- US stocks start session slightly lower
- Nio (NIO.US) stock under pressure after news of $2 billion stock offering
- Coinbase (COIN.US) shares fell following SEC lawsuit threats
US indices launched today's session slightly lower partially due rising concerns that the spread of the coronavirus delta variant may weaken the economic recovery. Renewed mask mandates, travel restrictions, event cancellations, and delayed office reopening are weighing on market sentiment. Also many investors are bracing for more volatility in September, one of the seasonally weakest months of the year.
US2000 fell sharply this week, however buyers managed to halt declines around major support at 35000 pts which coincides with long-term upward trendline. As long as the price sits above further upward move is possible. On the other hand, should a break lower occur, then downward correction may deepen. Next major support is located around 34490 pts. Source: xStation5
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Nio (NIO.US) stock fell almost 3% in premarket after the Chinese electric vehicle company announced plans to sell up to $2 billion in new American depositary shares to fund its expansion. The company said it would use the proceeds to “further strengthen its balance sheet, as well as for general corporate purposes.
Nio (NIO.US) stock launched today’s session lower and is currently testing major support zone around $40.00 which coincides with 61.8 Fibonacci retracement of the last upward wave and 50 SMA (green line). Should current sentiment prevail, then downward move may accelerate towards next support at $35.95. Source: Station5
Coinbase (COIN.US) stock fell more than 3.0% in premarket after the cryptocurrency exchange received a notice of possible enforcement action from the Securities and Exchange Commission regarding its plans to launch a program allowing users to earn interest by lending crypto assets.
Citrix Systems (CTXS.US) shares surged more than 7.0% in premarket after Wall Street Journal reported that activist hedge fund Elliott Management has accumulated a stake of more than $1 billion in the software company. The fund wants Citrix to work to boost its valuation, according to the report.
PayPal (PYPL.US) shares rose 1.3% after the digital payments company said it would acquire Japan’s Paidy for $2.7 billion to expand its presence in the world’s third largest ecommerce market.
