Read more

US OPEN: Wall Street drops at the start of the week; Estee Lauder announces layoffs

3:50 PM 5 February 2024
  • Estee Lauder announces workforce reductions
  • Boeing sees further construction defects in 737 Max planes

Wall Street indices started the first trading session lower this week. The Nasdaq is currently losing close to 0.2%, the S&P500 close to 0.3% and the Russell 2000 close to 1.7%. The economic calendar for today's session is relatively empty, however, investors' attention will be drawn to the ISM PMI data for the services sector (publication at 03:00 pm GMT). 

Source: xStation5

The US2000 index extends the declines and is currently trading in the support zone defined by the retracement of the 38.2% Fibo of the downward wave initiated in November 2021 and the 50-day exponential moving average (blue curve). Source: xStation ek

Investors are turning their attention today towards the results of McDonald's and Caterpillar. Detailed information on the companies' results can be found here (MCD.US) and here (CAT.US). 

Boeing (BA.US) shares are losing 2.1% after the company found more flaws in relation to poorly drilled holes in the 737 Max series jet, which could further delay international deliveries.

Estee Lauder (EL.US) gains 19% after announcing plans to cut between 3% and 5% of its workforce as part of a restructuring programme and higher sales forecasts for the fiscal year. On the downside, however, the company expects adjusted earnings per share for the full year 2024 to be in the range of $2.08 to $2.23, compared to an earlier forecast in the range of $2.17 to $2.42.

The company's shares tested the 200-day exponential moving average (golden curve) early in the session. Source: xStation 

Analyst action

  • Goldman Sachs raises its target price for Nvidia (NVDA.US) shares to $800 from $625. Investment bank predicts continued growth driven by continued Gen AI infrastructure spending by large cloud providers
  • Piper Sandler cuts target price for Tesla (TSLA.US) shares to $225 from $295, expecting increased car price cuts in 2024
Share:
Back

Market News

17.07.2025
19:03

Daily summary: Dollar recovers from yesterday's sell-off, equities gain on upbeat macro data (17.07.2025)

Wall Street heads toward a green close, supported by stronger-than-expected retail sales data (S&P 500: +0.4%; DJIA: +0.4%; Nasdaq: +0.8%; Russell...

 18:23

Fed’s Daly Warns Against Premature Easing Despite Economic Strength

San Francisco Fed President Mary Daly expressed cautious optimism about the current economic environment, noting that growth remains solid and the labor...

 17:49

Netflix 2Q25 financial results preview - what to expect 🔎

Netflix (NFLX.US) will release its earnings after market close today. Since the beginning of July, the company's stock has dropped about 6% from its...
More news

Join over 1 600 000 XTB Group Clients from around the world

Start trading Download the app Download the app
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