- US stocks bounced of recent lows
- US CPI inflation above expectations
- Coinbase (COIN.US) stock plunges after unexpected quarterly loss
US indices launched today's session lower after a highly anticipated CPI inflation report showed that price pressures remain elevated which may force FED to act more aggressively. Nevertheless, the downward move turned out to be short-lived and major bourses are moving higher.
US30 fell sharply during yesterday's session, however buyers managed to halt declines around major support at 31980 pts which is marked with lower limit of the 1:1 structure and previous price reactions. Today the index attempts to move higher despite the disappointing inflation report. If bulls manage to maintain control, upward move may accelerate towards local resistance at 33185 pts, which coincides with 23.6% Fibonacci retracement of the last downward correction. Source xStation5
Company news:
Coinbase (COIN.US) shares slipped nearly 15% in premarket after the cryptocurrency exchange posted an unexpected quarterly loss of $1.98 per share, while analysts expected 18 cents per share profit as weaker volatility, declining number of users and crypto sell-off weighed on company's performance.
Coinbase (COIN.US) stock launched today's session with a bearish price gap below the lower limit of the descending channel, thus entering uncharted territory. Source: xStation5
Electronic Arts (EA.US) stock jumped over 3.0% after its video game company’s live services revenue rose sharply. However, the company warned of declining sales of its video gaming titles as pandemic restrictions have been lifted. Electronic will also end a long-time partnership with FIFA.
Unity Software (U.US) stock tanked 23% before the opening bell after the video game software developer posted disappointing revenue guidance. Company's quarterly loss came in line with market estimates, but its sales were shy of consensus.
Peloton (PTON.US) shares jumped over 5.0% in premarket after JMP Securities upgraded its stance on the exercise equipment manufacturer to ‘outperform’ from ‘market perform’, as it believes that Peleton is the “best in class” fitness stock and its price can virtually double.
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