US OPEN: Wall Street attempts to rebound from a losing streak

• US stocks rebound 
• Nike (NKE.US) stock fell after analyst downgrade
• Virgin Galactic (SPCE.US) stock fell 35 due to flight delay

US indices launched today's session higher attempting to rebound from recent losses. The bounce comes after the Dow and S&P posting a fifth straight day of losses, while the Nasdaq Composite registered its third consecutive negative session. For the S&P 500, that was its worst losing streak since the end of February. Tuesday's CPI figures should provide more hints on inflationary pressures. The market expects inflation to start slowing down, but even if it does, it will be a very slow process. Annual inflation is expected to decline from 5.4% to 5.3%, solely due to the "base effect" (i.e. a year ago the price increase was higher in August than in July). However, if annual inflation does not fall, it will mean a lot of discomfort for the Fed as it tries to find arguments to maintain the current policy, one of the goals of which is to finance the record deficit.

US500 fell sharply on Friday, however the index saw a positive price reaction to the 200 SMA (red line) around 4460 pts level. Today stock broke above local resistance at 4475 pts but buyers failed to break above 100 EMA (purple line) and price pulled back, hinting at the indecisiveness of investors. Source: xStation5

Virgin Galactic (SPCE.US) stock fell over 3% in premarket after the spaceflight company announced the delay of its first commercial research space mission after the supplier warned of a potential defect in a component of the flight control system.

Virgin Galactic (SPCE.US) stock launched today’s session lower and is approaching strong support at $23.50 which is marked with 78.6% Fibonacci retracement of the last upward wave. Also medium-term 50-day SMA (green line) crossed under the long-term 200-day SMA (red line). This has formed a bearish ‘death cross’ which can at times precede a turn lower. Should break lower occur, then downward move may accelerate towards $14.30 where May lows are located. On the other hand, if buyers manage to regain control, then nearest resistance is located around $30.87 and coincides with the aforementioned SMA’s. Source: xStation5

Dell Technologies (DELL.US) shares gain 2.0% in premarket after Goldman Sachs added the computer maker’s stock to its “Conviction Buy” list citing strong cash flow generation and debt repayment plans

Viacom (VIAC.US) stock rose 1% in premarket after the media giant announced modernization plans of its Paramount Pictures unit, according to The Wall Street Journal. The revamp, which would separate the TV and film operations, could be announced as soon as today. 

Nike (NKE.US) stock fell over 1.0% in premarket after investment firm BTIG downgraded  sports footwear retailer stock to ‘neutral’ from ‘buy’, citing the ongoing pandemic is causing problems in the company’s supply chain.