- US indices launched today's cash trading higher
- US2000 bounces off major support
- Keurig Dr Pepper (KDP.US) stock slides after Goldman downgrade
US indices launched today’s session higher, bouncing off 2022 lows. The Dow Jones rose 0.9%, while the S&P 500 gained 1.4%, and the Nasdaq jumped 1.8%. The upward impulse came in tandem with easing Treasury yields, which brought some relief to beaten-down technology and other high-growth stocks.Tech giants, including Microsoft, Amazon, Alphabet, Facebook, Apple, and Tesla, were up between 1% and 3%. Investors also digested a slew of hawkish Fed speeches, including remarks from Fed Evans, which said the central bank would need to hike rates by at least another percentage point this year.
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US2000 managed to defend key support at 1650 pts, where June 2022 lows are located. As long as the index sits above this level, another upward impulse may be launched towards resistance at 1790 which is marked with previous price reactions. However should break below the aforementioned support occur, downward move may accelerate strongly. Source: xStation5
Company news:
Keurig Dr Pepper (KDP.US) stock fell 1.5% in premarket after Goldman Sachs downgraded the soft drink company to neutral from a buy rating citing increased risk to company’s margins as commodity inflation, especially related to coffee, remains elevated.
Keurig Dr Pepper (KDP.US) stock launched today's session lower as a recent downgrade halted recent bullish momentum. If current sentiment prevails, bears may push the price towards support at $36.30, which is marked with 61.8% Fibonacci retracement of the last upward wave. The key resistance to watch is located around $38.00 level, which coincides with 38.2% retracement, upper limit of the wedge formation and 50 SMA (green line) and 200 SMA (red line). Source: xStation5
Tesla (TSLA.US) stock jumped more than 2.0% in premarket as Electrek reported that the management, in an email to employees, said the company will be delivering a “very high volume of vehicles to eagerly waiting customers during the final days” of the third quarter.
Lucid Group (LCID.US) stock jumped over 4.0% after Cantor Fitzgerald initiated coverage of the electric vehicle manufacturer with an ‘overweight’ rating, saying its products provide greater efficiency relative to its peers.
Shares of the railroad companies Norfolk Southern (NSC.US), CSX (CSX.US) took a hit before the opening bell after UBS downgraded the duo, citing a deteriorating macro backdrop. UBS believes that both companies will have problems with achieving the consensus 25% volume growth going forward.
Shares of JetBlue (JBLU.US) and American Airlines (AAL.US) rose over 2.0% before the opening bell with the alliance between the two airlines set to come under scrutiny in court later from the Federal government’s antitrust suit.
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