- US indices launched today's cash trading lower
- Hawkish comment from FED Bullard weigh on market sentiment
- Kohl’s (KSS.US) stock plunges on weak financial outlook
Three major Wall Street indices launched today's session lower - Dow Jones fell 0.65% while the S&P 500 and Nasdaq dropped 1.20% and 1.4% respectively as market hopes for easing the pace of interest rate hikes started to fade following fresh hawkish comments from some policymakers. Fed Bullard said that the central bank still has much work to do before reaching its goals, warning that tightening conditions had a modest effect on inflation. Fed Daly believes the central bank will raise the rate at least by another percentage point.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
US500 bounced off key resistance at 4000 pts yesterday and bearish sentiment can be spotted also today. Currently the index is approaching short-term support at 3900 pts which coincides with 100 EMA (purple line). Should break lower occur, downward move may accelerate towards next support at 3800 pts which is marked with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Company news:
Kohl’s (KSS.US) shares plunged almost 4.0% before opening bell after retailer withdrew its financial guidance, citing an uncertain economic outlook and the departure of CEO Michelle Gass.
Kohl’s (KSS.US) pulled back recently after buyers failed to stay above the upper limit of the consolidation zone at $31.65 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Downward move accelerated today following recent comments from the company's management team. Nearest support to watch is located at $24.60. Source: xStation5
Macy’s (M.US) shares surged over 9.0% in the premarket after the retailer reported upbeat quarterly results and lifted earnings outlook.
Alibaba (BABA.US) ADR fell nearly 2.0% in premarket after the Chinese e-commerce giant posted mixed quarterly results. Earnings topped market estimates however revenue fell short of analyst forecasts. Alibaba also increased its share buyback program.
Norwegian Cruise Line (NCLH.US) dropped over 7.0% in premarket after Credit Suisse double-downgraded the cruise operator to underperform from outperform as it sees downside risk to company estimates.
Activision Blizzard (ATVI.US) shares fell 1.0% in premarket after the video game maker finished its 14-year collaboration with Chinese gaming company NetEase (NTES.US), pulling away iconic games like World of Warcraft from the Chinese market.
