- US indices launched today's cash trading lower
- US200 oscillates around key resistance
- Moderna (MRNA.US) stock under pressure after flu vaccine study showed mixed results
Three major Wall Street indices launched another session in red, with Dow Jones trading 0.35% lower, while S&P500 and Nasdaq fell 0.65% and 0.85% respectively as recent robust data from the US economy reinforced bets that FED will remain on its hawkish path. Recent comments from Fed's Bullard and Mester also supported the view that the US central bank will have to continue to hike interest rates to cool the economy. Additionally major banks including Goldman Sacha and JP Morgan expect three hikes this year, which would push rates even above 5.25%.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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Despite negative sentiment US2000 managed to erase early losses and was trading marginally higher at the beginning of the Wall Street session. Nevertheless as long as the index sits below major resistance at 1960 pts, downward move may resume. This level coincides with 38.2% Fibonacci retracement of the bearish wave launched in November 2021. Nearest key support to watch is located at 1840 pts. Source: xStation5
Company news:
Moderna (MRNA.US) shares plunged over 5.0% in premarket after the drugmaker's influenza vaccine candidate posted disappointing results in clinical trials.
Moderna (MRNA.US) stock launched today's session with a bearish price gap and is moving towards crucial support at $153.50, which coincides with 61.8% Fibonacci retracement of the last upward wave, lower limit of descending channel and 200 SMA (red line). If sellers manage to uphold recent momentum and break below the aforementioned hurdle, downward move may accelerate towards another key support at $135.50, which is marked with a lower limit of the 1:1 structure. Nearest resistance to watch is located at $166.50. Source: xStation5
DraftKings (DKNG.US) stock rose more than 8% after the sports betting company posted better than expected Q4 financial results. The company reported a loss of 53 cents per share on revenue of $855 million, while Wall Street expected a loss of 59 cents per share on revenue of $800 million.
DoorDash (DASH.US) shares jumped over 5.0% despite the online food delivery company reporting mixed quarterly results. Revenue of $1.82 billion, beat analyst estimates of $1.77 billion, however the company reported a wider-than-expected loss. Company plans to buy back up to $750 million shares.
Deere (DE.US) stock rose over 2.0% in premarket after the maker of agricultural machinery posted better than expected quarterly results and issued optimistic financial outlook as sustained high crop prices are seen keeping farmers spending.
Tesla (TSLA.US) shares dropped over 1.0% before the opening bell after the EV producer recalled 362,758 cars in the U.S. to update its Full Self-Driving Beta software after U.S. regulators said it could cause collisions.
