- US stocks trade nearly flat
- US GDP growth slightly below expectations. Jobless claims on the rise
- Comments from FED officials
- Coty (COTY.US) stock surges despite mixed quarterly results
US indices launched another session flat as investors await Powell's speech at annual Jackson Hole symposium on Friday and ignored recent comments from other FED members. President of the St. Louis Fed James Bullard told CNBC, that in his opinion, the central bank should start tapering at the end of this year and finish the process by the end of the first quarter next year. He expects a first-rate hike in late 2022. Meanwhile, the Kansas City Federal Reserve President George said the Fed should start reducing the QE program "sooner rather than later" even though the delta variant poses a risk to the US economic outlook. On the data front, weekly jobless claims rose to 353k, above market estimates of 350k, while GDP growth for Q2 was revised higher to 6.6% but slightly missed analysts’ projections of 6.7%.
US2000 rose sharply this week, however buyers failed to break above major resistance at 2258 pts which is marked by the upper limit of the 1:1 structure and earlier price reactions. Currently the index is heading towards local support at 2210 pts which is strengthened by 200 SMA (red line) and continued range trading looks to be the base case scenario at least until Powell's speech tomorrow. Source:xStation5.
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Ulta Beauty (ULTA.US) stock jumped over 6.0% in the premarket after the cosmetics retailer posted quarterly earnings of $4.56 per share well above analysts’ estimates of $2.59 per share. Revenue also topped market expectations, and the company lifted its full-year outlook as an overall improvement in the beauty industry continues.
Salesforce.com (CRM.US) stock rose over 3% in premarket following solid quarterly figures. Software company earned an adjusted $1.48 per share, beating the 92 cents consensus estimate. Revenue beat market projections as well. Salesforce also issued an upbeat outlook as companies continue to shift applications to the cloud.
Williams-Sonoma (WSM.US) stock surged more than 16% in premarket after the retailer revised its guidance for both the ongoing financial year and beyond, increased its quarterly dividend and expanded its buyback program. The company reported quarterly earnings of $3.24 per share well above analysts’ estimates of $2.61.
Coty (COTY.US) stock jumped over 4% in premarket after the cosmetics producer announced it expects a return to annual sales growth this year for the first time in at least three years. Coty’s adjusted loss for its latest quarter was 9 cents per share, 3 cents wider than expected, however revenue beat market estimates.
Coty (COTY.US) stock launched today’s session higher and is currently testing local resistance at $8.65 which coincides with 50 SMA (green line) and 23.6 Fibonacci retracement of the last upward wave. If current sentiment prevails, then upward move may accelerate towards $10.53 where April high is located. Source: xStation5
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