- US indices launched today's cash trading higher
- Nike (NKE.US) stock plunges on weak revenue outlook
- Morgan Stanley (MS.US) increases dividend payments
Major US indices launched today's session 1.0% higher as it seems that some investors expect the FED will limit the pace of interest rates hikes, fearing that higher borrowing costs could tip the economy into recession. Also news that China eased some COVID-19 quarantine requirements for international travelers also lifted market sentiment. Now investors will focus on the top reading of the day which is the US Conference Board index for June and is expected to show a significant deterioration.
US30 managed to stay above major support at 31320 pts which coincides with 23.6% Fibonacci retracement of the last downward wave. As long as price sits above this level, another upward impulse towards next resistance at 32410 pts may be launched. On the other hand, one should keep in mind that the main trend remains downward, and support at 29615, which is marked with a lower limit of the 1:1 structure, is the nearest target for market bears. Source: xStation5
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Morgan Stanley (MS.US), Goldman Sachs (GS.US), Bank of America (BAC.US), Wells Fargo (WFC.US) raised their dividends after passing their annual stress tests.
Morgan Stanley (MS.US) stock launched today's session higher and if current sentiment prevails bulls may test the upper limit of the local descending channel. Should a break higher occur, upward move may accelerate towards resistance at $90.00 which is marked with 23.6% Fibonacci retracement of the upward wave started in March 2020. On the other hand, if sellers regain control, nearest support to watch lies at $78.15. Source: xStation5
Nike (NKE.US) stock dropped over 2.0% in premarket as weak revenue guidance overshadowed upbeat quarterly figures. Some analysts expect that higher promotional costs and ongoing disruptions in its profitable China market may have an impact on sales.
Spirit Airlines (SAVE.US) stock rose over 4.0% in premarket after JetBlue (JBLU.US) increased its bid for a budget airline in response to a recent offer from Frontier Group.
Occidental Petroleum (OXY.US) stock jumped over 4.0% after Berkshire Hathaway (BRKB.US) increased its stake in the oil company to 16.4%.
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