- US indices launched today's cash trading higher
- Midterm election in the US
- TripAdvisor (TRIP.US) stock plunges on weak quarterly earnings
Major US indices launched today's session slightly higher as traders restrain themselves from taking more risk ahead of the outcome of the midterm elections while also bracing for key CPI data which will be released on Thursday. Recent election polls suggest that Republicans are gaining advantage, and analysts anticipate a split government, with the GOP likely to win the House and possibly the Senate, thus placing a check on the Democratic policy agenda.
US100 managed to break above resistance at 11000 pts despite negative sentiment caused by the poor performance of big tech companies. As long as price sits above this level, another upward move towards local resistance at 11700 pts may be launched. On the other hand, if sellers manage to push the index below the aforementioned support, downward move may deepen towards support at 10460 pts, which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
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S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: Finviz
Company news:
- TripAdvisor (TRIP.US) stock tumbled more than 20.0% in premarket after the travel website operator’s posted weak quarterly earnings. Company announced that currency fluctuations had a significant negative impact on revenue and however travel demand remains strong.
TripAdvisor (TRIP.US) stock launched today's session with a massive bearish price gap and is approaching major support at $17.00 where July lows are located. If sellers manage to push the price below, downward move may accelerate towards 2020 lows around $13.30. Source: xStation5
- Take-Two (TTWO.US) shares plunged 16% in premarket after the video game maker lowered its annual revenue guidance due to USD strength and a broader industry slump.
- Lyft (LYFT.US) stock dropped over 17% before the opening bell as upbeat quarterly earnings failed to overshadow smallest quarterly growth in active riders so far this year underperforming its bigger rival Uber (UBER.US).
- Kohl (KSS.US) stock rose over 7% in the premarket after the department store chain announced the departure of its CEO next month.
- Coty (COTY.US) stock jumped over 3% in premarket after the cosmetics company posted quarterly results that slightly topped market estimates as demand for its products helped soften the hit from appreciating greenback and the company's withdrawal from Russia.
- Qiagen (QGEN.US) stock rose over 3.0% in premarket after the biotech company lifted its full-year financial forecasts due to rising demand for its non-Covid products.
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