- US stocks open higher
- US ISM Services PMI beat expectations
- Pepsi (PEP.US) posted upbeat quarterly figures
- Facebook (FB.US) stock attempts to recover after yesterday's plunge
US indices rebounded on Tuesday following a technology-centered market rout in the previous session. During today's session, the selling pressure on the tech companies has decreased significantly as Treasury yields were little changed. On the data front, the ISM Services PMI jumped to 61.9 in September from 61.7 in August, beating forecasts of 61.3 and pointing to a robust growth in the services sector. On the political front, President Biden said he cannot guarantee the government will not breach its $28.4 trillion debt limit unless Republicans join Democrats in voting to raise it.
US30 was trading under selling pressure yesterday, however buyers failed to break below major support at 33,500 pts which is marked with lower limit of the 1:1 structure, 23.6 Fibonacci retracement of the upward wave launched in October 2020 and 200 SMA (red line). Today buyers took the initiative and if the current sentiment prevails then resistance at 35,000 pts may be at risk. Source: xStation5
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Facebook (FB.US) stock rose more than 1.0% in premarket, rebounding after losses of nearly 5% during the previous session. Yesterday’s decline came in the wake of a “60 Minutes” whistleblower report as well as a six-hour outage that impacted all of Facebook’s services.
Facebook (FB.US) stock fell sharply yesterday and is currently approaching a major support zone between $316.00 and $325.00 which coincides with 23.6% Fibonacci retracement of the entire upward wave launched back in March 20202 and 200 SMA ( red line). As long as the price sits above, another upward impulse towards all-time high at $385.00 may be launched. On the other hand, should break lower occur, then the next target for sellers is located around $290.00 and is marked with 38.2% Fibonacci retracement. Source: xStation5
PepsiCo (PEP.US) stock gained 1% in premarket after the beverage giant posted better than expected quarterly figures. Company earned $1.79 per share while analysts expected earnings of $1.73 per share. Revenue also topped market projections. PepsiCo lifted its annual revenue guidance as the easing of pandemic restrictions boosts sales at restaurants and cinemas.
Ocugen (OCGN.US) surged nearly 11% in premarket after the biotech company announced joint development and supply agreements involving its Covid-19 vaccine candidate and its treatment for dry age-related macular degeneration.
Tesla (TSLA.US) was ordered to pay compensation of about $137 million to former worker Owen Diaz over a hostile work environment that included enduring racist remarks. That ruling came from a San Francisco federal court, with the jury awarding more than attorneys had requested for their client.
