- US indices launched today's cash trading higher
- PPI inflation eases in August
- Starbucks (SBUX.US) stock gains on upbeat profit guidance
US indices launched today's session slightly higher following worst equity selloff since June 2020 triggered by yesterday’s CPI report. Today's data showed that monthly US PPI inflation dipped 0.1% in August, while it rose 8.7% YoY from 9.8% in the previous month, below market estimates of 8.9% amid lower energy prices. Core producer prices fell to 7.3% YoY, however missed analysts’ expectations of 7.1%. Now investors will focus on tomorrow’s retail sales data.
US2000 plunged over 4.0% yesterday and is currently testing an important support zone around 1840 pts which is marked with 23.6% Fibonacci retracement of the last downward correction and previous price reactions. If current sentiment prevails, downward move may deepen towards June lows around 1650 pts. On the other hand, if buyers manage to halt declines at the aforementioned support, another upward impulse towards local resistance at 1960 pts may be launched. Source: xStation5
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Starbucks (SBUX.US) stock rose 1.5% in premarket after the coffee chain delivered an upbeat financial outlook. Company expects profits to increase between 15% and 20% per share over the next three years and Jefferies analysts believe that these targets are achievable.
Starbucks (SBUX.US) stock launched today’s session with a bullish price gap and above major resistance at $88.60 which coincides with 50.0% Fibonacci retracement of the upward wave launched in March 2020. As long as price sits above, the upward move may accelerate towards the next resistance at $97.20 which is marked with previous price reactions, 38.6% retracement and upper limit of the ascending channel. Source: xStation5
Media giant Comcast Corp (CMCSA.US) announced today that it will double its share buyback authorization to $20 billion, after increasing it to $10 billion in January, according to Reuters.
Nikola (NKLA.US) shares rose 2% before the opening bell after BTIG upgraded EV truck producer as it believes that energy security and high commodity prices give hydrogen adoption an opportunity to accelerate.
SoFi Technologies (SOFI.US) stock price jumped over 2% in premarket after Bank of America upgraded the fintech stock to buy from neutral. “We see potential for a meaningful catalyst path over the next few quarters as SoFi benefits from the student loan payment moratorium ending and its high-profile NFL-aligned marketing investments drive user growth and engagement,” BofA said.
