- US stocks opened mixed
- Initial claims fell less than expected
- Nvidia (NVDA.US) and Macy’s (M.US) shares surge on upbeat quarterly results
US indices launched today's session in mixed moods. The Dow Jones fell slightly while both the S&P 500 and the Nasdaq moved higher, led by tech shares, as earnings and sales from Nvidia surprised on the upside while Alibaba missed revenue and earnings expectations. On the data front, initial filings for unemployment insurance fell slightly to 268k which is the lowest level since March 2020, and the seventh straight weekly decline. However today's reading came in above market expectations of 260k. The Philadelphia Fed Manufacturing Index in the US rose to 39 in November of 2021 from 23.8 in October beating market forecasts of 24. The reading pointed to the strongest growth in factory activity in Philadelphia since April.
US30 fell during yesterday’s session and is currently approaching the lower limit of the triangle formation which coincides with 23.6% Fibonacci retracement of the last upward wave. Should break lower occur, downward move may accelerate towards support at 35275 pts which is marked with 38.2% Fibonacci retracement and 200 SMA (red line). Source: xStation5
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appCompany news:
Nvidia (NVDA.US) stock rose more than 8.0% in premarket after the major producer of graphics and AI chips earned $1.17 per share above analysts' estimates of $1.11 per share. Revenue also topped market estimates.Company forecast fourth-quarter revenue above expectations, expecting strong growth in its data center business.
Macy’s (M.US) stock jumped 8% in the premarket after the retailer reported quarterly earnings of $1.23 per share for the quarter, well above 0.92 cents per share and raised its full-year sales and profit outlook helped by customers shopping for attire as they return to offices.
Macy’s (M.US) stock broke above major resistance at $31.00 which coincides with upper limit of the upward channel and 38.2% Fibonacci retracement of the downward move launched back in July 2015. As long as the price sits above, continuation of the upward move is the base-case scenario. Next target for buyers is located at $42.10. On the other hand, if sellers will manage to regain control, then another downward move may accelerate towards support at $20.80. Source: xStation5
JD.com (JD.US) ADRs rose more than 2.0% in premarket after the e-commerce company reported a rise in quarterly revenue of over 25%, thanks to sustained and elevated demand for online shopping.
Kohls (KSS.US) stock rose 8% in premarket after the retailer reported adjusted quarterly earnings of $1.65 per share compared with market expectations of 64 cents. Revenue and comparable store sales also topped expectations, and the company raised its full-year sales forecast.
Cisco (CSCO.US) stock fell 6.2% after the network equipment maker forecast current-quarter revenue growth below expectations, citing not only the semiconductor shortage but also higher transport and logistics costs in its supply chain.
