- US stocks opened mixed
- Hopes for Ukraine talks lift market sentiment
- Alibaba (BABA.US) stock plunges amid renewed Covid-19 concerns
US indices launched today's session in mixed moods, however buyers managed to quickly regain control. Sentiment improved amid hopes for a diplomatic solution to the Ukraine war. Ukraine said that talks with Russia became constructive and could yield results in days. Meanwhile International Monetary Fund Managing Director Kristalina Georgieva said Sunday that Russian sovereign debt default is no longer an “improbable event”. Nevertheless it is worth remembering that Russian forces are still moving forward and war is far from over. Also lockdowns in China revived fears of supply chain disruptions throughout the world.
US30 erased early losses and is approaching local resistance at 33410 pts which is marked with previous price reactions. Should break higher occur, upward move may accelerate towards next resistance at 34042 pts which coincides with 200 SMA (red line). On the other hand, if sellers manage to regain control, then another downward impulse towards support at 32475 may be launched. Source: xStation5
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Alibaba (BABA.US) and JD.com (JD.US) and other China-based companies’ shares drop sharply at the beginning of today's session on concerns about U.S. delisting’s, as well as the impact of new Covid-19 outbreaks in the Chinese tech hub of Shenzhen.
Alibaba (BABA.US) stock launched today’s session with a bearish price gap and if current sentiment prevails, downward move may accelerate towards the lower limit of the descending channel or even support at $54.60, where 2020 lows are located. Source: xStation5
Tyson Foods, Inc. (TSN.US) stock fell over1.0% after BMO Capital downgraded it to ‘market perform’ and lowered price target to $99. “Our downgrade does not reflect a change in our long-term view of Tyson’s ability to affect internal change through its actions, operational improvements, or capacity expansions, but rather our disciplined approach and a potential reduction to underlying fundamentals outside chicken, particularly beef,” BMO analyst Kenneth Zaslow said in a note.
Rio Tinto (RIO.US) stock dropped nearly 3.0% in premarket after the mining giant announced it is willing to acquire 49% of Canada’s Turquoise Hill that it doesn’t already own for about $2.7 billion. The price is a more than 32% premium to Turquoise Hill’s Friday close.
Pfizer Inc (PFE.US) announced today it will maintain humanitarian supply of medicines to Russia but would refrain from starting new clinical trials in the country and recruiting patients for ongoing studies.
