- Wall Street opens mixed but drops later on
- US30 tests 33,000 pts area
- Earnings from Caterpillar, Pfizer and Pinterest
Wall Street indices launched today's trading mixed - S&P 500 was flat at the opening, Dow Jones dropped 0.2% and Nasdaq was down 0.1%. Small-cap Russell 2000 traded slightly higher at session launch. However, all of the indices moved lower during the first hour of the cash session. US indices are trading lower in spite of a better-than-expected Conference Board data for October released earlier today.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDow Jones futures (US30) are trading little changed today. The index is currently testing the 33,000 pts resistance zone, marked with a number of previous price reactions. Long upper wick of today's candlestick shows that there is a strong bears' camp in the area. Should a bearish candlestick pattern be painted in this area, it would be a strong signal for a pullback. In such a scenario, the first area to watch will be the 33,500 pts support zone that has halted declines in the previous week.
Company News
Caterpillar (CAT.US) reported better-than-expected results for Q3 2023. Company reported a 12% YoY jump in revenue, to $16.81 billion (exp. $16.57 billion), and 40% YoY jump in EPS, to $5.52 (exp. $4.80). Company said that around $1.3 billion out of $1.8 billion in sales growth came from price increases. Adjusted operating margin at 20.8% was slightly weaker than 21.3% reported in Q2 2023. Company warned that it expects Q4 operating margin to be lower than in Q3 2023 and sales to be slightly higher than a year ago.
Pfizer (PFE.US) reported Q3 2023 earnings before the Wall Street session opened today. Company reported a 42% YoY drop in revenue, to $2.4 billion. Pfizer reported a $2.4 billion loss, compared to a $8.6 billion profit in Q3 2022. Loss was mainly driven by a $5.6 billion write-down on Covid-19 inventories. Nevertheless, the company said that it still expects to achieve full-year targets.
Caterpillar (CAT.US) launched today's trading with a big bearish price gap. Stock is trading around 5% lower on the day. A point to note is that the stock slumped below the $239 support zone and now the way towards the zone at $209.50 is left open. Source: xStation5
Marathon Petroleum (MPC.US) reported Q3 revenue at $41.58 billion (exp. $37.67 billion) and EPS at $8.14 (exp. $7.75). Net income dropped from $4.5 billion in Q3 2022 to $3.3 billion now. Company said its crude capacity utilization was 94%, resulting in a throughput of 3 million barrels of oil. Strong results were driven by strong oil demand during the quarter.
Pinterest (PINS.US) reported Q3 2023 earnings yesterday after the close of the market session. Company reported a 11.5% YoY jump in Q3 revenue, to $763.2 million (exp. $743.5 million), and adjusted EPS of $0.28 (exp. $0.20). Global monthly active users increased 8% to 482 million. Company expects Q4 revenue growth to reach 11-13% YoY, slightly above 11.3% YoY expected by analysts.
Pinterest (PINS.US) launched today's trading with a big bullish price gap. Stock leaped above the $25.20 and the $29.00 resistance zone and is trading less than 5% below local high from mid-July 2023. Source: xStation5
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