US OPEN: Rivian surges 35% on Volkswagen partnership

2:32 PM 26 June 2024
  • Wall Street indices open lower
  • US30 looks towards 39,300 pts support zone
  • FedEx rallies over 10% after fiscal-Q4 earnings
  • Rivian surges 30% on Volkswagen partnership
  • General Mills drops 5% after fiscal-Q1 results

Wall Street indices launched today's trading slightly lower, following a rather downbeat trading during the first half of a European cash session. S&P 500 opened 0.2% lower, Dow Jones and Nasdaq dropped 0.1%, small-cap Russell 2000 slumped 0.8% at session launch.

Economic calendar for today's US trading session is almost empty. Traders will be offered US new home sales report for May at 3:00 pm BST, followed by DOE report on US oil inventories at 3:30 pm BST. However, neither of those two releases tends to move the markets.

Start investing today or test a free demo

Open real account TRY DEMO Download mobile app Download mobile app

Source: xStation5

Dow Jones futures (US30) are trading lower today. Taking a look at US30 chart at H4 interval, we can see that the index made a failed attempt at breaking above the short-term downward trendline and began to pullback. The first major support zone to watch should declines continue to can be found ranging around 39,300 pts mark. The 50- and 200-period moving averages can be found slightly lower and may also offer some support. However, a key near-term support is the area above 39,000 pts handle. On the other hand, should bulls regain control over the market, the 39,700 pts could be the first potential target for buyers, followed by 40,000 pts area marked with recent highs.

Company News

FedEx (FDX.US) launched today's trading session with a big bullish price gap. Company reported a 0.9% YoY increase in fiscal-Q4 2024 revenue of $22.1 billion (exp. $22.1 billion) as well as an increase in adjusted EPS from $4.94 a year ago to $5.41 now (exp. $5.34). FedEx said it expects 'low- to mid-single digit revenue growth' in fiscal-2025, as well as full-year adjusted EPS of $20.00-22.00 (exp. $20.85). FedEx said that it is in the middle of achieving its $4 billion cost reduction target. Company also intends to spend $2.5 billion in buybacks in fiscal-2025.

Rivian Automotive (RIVN.US) surges over 30% today. Company announced that it intends to set up a joint venture to create next-generation electrical architecture and best-in-class software technology. As part of the partnership, Volkswagen will invest $5 billion in Rivian, with the first $1 billion investments be paid upon receiving regulatory approvals. 

General Mills (GIS.US) is trading lower after reporting 6.3% YoY drop in fiscal-Q1 net sales to $4.71 billion (exp. $4.87 billion), with organic net sales declining 6% YoY (exp. -3.3% YoY). Drop was driven by lower sales volume as were as less favourable price/mix. Adjusted gross margin declined from 35.0% a year ago to 34.9% now. Adjusted EPS came in at $1.01 (exp. $1.00). General Mills expects full-year fiscal-2025 organic net sales to by 0% to 1% higher (exp. +1.2%), adjusted operating loss of -2 to 0%, and adjusted EPS little changed compared to fiscal-2024.

Southwest Airlines (LUV.US) trades lower after company announced that it expects revenue per available seat mile to decline 4.5% year-over-year in the quartern ending June. This is deeper drop than 1.5-3.5% decline expected in previous forecast.

Analysts' actions

  • Aptiv (APTV.US) downgraded to 'underweight' at Piper Sandler. Price target set at $63.00
  • Robinhood Markets (HOOD.US) upgraded to 'outperform' at Wolfe. Price target set at $29.00
  • Sarepta Therapeutics (SRPT.US) downgraded to 'neutral' at Citi. Price target set at $176.00

General Mills (GIS.US) launched today's trading lower, following release of a disappointment fiscal-Q1 earnings report. Stock launched today's trading below the $65 support zone, and is trading at the lowest level since March 2024. Source: xStation5

Share:
Back
Xtb logo

Join over 1 000 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits

We use cookies

By clicking “Accept All”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

This group contains cookies that are necessary for our websites to work. They take part in functionalities like language preferences, traffic distribution or keeping user session. They cannot be disabled.

