- US stocks launched session lower
- Tesla posted strong quarterly figures
- Earnings from Apple, Alphabet and Microsoft after market close
US stocks launched today's session lower, retreating from all-time highs ahead of earnings releases from tech behemoths - Apple, Alphabet and Microsoft which will be published after market close. Meanwhile, the Chinese regulatory crackdown continued to weigh on market sentiment. Also FOMC 2-day meeting will start today and central bankers will likely discuss an eventual tapering of stimulus. On the data front, new orders for US manufactured durable goods rose 0.8% mom in June, slowing from an upwardly revised 3.2% jump in May and well below analysts' estimates of 2.1%.
US2000 fell sharply during today’s session and again broke below support at 2206 pts and the 50 SMA (green line) which coincides with 61.8 Fibonacci retracement of the recent upward wave. Should current sentiment prevail, then downward move may accelerate towards next support at 2160 pts. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appTesla (TSLA.US) rose nearly 1.5% in premarket after the electric car maker posted upbeat quarterly figures. Company reported Q2 EPS at $1.45 (exp. $0.98) and revenue at $11.96 billion ($11.30 billion). Tesla reported a net income at $1.14 billion. Accounts payables jumped 13.7% from Q1 2021 and reached $7.56 billion. Tesla also reported a $23 million impairment on its bitcoin holdings.
Tesla (TSLA.US) stock price broke above the downward trend line, which potentially signals that buyers have taken control of the market. Currently, the horizontal zone at $ 631.00 acts as the key support and as long as the price sits above it, the trend remains upward. Potential target for bulls is located around $787.18. Only the negation of the aforementioned support at $631.00 may lead to a deeper pullback towards $ 545.00. Source. xStation5
F5 Networks (FFIV.US) stock rose more than 6% after the company topped analysts' expectations by 30 cents a share, with quarterly earnings of $2.76 per share. Revenue also beat market forecasts. The enterprise software maker recorded higher demand amid a continued pandemic-induced growth in digital business applications.
United Parcel Service (UPS.US) stock fell more than 2.0% in the premarket, despite the delivery service beating expectations with its second quarter, helped by its e-commerce deliveries, air shipments and specialized handling of healthcare products such as Covid-19 vaccines.
3M (MMM.US) stock rose more than 1.0% in premarket trading, after the company posted solid quarterly figures. Company earned $2.59 per share, well above analysts' estimates of $2.28 a share. Revenue beat forecasts as well, and 3M lifted its full-year guidance as its various businesses recover from the pandemic.
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