Stock market indices are up on Wednesday. At the time of writing, the Nasdaq index on the cash market is up 0.47%, the S&P500 is up 0.1%, and the Russell 2000 is up nearly 0.21%. ADP employment unexpectedly fell, giving the first serious warning signal from the US labor market. The negative reading is the result of companies' reluctance to expand employment during a period of record uncertainty with sporadic but increasingly frequent layoffs.
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The Nasdaq-100 index, represented by the US100 contract, is trading nearly 0.2% lower today compared to yesterday's close. The index continues to maintain a dynamic upward trend, as illustrated by the exponential moving averages (50-, 100- and 200-day EMAs, respectively). What's more, Bollinger Bands show that the US100 is currently within the statistical range of this instrument's movements for the last 14 sessions. From a technical perspective, the 21,000-point round zone remains an important price support, while the historical peak of nearly 22,300 points remains a resistance level.
Source: xStation 5
Company news:
Microsoft Corp. (MSFT.US) has begun a round of layoffs that will affect approximately 9,000 employees. This is the second major wave of layoffs this year aimed at controlling costs. The company's shares are currently down 0.23%.
Tesla (TSLA.US) deliveries in Q2:
- Deliveries 384,122, -13% y/y, estimates 389,407
Deliveries of models 3/Y 373,728, -12% y/y, forecast 377,295
Deliveries of other models 10,394, -19% q/q, forecast 14,644
Production 410,244 vehicles, forecast 400,083
Production of Model 3/Y 396,835, forecast 383,567
Production of other models 13,409, -22% q/q, forecast 13,616
The company's shares are currently gaining nearly 3%.
The shares are opening today with an upward gap and testing the 100-day EMA. Source: xStation
Amcor (AMCR.US) rose 1.8% after Jefferies issued a buy recommendation, recognizing thatthe risk/reward ratio is attractive and the group's earnings momentum is good following the merger with Berry Global.
Intel (INTC.US) is abandoning the 18A process for foundry customers after failing to attract customers and is moving to the future 14A node as part of a major reorganization of the company. The company's shares are currently down more than 4%.
