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Stocks start the week marginally lower
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US bond yields decline, which supports US100
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Tesla raised to “buy” at Jefferies
US equity markets opened little changed on Monday, with the S&P 500 (US500) and DJIA (US30) trading slightly lower and Nasdaq100 (US100) posting some minor gains. Tech stocks are supported by falling bond yields, yet the scale of this move is relatively modest. Energy stocks are trading significantly lower amid falling oil prices. AMC Entertainment (AMC.US) is set to release its earnings after the closing bell.
US500 is still hovering near record highs, despite the fact that the index is falling slightly on Monday. There is a chance that the index might return into the recent trading range (4,421 - 4,365 pts) - in such case the mentioned levels will be the first resistance and support respectively. One should keep in mind that central banks are in the spotlight this week after Friday’s upbeat NFP data. Both Bostic and Barkin from the Fed will speak later today and many traders will certainly tune in, looking for some hints about the QE tapering. Source: xStation5
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Barrick Gold (GOLD.US) reported a profit of 29 cents per share, beating the consensus estimate of 26 cents per share. However, revenue of $2.89 billion slightly missed forecasts of $2.92 billion. The gold producer reaffirmed its full-year targets. The firm said it was not expecting a major hit from inflation this year. Barrick Gold shares fell despite earnings beat as gold prices plunged today.
Barrick Gold (GOLD.US) shares have been trading in a downward trend amid falling gold prices. Recently the price has tested the area near $20.50, which remains the first support for now. Next key support levels are $19.43 and $18.65 respectively (previous local lows). On the other hand, an important resistance may be found near $22.30 (see previous price actions on the chart). Source: xStation5
Tesla (TSLA.US) gained more than 1.5% in pre-market after Jefferies boosted its rating on shares of Tesla to “buy” from “hold”. Price target was increased to $850 from $700. Analysts cited accelerating earnings and growing demand for electric vehicles.
Tyson Foods (TSN.US) rose 3% in pre-market trading after quarterly results. The beef and poultry producer reported quarterly earnings of $2.70 per share, well above the consensus estimate of $1.62 per share. Sales of $12.48 billion exceeded the consensus of $11.46 billion as well. The firm benefited from strong consumer demand and restaurant openings.
Roku (ROKU.US) stock gained slightly in pre-market after Cathie Wood’s ARK purchased 48,880 shares of the streaming media player (worth more than $19 million). Last week the company reported its financial results - Q2 earnings and revenues topped estimates, but the number of active accounts fell short of expectations.
