- US indices launched today's cash trading lower
- US flash PMIs rebound in January
- Johnson & Johnson (JNJ.US) posted mixed quarterly results
Three major Wall Street indices launched today's session roughly 0.50% lower as investors digested several mixed earnings reports from several Dow Jones members including 3M and Johnson & Johnson and better than expected S&P Global PMIs. After market close attention will focus on Microsoft, which will announce its quarterly figures.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US500 retreated slightly on Tuesday, giving away some of the recent gains. If current sentiment prevails, index may test major support at 4000 pts, which coincides with the recently broken long-term downward trendline. Nevertheless as long as price sits above this level, another upward impulse may be launched towards resistance at $4175, which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if sellers manage to push index lower, next support level to watch is located around $3900 pts. Source: xStation5
Company news:
Johnson & Johnson (JNJ.US) stock fell around 1.0% before the opening bell after the company ported mixed quarterly results. Earnings beat analysts’ projections, while revenue disappointed. Company's full-year outlook for earnings came in above market consensus, while its revenue forecast was about in line with estimates.
Johnson & Johnson (JNJ.US) stock pulled back sharply in recent days as buyers failed to break above the local downward trendline. Current price is testing a crucial support zone around $168.00, which is marked with previous price reactions and 23.6% Fibonacci retracement. If sellers manage to uphold recent momentum, then downward correction may deepen towards local support at $160.50, where lows from October 2022 are located. Source: xStation5
Lululemon (LULU.US) stock tumbled nearly 3.0% in premarket after Bernstein downgraded the athletic apparel retailer noting the company is facing an inflection point in its growth.
Lockheed Martin (LMT.US) stock rose over 1.0% in off-hours trading after the defense company’s quarterly revenue of $18.99 billion, beat Refinitiv estimates of $18.27 billion. Earnings per share also came in above Wall Street estimates.
Lyft (LYFT.US) stock jumped more than 3.0% after KeyBanc upgraded the ride-sharing company as it expects positive impacts from cost-saving measures including layoffs and a stabilization in demand.
