- US stocks open mixed
- US CPI inflation slightly above expectations
- JPMorgan (JPM.US) earnings beat market expectations
US indices launched today's session in mixed moods as investors digested fresh inflation data and third-quarter earnings reports. S&P 500 rose 0.2%, Dow Jones traded near flat, while Nasdaq gained 0.4%. US annual and monthly inflation rates were higher-than-expected in September while core figures came in line with market expectations. Investors try to assess what impact high inflationary pressures will have on the Fed's tapering plan. FOMC minutes release due later in the day are expected to provide more clues on the Federal Reserve potential actions. Third-quarter earnings season kicked off on Wednesday with JPMorgan Chase, which said that quarterly profit topped expectations following a boost from better-than-expected loan losses.
US100 bounced off the local support zone around 14580 pts which is marked with lower limit of the 1:1 structure and 23.6 Fibonacci retracement of the last upward wave launched in the second part of September 2020. If current sentiment prevails, another upward impulse towards all-time high at 15820 pts may be launched. On the other hand, if sellers will manage to regain control, then downward correction may deepen towards support at 13830 pts. Source: xStation5
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JPMorgan (JPM.US) stock fell slightly in premarket despite the fact that the investment bank reported better-than-expected third-quarter results, boosted by a global dealmaking boom and strength in its wealth management arm. Company reported a profit of $3.74 per share, compared with analysts' expectations of $3.00, while revenue also beat market estimates.
JPMorgan (JPM.US) stock price approaches major support zone ranging from $163.45 to $164.85, which is marked with lower limit of the 1:1 structure, 50 SMA (green line), 38.2% Fibonacci retracement of the last upward wave and lower limit of the wedge formation. Should a break lower occur, then downward move may accelerate towards support at $158.50 which is marked with 61.8% Fibonacci retracement and 200 SMA (red line). On the other hand, if buyers manage to regain control another upward impulse towards recent highs at $171.50 may be launched. Source: xStation5
BlackRock (BLK.US) stock rose more than 2% in premarket after the asset management posted upbeat quarterly figures. Company earned an adjusted $10.95 per share, compared to Wall Street estimates of $9.35. Revenue also topped market projections, despite the implementation of some fee waivers during the quarter. Number of assets under management increased, although below analysts’ expectations.
Delta Air Lines (DAL.US) stock fell over 1.6% in premarket despite the airline posted upbeat quarterly results. Company earned 30 cents per share, well above analysts' estimates of 17 cents per share. Revenue also beat market expectations. Company warned about margin pressure from rising fuel prices which could affect future results.
Apple (AAPL.US) stock fell slightly after the tech giant cut iPhone 13 production targets for this year by 10 million units due to semiconductor shortages. Bloomberg reported that Texas Instruments (TXN.US) and Broadcom (AVGO.US) were among those struggling to deliver the volumes required by Apple.
