- US stocks open lower
- US CPI reading highest since 1990
- DoorDash (DASH.US) stock surges on $8 Billion Wolt deal
US indices launched today's session sharply lower as inflation fears grew after October’s consumer price reading jumped to 6.2% which is the highest level since November 1990. Now investors are trying to assess how today's reading could impact the Fed's rate hike plans although policymakers continue to reiterate that such price pressures are transitory. A separate report showed the US labor market continues to improve with initial weekly claims setting a fresh pre-pandemic low last week.
US100 fell sharply during today's session as the tech sector is still being pressured by Tesla stock and inflation concerns. Index bounced off the upper limit of the ascending channel yesterday and if current sentiment prevails, support at 15,750 pts may be at risk. Source: xStation5
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DoorDash (DASH.US) jumped over 15% in premarket as the food delivery platform announced it will acquire international delivery platform Wolt in a transaction valued at $8.1 billion, its biggest acquisition to date. The company also reported a wider quarterly loss than analysts expected, however revenue figures beat market projections.
DoorDash (DASH.US) stock rose sharply and is approaching its all-time high at $227.77. If current sentiment prevails, the next target for bulls is located at $238.55 which is marked with 127.2% external Fibonacci retracement of the last downward wave. On the other hand, if sellers manage to regain control, then nearest support to watch lies at $212.20. Source: xStation5
Coinbase (COIN.US) stock plunged over 11% in premarket after the cryptocurrency exchange posted weak quarterly figures. The company posted revenue of $1.31 billion well below analysts' expectation of $1.57 billion. Monthly transacting users declined from the previous quarter at 7.4 million but grew from the prior year. The stock jumped more than 40% in the last two months as crypto currencies including Bitcoin and Ethereum have hit all-time highs.
Wendy’s (WEN.US) stock rose more than 1% before the opening bell after the fast-food chain reported better than expected quarterly results. Company earned 19 cents per share on revenue of $470.3 million, compared to market estimates of 18 cents per share on revenue of $470.2 million.
Palantir Technologies (PLTR.US) stock fell 3% in premarket after RBC downgraded its stance on the data analytics firm to ‘underperform’ from ‘sector perform’, citing the company’s slowing revenue growth.
