- US stocks opened lower
- Powell to appear in Senate for confirmation hearings
- IBM (IBM.US) stock plunged after analyst downgrade
US indices launched today's session lower as Treasury yields remain elevated and investors await Fed Chair Powell Senate hearing as part of his re-confirmation process. Markets will be looking for insight into the Fed’s current views on inflation and the speed of the tightening process. According to the release text of Powell's speech, Fed Chair will stress that the economy is performing.
US30 fell sharply during yesterday's session, however buyers managed to halt declines around support at 35500 pts and index managed to erase majority of losses. Today's index failed to break above the local resistance at 36000 pts which coincides with 23.6% Fibonacci retracement of the last upward wave. Should break below the aforementioned support occur, downward move may accelerate towards next support at 34720 pts. Source: xStation5
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IBM (IBM.US) stock dropped more than 3.5% after UBS downgraded tech giant stock to “sell” from “neutral”, citing an elevated valuation.
IBM (IBM.US) stock launched today's session lower and price broke below major support area around 131.50 which is marked with 38.2% Fibonacci retracement of the last upward wave , 50 SMA (green line and upward trendline. If current sentiment prevails downward move may accelerate towards next support at $125.15. Source: xStation5
Illumina (ILMN.US) stock jumped over 4% in premarket after the company issued an impressive 2022 revenue outlook, noting strong demand for its gene sequencing treatments as well as new partnerships with four health care companies.
Rivian (RIVN.US) shares plunged over 3.5% in premarket trading following news that its Chief Operating Officer Rod Copes had left the electric truck maker.
General Electric (GE.US) stock rose 1% in premarket after Bernstein upgraded industrial conglomerate stock to “buy” rating, saying the stock can rally 20% ahead of its three-way split.
CVS Health (CVS.US) stock rose 1.3% after the pharmacy chain lifted its full-year earnings outlook, benefiting from the need for customers to buy Covid tests and remedies.
Tesla (TSLA.US) sold 70,847 China-made vehicles in December, the highest monthly rate since it started manufacturing in Shanghai in 2019.
