- US indices launched today's cash trading higher
- Bed Bath & Beyond Inc (BBBY.US) rebounds despite bankruptcy concerns
- Lululemon (LULU.US) plunges on weak Q1 financial outlook
Three major Wall Street indices launched today's session in green with Dow Jones trading 0.25% higher, while the S&P 500 and Nasdaq rose 0.40% and 0.85% as last week’s data from the US labour market coupled with rising recession fears again raised hopes that FED will limit the pace of rate hikes next month and that it would even be cutting rates later this year. This week market attention will focus on the CPI report, due on Thursday, which could influence Fed's next move.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US30 broke above major resistance at 33720 pts following the release of the latest NFP report and upbeat sentiment prevails today. As long as price sits above this level, upward move may gain steam. Nearest resistance to watch are located at 34330 pts and 35100 pts, which is marked with 61.85 Fibonacci retracement of the downward move launched in January 2022. On the other hand, if upbeat sentiment fades away, then another downward impulse may be launched towards major support at 32620 pts, which coincides with 200 SMA (red line). Source: xStation5
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Lululemon (LULU.US) stock plunged more than 10.0% ahead of the opening bell after the apparel company cut its gross margin guidance for Q1. The “athleisure” chain raised its net revenue guidance for the fourth quarter and now expects growth of 25% or more, year over year.
Lululemon (LULU.US) stock launched today's session with a massive bearish price gap and is trading below key support zone around $305.50, which coincides with 50.0% Fibonacci retracement of the upward move launched at the beginning of pandemic in 2020 and lower limit of the wedge formation. If current sentiment prevails, downward move may deepen towards 2022 lows around $263.50, which is marked with 61.8% retracement. Source: xStation5
Bed, Bath & Beyond (BBBY.US) stock jumped nearly 20.0% in off-hours trading, as buyers attempt to erase some of the last week's sharp losses sparked by potential bankruptcy concerns.
Tesla (TSLA.US) stock surged nearly 4.0% in premarket after the EV maker announced that clients will need to wait a bit longer for some versions of the Model Y in China, as recently lowered prices boosted demand.
Goldman Sachs (GS.US) shares added over 0.5% in premarket after Bloomberg reported the investment bank was preparing its biggest round of job cuts since 2009 after over-hiring during the pandemic.
Visa (V.US) and Mastercard (MA.US) stock jumped 1.0% and 1.5% respectively in off-hours trading after KeyBanc upgraded both payments companies to ‘overweight’ from ‘sector weight’, expecting solid performance this year.