Cookie name
Description
SERVERID
userBranchSymbol cc 10 October 2024
test_cookie cc 25 January 2024
adobe_unique_id cc 9 October 2025
__hssc cc 9 October 2024
SESSID cc 2 March 2024
__cf_bm cc 9 October 2024
intercom-id-iojaybix cc 6 July 2025
intercom-session-iojaybix cc 16 October 2024
xtbCookiesSettings cc 9 October 2025
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings cc 9 October 2025
userPreviousBranchSymbol cc 9 October 2025
TS5b68a4e1027
intercom-device-id-iojaybix cc 6 July 2025
__cf_bm cc 9 October 2024
__cfruid
__cfruid
__cf_bm cc 9 October 2024
__cf_bm cc 9 October 2024
_cfuvid
adobe_unique_id cc 9 October 2025
_cfuvid
TS5b68a4e1027
xtbCookiesSettings cc 9 October 2025
SERVERID
TS5b68a4e1027
__hssc cc 9 October 2024
test_cookie cc 1 March 2024
__cf_bm cc 9 October 2024
_cfuvid
_cfuvid
__cf_bm cc 9 October 2024
__cf_bm cc 9 October 2024

We use tools that let us analyze the usage of our page. Such data lets us improve the user experience of our web service.

Cookie name
Description
_gid cc 9 September 2022
_gat_UA-98728395-1 cc 8 September 2022
_gat_UA-121192761-1 cc 8 September 2022
_gcl_au cc 7 January 2025
_ga_CBPL72L2EC cc 9 October 2026
_ga cc 9 October 2026
__hstc cc 7 April 2025
__hssrc
_vwo_uuid_v2 cc 10 October 2025
_ga_TC79BEJ20L cc 9 October 2026
_vwo_uuid cc 9 October 2025
_vwo_ds cc 8 November 2024
_vwo_sn cc 9 October 2024
_vis_opt_s cc 17 January 2025
_vis_opt_test_cookie
af_id cc 23 February 2025
afUserId cc 25 January 2026
af_id cc 24 January 2026
AF_SYNC cc 1 February 2024
_ga cc 9 October 2026
_gid cc 10 October 2024
_ga_CBPL72L2EC cc 9 October 2026
__hstc cc 7 April 2025
__hssrc
_ga_TC79BEJ20L cc 9 October 2026
_gcl_au cc 7 January 2025
AnalyticsSyncHistory cc 31 March 2024

This group of cookies is used to show you ads of topics that you are interested in. It also lets us monitor our marketing activities, it helps to measure the performance of our ads.

Cookie name
Description
MUID cc 3 November 2025
_omappvp cc 21 September 2035
_omappvs cc 9 October 2024
_uetsid cc 10 October 2024
_uetvid cc 3 November 2025
_fbp cc 7 January 2025
fr cc 7 December 2022
_ttp cc 3 November 2025
_tt_enable_cookie cc 3 November 2025
_ttp cc 3 November 2025
hubspotutk cc 7 April 2025
IDE cc 3 November 2025
YSC
VISITOR_INFO1_LIVE cc 7 April 2025
hubspotutk cc 7 April 2025
_omappvp cc 11 February 2035
_omappvs cc 1 March 2024
_uetsid cc 10 October 2024
_uetvid cc 3 November 2025
_ttp cc 3 November 2025
MUID cc 3 November 2025
_fbp cc 7 January 2025
_tt_enable_cookie cc 3 November 2025
_ttp cc 3 November 2025
li_sugr cc 30 May 2024
guest_id_marketing cc 9 October 2026
guest_id_ads cc 9 October 2026
guest_id cc 9 October 2026
muc_ads cc 9 October 2026
VISITOR_PRIVACY_METADATA cc 7 April 2025
MSPTC cc 3 November 2025
IDE cc 3 November 2025

Cookies from this group store your preferences you gave while using the site, so that they will already be here when you visit the page after some time.

Cookie name
Description
bcookie cc 9 October 2025
lidc cc 10 October 2024
UserMatchHistory cc 31 March 2024
bscookie cc 1 March 2025
li_gc cc 7 April 2025
bcookie cc 9 October 2025
li_gc cc 7 April 2025
lidc cc 10 October 2024
personalization_id cc 9 October 2026

This page uses cookies. Cookies are files stored in your browser and are used by most websites to help personalise your web experience. For more information see our Privacy Policy You can manage cookies by clicking "Settings". If you agree to our use of cookies, click "Accept all".

Change region and language
Country of residence
Language