- Wall Street loses slightly at the start of Tuesday's session
- A conference call with Powell and Lagarde is currently underway
- Tesla reports higher Q2 car delivery data
Wall Street begins Tuesday's session in a mixed mood. Investors are listening to the ongoing conference call with Lagarde and Powell, who are commenting on the current macroeconomic situation. On the corporate side, attention turns today to Tesla, where second quarter shipment data will be presented.
Powell said that there is now an ongoing disinflationary trend, as confirmed by recent macro reports. On the other hand, however, the Fed representative continues to believe that further moves by the central bank will depend on the market picture presented by the next readings. Powell notes that we may currently be grappling with the risks of both overly dovish and hawkish monetary policy. The dollar retreated slightly after the banker's comments.
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Source: xStation5
The US100 is losing nearly 0.1% intraday, but the beginning of the session brings an upward rebound. From a technical point of view, the index remains in a downtrend all the time. The most important support point currently remains the 50-day exponential moving average (blue curve on the chart). Breakout of this zone, combined with a potential drop below the local low at 19,820 points, could open up space for further declines in the medium term. The key resistance remains the upper limit of the downtrend.
News
Tesla (TSLA.US) shares erased early losses and are now gaining as much as 5.1%, after the automaker reported second-quarter deliveries that exceeded analysts' average estimates.
SECOND QUARTER RESULTS
- Deliveries 443,956, estimate 439,302
- Model 3/Y deliveries 422,405, estimated 412,288
- Deliveries of other models 21,551
COMMENTS
About 411,000 vehicles produced and about 444,000 delivered
Source: xStation
Paramount Global (PARA.US) shares gained more than 3% after news that its streaming division is in talks with several companies about a potential merger. One of the parties involved is Warner Bros Discovery (WBD.US).
McDonald's (MCD.US) target price was cut to $280 from $315 by Guggenheim Securities, which says short-term sales prospects are limited.
Analyst action
- Atlassian Corp (TEAM.US) with a price target raised to $225 from $200 by Piper Sandler. According to analysts, enterprise migrations will drive the next wave of growth in the cloud sector.
- Walgreens Boots Alliance (WBA.US) with a reduced target price to $13 from an earlier $22. The bank believes the reduced valuation will better reflect continued consumer weakness and pressure in the retail pharmacy sector.
