- US indices launched today's cash trading higher
- US100 hoovers near key support
- Apple Inc (AAPL.US) slashed production targets
Major Wall Street indices launched today’s session in mixed moods as both the Dow Jones and S&P 500 futures rebounded slightly from early losses to trade higher, while the Nasdaq fell 0.25%. Moods improved slightly as Treasury yields pulled back from recent highs after the Bank of England announced it would temporarily purchase long-dated UK government bonds in an effort to stabilize the plunging British pound. The 10-year U.S. Treasury yield erased early gains after the announcement and fell to 3.82%. Earlier in the trading session, the benchmark rate broke above 4.0% for the first time since 2008. On the other hand, Apple gloomy production outlook weighed on the tech sector.
Despite overall negative sentiment US100 manages to stay above key support at 11200 pts, which is marked with lower limit of the 1:1 structure and previous price reactions. As long as the index sits above the aforementioned level, upward correction may be launched. The first resistance to watch lies at psychological 12000 pts level. Source: xStation5
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Apple Inc (AAPL.US) stock dropped 4% before the opening bell following a report that the tech giant was cutting its production target of the latest model of its flagship iPhone due to weaker than expected demand. Shares of Apple suppliers also took a hit. Micron Technology (MU. US) fell over 2.0%, while Qualcomm (QCOM.US) dropped nearly 3.0%.
Biogen (BIIB.US) stock price skyrocketed more than 50.0% after the first significant clinical trial results of its latest experimental Alzheimer’s drug Lecanemab, developed along with Eisai, showed that the pace of cognitive decline in patients who received medicine dropped by 27% over 18 months compared to patients who received placebo.
Mind Medicine (MNMD.US) stock plunged 38% in premarket after an offering of shares priced at $4.25 apiece, representing a 31% discount to last close. The offering was via RBC Capital Markets, Cantor Fitzgerald, Oppenheimer.
Thor Industries (THO.US) stock jumped over 3.5% in the premarket after the recreational vehicle maker posted upbeat quarterly results thanks to strength in its motorized RV segment, which rose 24.5% compared to last year.
Thor Industries (THO.US) stock launched today’s session with a bullish price gap and is currently heading towards local resistance at $77.50, which is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave launched in March 2020. However if market sentiment turns sour, nearest support to watch is located near recent lows around $66.00 level. Source: xStation5
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