- US stocks opened mixed
- PPI in line with market expectations
- GE (GE.US) stock rose sharply after plan to split into 3 publicly traded companies
- TripAdvisor (TRIP.US) stock plunges after weak quarterly results
US indices launched today's session in mixed moods after the major averages closed at records as investors digested new inflation data. Producer prices for final demand in the US increased 0.6% mom in October, in line with analysts' estimates and following a 0.5% rise in September. Year-on-year, producer inflation remained at a record 8.6%, the same as in the previous month but below market projections of 8.7%. Now investors are preparing for tomorrow’s annual consumer inflation data which is expected to hit a more than a decade high of 5.8% in October, seen as a major test for the Federal Reserve’s position and outlook for interest rates. During today's speech, Fed Chair Powell said that the central bank is attentive to labor market disparities rather than just headline numbers, however did not speak about the current stance of monetary policy. Meanwhile President Biden interviewed Fed Governor Lael Brainard, seen as more dovish, for the chair job.
US100 is still testing the upper limit of the ascending channel which coincides with the recent all-time high. Should break higher occur, upward move may accelerate towards 161.8% Fibonacci external retracement of the last downward wave. On the other hand, if sellers manage to halt advances here, then another downward impulse towards major support at 15,750 pts may be launched. Source: xStation5
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TripAdvisor (TRIP.US) stock plunged over 7.0% in premarket after the travel-booking company posted disappointing quarterly figures. The company reported earnings of 16 cents per share on $303 million in revenue, while analysts expected earnings of 24 cents per share on $304 million in revenue.
TripAdvisor (TRIP.US) stock has been trading in a sideways trend recently. Stock launched today's session with a bearish price gap and is currently approaching the lower limit of the descending channel. Should break lower occur, downward move may accelerate towards next support at $25.30. On the other hand, if buyers manage to halt declines, then another upward impulse toward the upper limit of the channel could be launched. Source: xStation5
General Electric (GE.US) stock jumped over 7% in the premarket after the company announced it will split up into three publicly traded entities focused on aviation, health care and energy. It plans to spin off the healthcare unit by early 2023 and the energy unit by early 2024.
Palantir (PLTR.US) stock fell 2% in the premarket even after the software and data analytics company posted solid quarterly results. The company reported revenue of $392 million versus $385 million expected as it signed more government contracts and commercial deals. Palantir’s earnings per share came in line with analysts' estimates.
Coinbase (COIN.US) stock added over 2% in premarket as the cryptocurrency exchange benefited from the fact that bitcoin hit a new all-time high on Tuesday, rallying above $68,000 at one point.
