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US stock indices tumble
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Bond yields slide, US10y yield at 1.25%
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Tesla introduces a new, lower-priced Model Y in China
US equities plunged amid a broad-based sell-off seen on global stock markets. European indices are currently tumbling more than 2%. Major US indices fell more than 1% with the Russell 2000 (US2000) being a laggard today. The bond market reflects the risk-off mood as there is a strong bid on US Treasury bonds - US 10-year Treasury yield fell to 1.25%, lowest levels since February. Some investors might be expressing their concerns about the economic growth given the Delta variant of Covid-19. Also, the move might signal that the elevated inflation is now broadly seen as transitory.
US2000 lags behind its peers today as the small cap index is falling roughly 2%. The price plunged below the 61.8% Fibonacci retracement for a while, but bulls are currently trying to make a rebound. The area near 2,200 pts is not only a psychological support, but it is also marked with a local low from June 21 and the mentioned 61.8% Fibonacci retracement. Source: xStation5
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Tesla (TSLA.US) sold 33,155 China-made vehicles in June, according to China Passenger Car Association. In May Tesla sold 33,463 China-made cars. In other news, the US electric vehicle maker unveiled cheaper Model Y in China. The standard range Model Y starts at $42,600 after government subsidies and incentives. The carmaker began taking orders for the vehicles today.
Alphabet’s (GOOGL.US) Google was sued over its mobile app store. State attorneys have launched another antitrust lawsuit, alleging the company abused its power over app developers through its Play Store on Android.
Carnival (CCL.US) and its peers including Norwegian Cruise Line Holdings (NCLH.US) and Royal Caribbean (RCL.US) are under heavy selling pressure amid today’s market sell-off and fears of the delta variant of Covid-19. The new strain of the virus raises some doubts about the rebound of the travel industry.
Carnival (CCL.US) stock is still trading well below its pre-pandemic levels. Moreover, the price is under pressure amid the Delta variant fears. CCL.US fell of the cliff after it slid below the 100-day moving average (blue line). The price tries to make a rebound after reaching the 200-day moving average (orange line). Source: xStation5
