- US stocks opened higher
- Fed rate decision at 7:00 pm BST
- Retail sales below expectations
- Baidu (BIDU.US) plans to sell iQiyi (IQ.US) stake
US indices launched today's session higher while investors brace for upcoming FED decision at 7:00 pm BST. Markets expect a 75 bp rate hike, which would be the highest increase since 1994, making the hope of a soft landing more elusive. On the data front, retail sales fell 0.3% mom in May, compared to market forecasts of a 0.2% rise, which indicates that customers reduce their expenses.
US2000 continued to move lower on Tuesday however sellers again did not manage to break below key support at 1700 pts where May 2022 lows are located. As long as the price sits above this level, another upward impulse could be launched. The nearest resistance to watch is located at 1880 pts and coincides with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5
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Baidu (BIDU.US) stock rose more than 4.0% in premarket trading after Reuters reported a major search giant from China is willing to sell its controlling stake in the video streaming company iQIYI (IQ.US) which stock plunged over 3.0%.
Baidu (BIDU.US) stock launched today’s session higher and may be moving towards major resistance at $156.10, which is marked with upper limit of the 1:1 structure, downward trendline and 200 SMA (red line). The nearest support to watch lies at $141.40 which coincides with 78.6% Fibonacci retracement of the upward wave started in March 2020 and previous price reactions. Source: xStation5
MicroStrategy (MSTR.US) shares extended sell-off and fell more than 2.0% in the premarket as the price of bitcoin tested major support at $20,000.
Robinhood Markets (HOOD.US) stock plunged over 4.0% in premarket after Atlantic Equities downgraded the trading platform operator to “underweight” from “neutral” due to dwindling trading volumes and concerns over revenue.
Stellantis (STLA) which is the world’s fourth largest carmaker will begin indefinite layoffs next week at its Sterling Heights, Michigan in order to lower costs.
Snowflake (SNOW.US) stock rose over 3.5% in premarket after the cloud computing company was upgraded to “buy” from “hold” at Canaccord Genuity due to growing demand and promising new products.
