-
U.S. equities mixed on Friday
-
TikTok to be removed from U.S. app stores
-
Accenture (ACN.US) to launch Accenture Cloud First
American stocks were little changed at the open on Friday. U.S. headlines are once again dominated by US-China battle over TikTok. Trump’s administration announced that TikTok and WeChat apps will be removed from U.S. app stores on Sunday. Internet service companies are to be banned from working with both firms while financial transactions using WeChat will be blocked. From the data front, retail sales in Canada rose 0.6% MoM in July while analysts polled by Bloomberg expected that it would grow by 1.0%. Shortly after the market open U.S. major indices sank, as a result both S&P 500 and Dow Jones were trading below the flatline. At press time indices try to erase these losses though. 
After testing a swing low yesterday morning, US500 has been slowly approaching the 23.6% Fibo retracement of the recent market sell-off. Currently this area remains short-term resistance level. Note that the index is currently testing the 50-hour moving average (purple line). Key resistance level may still be found at 3,415 pts (previous price reactions). Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
S&P 500 top movers at 03:20 pm BST. Source: Bloomberg
Accenture PLC (ACN.US) will launch Accenture Cloud First, a $3 billion investment over the next three years. The enterprise is designed to help its clients become “cloud first” businesses (including advancing industry roadmaps, data models, and solutions among many other applications). As a result Accenture Cloud will help companies accelerate their digital transformation.
Accenture (ACN.US) has been successfully trading above 100-day moving average. One might spot a local triangle pattern on the daily chart. Source: xStation5
Both Home Depot (HD.US) and Lowe’s Cos (LOW) were downgraded at Oppenheimer from “outperform” to “perform”. Two companies had their price targets lowered too. “We’re increasingly concerned that the market is becoming too lax toward chances of a post-Covid-19 sales growth downshift at HD/LOW and potential impact on shares,” an analyst at Oppenheimer said.
United Parcel Service (UPS.US) said that it is looking to offer buyouts to some of its management-level workers in order to contain costs amid the coronavirus pandemic. Trimming costs might come as a surprise, because the delivery giant continues to rake in revenue. Demand for shipping services from UPS surged in the pandemic era. Last week the firm said it was prepping to hire over 100,000 seasonal employees.
