies listed on the U.S. stock exchange including Baidu (BIDU.US), Pinduoduo (PDD.US) and JD.com (JD.US) dropped around 2% in premarket after Chinese regulators announced cybersecurity reviews.
Pinduoduo (PDD.US) stock launched today’s session with a bearish price gap, below the lower limit of the triangle formation and is currently testing major support at $112.00. Source: xStation5
Oil company stocks move higher as oil prices hit 6-year highs after the OPEC + meeting was postponed indefinitely. Occidental Petroleum (OXY.US) stock rose nearly 2% in the premarket and ConocoPhillips (COP.US) shares jumped 1.7%.
Pfizer (PFE.US) stock fell nearly 1% in premarket after a study conducted by Israel’s health showed a decrease in effectiveness in Pfizer’s Covid-19 vaccine in preventing infection and symptomatic disease apparently due to the spread of the delta variant of the virus. However, Israel said Pfizer’s Covid vaccine remained highly effective at preventing serious illness.
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