- US 10Y bond yield at 3-month low
- US500 approaches its ATH
- Campbell Soup (CPB.US) quarterly profit fell more than expected
- Clover Health (CLOV.US) stock surges 22% amid support from retail investors
US indices launched today's session slightly higher, with S&P 500 approaching its ATH and Nasdaq attempts to gain for a 4th straight session. Meanwhile the yield on the benchmark US 10-year Treasury dropped to 1.49%, the lowest in 3 months, as investors await tomorrow’s release of inflation data for an update on price pressures and the possibility of an early Fed tapering. Meanwhile negotiations regarding the infrastructure package between US President Biden and Republican senators were halted without agreement. According to local media, Biden may now talk with bipartisan group and discuss their project. Also, US administration is forming expert working groups with Canada, Mexico, the EU and Britain to determine how best to safely restart travel after 15 months of pandemic curbs. On the data front, mortgage applications in the US fell 3.1% in the week ending June 4th, the third consecutive weekly drop, data from the Mortgage Bankers Association showed.
US30 has been trading within a tightening triangle formation recently. Should a break above the upper limit occur, another upward impulse towards all-time high at 35019 pts may be launched. On the other hand, breaking below the lower limit of the formation may lead to a bigger downward correction. First noticeable support lies at 34181 pts and is strengthened by 200 SMA (red line).
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Create account Try a demo Download mobile app Download mobile appCampbell Soup (CPB.US) stock fell more than 7% in premarket after the company posted a nearly 5% decline in quarterly profit, due to higher costs of raw material and supply chain issues. Net earnings dropped to $160 million, or 52 cents per share, in the three months ended May 2, from $168 million, or 55 cents per share, a year earlier
Campbell Soup (CPB.US) stock launched today’s session with a massive bearish price gap and is currently testing major support at $44.85 which coincides with 200 SMA (red line). Should break lower occur, downward move may accelerate towards next support at $40.50. However, if buyers will manage to halt declines here, then nearest resistance lies at $47.45. Source: xStation5
Clover Health (CLOV.US), a seller of health-care insurance, has become the new favorite among retail investors and its stock jumped 22% in premarket, extending yesterday's massive rally. Other meme stocks are trading in mixed moods. Shares of AMC Entertainment (AMC.US) fell 6% in premarket, while shares in video game retailer GameStop (GME.US) were up around 1%, while U.S.-listed shares of BlackBerry (BB.US) were down 6%.
Target (TGT.US) announced that it will increase its quarterly dividend by 32% from 68 cents a share to 90 cents per share. Shareholders will receive a new dividend on Sept. 10.
Merck (MRK.US) stock rose 0.7% in premarket after the drugmaker signed a deal with the U.S. government which will deliver 1.7 million courses of the company's experimental COVID-19 treatment for about $1.2 billion, if it is authorized in the country.
