- US stocks opened lower
- US500 is testing key support zone
- Microstrategy (MSTR.US) stock plunges amid Bitcoin sell-off
Major Wall Street indices launched today's session sharply lower, with contracts on the Dow Jones plunged 2.70%, while both the S&P 500 and the Nasdaq fell over 2.40% and 2.80% respectively as investors raised bets on even bigger interest rate increases by the Federal Reserve after the recent May inflation report. Also short-term 2-year Treasury yield traded above its 10-year counterpart at one point in the session for the first time since April, highlighting recession fears.
US500 broke below the lower limit of the descending channel and is currently testing major support at 3800 pts which is marked with previous price reactions and 38.2% Fibonacci retracement of the upward wave launched in March 2020. If bears succeed in breaking below, downward move may accelerate towards 3675 pts. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appCompany news:
Coinbase (COIN.US) stock of the cryptocurrency exchange plunged over 17.0% as the crypto meltdown gathered pace after a major cryptocurrency lender Celsius announced it would pause withdrawals. Microstrategy (MSTR.US) shares slumped more than 21% in premarket and some market participants expect a margin call will force the company to sell some of its holdings.
Microstrategy (MSTR.US) stock launched today's session with a massive bearish price gap and if current sentiment prevails support at $132.70, where recent lows are located may be at risk. In case of a break below the aforementioned support, downward move may accelerate. On the other hand, if buyers manage to halt declines, nearest resistance to watch is located at $223.40 which is marked with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5
Amazon (AMZN.US), Tesla (TSLA.US) and other major tech companies took a hit before the opening bell as investors braced for a broad sell-off. Both stocks plunged over 4%.
DocuSign (DOCU.US) shares extend recent losses caused by weak quarterly figures and disappointing financial outlook. Today the software stock fell over 5% in premarket. Wolfe Research downgraded the stock to “underperform” from “peer perform”.
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
