- US stock open lower
- 10-year US Treasury note highest since June
- Albertsons (ACI.US) stock gains on upbeat quarterly figures
US indices launched today's session lower as rising yields and weak economic from China dented market sentiment. China reported GDP growth of 4.9% in the third quarter, while analysts expected growth 5.3%. Industrial production in China last month also fell short of expectations. Also industrial production in the United States fell 1.3% in September, following a revised 0.1% contraction in August and missing market expectations of 0.2% growth. Meanwhile the 10-year US Treasury note, bounced back to levels not seen since early June above 1.6%, as investors expect that the tapering process will begin in mid-November or mid-December which puts pressure on tech stocks ahead of a busy earnings schedule. Major companies slated to report earnings this week include Netflix, Johnson & Johnson, Tesla, United Airlines, Procter & Gamble, Verizon and IBM.
US100 launched today’s session lower as buyers struggle to break above local resistance around 15220 pts which coincides with 50 SMA ( green line). If current sentiment prevails, a downward correction towards 14580 pts may be launched. On the other hand, if bulls manage to regain control, then upward move may accelerate towards all-time high at 15820 pts. Source: xStation5
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Albertsons (ACI.US) stock rose 3,5% in premarket after the supermarket operator reported quarterly earnings of 64 cents per share, well above analysts’ estimates of 45 cents a share. Revenue also beat market expectations. Company lifted its quarterly dividend by 20% to 12 cents per share.
Albertsons (ACI.US) stock bounced of thee major support zone around $26.67 which coincides with lower limit of the wedge formation, 200 SMA ( red line), lower limit of the 1:1 structure and 38.2% Fibonacci retracement of the upward wave launched in February. Currently the price is approaching the resistance zone around $29.80 which is strengthened by 50 SMA ( green line), 23.6% Fibonacci retracement and upper limit of the wedge formation. Should a break higher occur, upward move may accelerate towards the next resistance at $34.00. Source: xStation5
Zillow (Z.US) stock fell more than slid 6.0% in premarket trading after the company temporarily stopped its home-buying service due to overwhelming demand according to Bloomberg.
Walt Disney (DIS.US) shares dropped nearly 2.0% in the premarket after Barclays downgraded the entertainment giant stock to “equal weight” from “overweight,” citing concerns about a significant slowdown in growth for the Disney+ streaming service.
Amazon (AMZN.US) stock fell 0.4%, in line with the broader market, after The Wall Street Journal reported that members of a Congressional panel had asked the company to ensure its managers - including former CEO Jeff Bezos - hadn't misled it in earlier testimony. The concerns revolve around suspicions that Amazon abuses its dominance in the online shopping market to undermine competition by copying emerging competitors.
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