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U.S. indices try to recover
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Powell and Mnuchin to testify today
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AutoZone (AZO.US) with results well above expectations
Following yesterday’s rapid sell-off, markets try to erase some losses today. While European indices are rising almost 1%, U.S. major indices opened slightly higher with health care and financials lagging at the open. At press time S&P 500 is adding 0.5% while Dow Jones advances 0.20%. U.S. investors await testimony from both Fed’s Chairman as well as Treasury Secretary Mnuchin. Apart from that, tech shares owners might be interested in Tesla’s “Battery Day” which might actually determine sentiment across U.S. tech stocks.
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Open real account TRY DEMO Download mobile app Download mobile appUS500 has been recovering following yesterday’s slump on global stock markets. Currently the index is testing the 50-hour moving average (purple line) and it might be considered as crucial barrier in the near-term. Should upbeat moods prevail, the area at 3,310 pts will be the first resistance level. The 3,220 pts mark, which limited yesterday’s rout, should serve as a support level for now. Source: xStation5
S&P 500 top movers at 3:10 pm BST. Source: Bloomberg
Intel (INTC.US) received the U.S. government’s approval to continue to supply certain products to China’s Huawei Technologies, according to Reuters report. From September 15, U.S. companies will be banned from doing business with Huawei unless granted permission from U.S. officials.
AutoZone (AZO.US) is surging today as auto parts retailer reported better-than-expected fiscal fourth-quarter results. Net income rose to $740.5 million, or $30.93 a share (above the consensus estimate of $25.01 per share) Net sales increased 14% to $4.55 billion while domestic same-store sales grew 21.8% - well above expectations too.
AutoZone (AZO.US) opened with a huge bullish gap today amid brilliant fiscal fourth-quarter results. Investors might focus on the 150-hour moving average as one might notice some previous price reactions in the vicinity of that barrier. Should current upward momentum fade away, the $1,130 area could serve as final support. Source: xStation5
According to Bloomberg, Hertz (HTZ.US) weighs plans from two creditor groups for bankruptcy loan. The move might bolster firm’s operations after months of funding itself during bankruptcy.
Carvana (CVNA.US), online used-car retailer, said that it expects record revenue and retail sales in the third quarter. The firm continues to build momentum on its journey toward becoming the largest and most profitable automotive retailer. “The momentum that we saw in the second quarter accelerated into the third, leading to record performance for Carvana in metrics that demonstrate strong progress both in growth and towards profitability”, said Carvana founder and CEO.
