- NASDAQ hits new all-time high
- US PMI indices below expectations
- Uber (UBER.US) shares fell sharply after California court invalidates gig worker
US indices launched today's session higher, with the Nasdaq 100 hitting a record high after news that the highly-anticipated Jackson Hole Symposium later in the week will be a fully virtual event. Earlier investors expected Fed Chair Powell to provide more details on the tapering timeline, but now many believe Fed will not use the event to announce QE taper. Sentiment was also lifted by China's announcement on Monday that it had not registered any Covid-19 cases through community spread for the first time since July. On the data front, The IHS Markit US Services and Manufacturing PMI's readings both disappointed.
US500 launched today’s session higher and is approaching all-time high at 4475.5 pts. However if sellers manage to regain control then support at 4417.0 may be at risk. This level coincides with 50 SMA (green line) and 23.6% Fibonacci retracement off the last upward wave. Source: xStation5
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Open account Try demo Download mobile app Download mobile appUber (UBER.US) stock dropped more than 4.0% and Lyft (LYFT.US) stock lost nearly 4.5% in premarket after a Californian judge declared unconstitutional a ballot which had enabled these companies to call their drivers independent contractors.
Uber (UBER.US) stock has been trading in a downward move recently and is currently approaching the major support zone at $38.70 which is marked by the earlier price reactions. Should break lower occur, then downward move may accelerate towards the lower limit of the descending channel or even support at $33.15. On the other hand, if buyers manage to halt declines here, then upward impulse towards resistance at $42.20 could be launched. Source: xStation5
Robinhood (HOOD.US) – the popular trading app was added to coverage at a handful of investment firms following its late July initial public offering, including Goldman Sachs (neutral rating), Mizuho (buy), JMP Securities (outperform), Barclays (equal weight) and Piper Sandler (neutral).
Coinbase (COIN.US) stock jumped nearly 4% in premarket as the cryptocurrency exchange benefits from the rise of bitcoin price which is once again trading above the $50,000 price tag, hitting the mark for the first time in over three months.
Pfizer (PFE.US), BioNTech (BNTX.US) - both companies received full FDA approval for their Covid-19 vaccine as soon as today, according to several sources. Moderna (MRNA.US) is also in the process of applying for full FDA approval of its Covid-19 vaccine.
Boeing (BA.US) stock rose more than 1.0% in premarket after the Wall Street Journal reported that the plane manufacturer was planning investment in Virgin Orbit's $3.2 billion SPAC listing.
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