- US indices launched today's cash trading higher
- US2000 bounced off major resistance
- Upbeat earnings from Netflix (NFLX.US) and United Airlines (UAL.US)
US indices launched today’s session in mixed moods despite solid quarterly figures from Netflix, Procter & Gamble and United Airlines. Nevertheless another set of hawkish comments from FED members weighed on market sentiment. Kashkari warned that the US central bank might need to lift its policy rate above 4.75% if underlying inflation continues to accelerate. On the data front, building permits in, a proxy for future construction, rose 1.4% mom to an annualized 1.564 million in September, beating analysts’ expectations of 1.53 million. Housing starts plunged 8.15 to an annualized rate of 1.439 million in September, down from a revised 1.566 million in the previous month and well below market consensus of 1.475 million. Today investors’ attention will focus on earnings reports from Tesla and IBM, which will be released after market close.
US2000 rose sharply at the beginning of this week, however buyers once again failed to break above major resistance at 1790 pts, marked with previous price reactions. As long as the price sits below the aforementioned level, another downward impulse towards key support at 1650 pts may be launched. Source: xStation5
Company news:
- Netflix (NFLX.US) stock jumped over 12.0% in premarket trading after streaming giant added 2.4 million subscribers during its latest quarter, which doubled analysts estimates and reversed a trend that saw it lose subscribers for the past two quarters.
- United Airlines (UAL.US) shares added 5.0% after the company posted upbeat quarterly earnings and issued solid guidance for the current quarter amid a rebound of travel demand.
- Procter & Gamble (PG.US) stock rose 2.0% before the opening bell after the consumer goods giant reported robust quarterly figures even as it lowered its full-year sales forecast, as higher pricing offset lower demand for its products.
- Adobe (ADBE.US) shares rose 1.7% in premarket after the software maker reaffirmed its prior current-quarter outlook, encouraging investors who have seen other tech companies cut their forecasts as sales decline.
- Olaplex (OLPX.US) stock tumbled over 40% after the company posted disappointing quarterly results and cut its full-year forecasts to reflect slowing sales.
Olaplex (OLPX.US) stock launched today's session with a massive bearish price gap and reached a new all-time low at $5.00. Source: xStaton5
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