- US indices launched today's cash trading lower
- Control over Congress remain unclear
- Disney (DIS.US) stock plunges on weak quarterly results
- MicroStrategy (MSTR.US) and Coinbase (COIN.US) shares plunge on FTX concerns
Three major US indices launched today's session roughly 0.6% lower as markets awaited the outcome of the midterm elections that may shift the balance of power in Congress. The first results point to a tighter-than-expected race between Democrats and Republicans, with the odds still favoring the latter to control the US House, while there are no clear answers about who would control the Senate yet. Also concerns over FTX insolvency sparked sell-off on crypto market and hit companies with exposure to the digital assets sector.
Source: Associated Press
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S&P500 index stocks categorized by sectors and industries. Size represents market cap. Source: Finviz
US2000 pulled back after unsuccessful attempt to break above key resistance at 1840 pts which coincides with 23.6% Fibonacci retracement of the last downward wave. Currently the index approaches major support at 1790 pts, marked with previous price reactions. Should break lower occur, next support to watch lies around 1700 pts. Source: xStation5
Company news:
MicroStrategy (MSTR.US), Coinbase (COIN.US) shares over 4.0% as crypto-related stocks took hit amid ongoing concerns regarding FTX insolvency proceedings and its impact on the whole crypto market .
MicroStrategy (MSTR.US) stock launched today’s session with a bearish price gap below the lower limit of the triangle formation. If current sentiment prevails, downward move may deepen towards recent lows at $138.00. Source: xStation5
Walt Disney (DIS.US) stock dropped nearly 8.0% after the entertainment giant posted disappointing quarterly results which were affected by higher costs of Disney+ streaming platform even as it gained more streaming than expected. The company plans to lower marketing and content budgets.
Meta Platforms (META.US) shares jumped over 4.0% before the opening bell after the Facebook parent announced it was reducing its workforce by 13% which equals roughly to 11,000 workers.
Tesla (TSLA.US) shares rose 1.5% in premarket despite SEC filings showing CEO Elon Musk sold nearly $4 billion in the EV maker shortly after he completed his purchase of Twitter.
DR Horton (DHI.US) shares slid 3.0% in the premarket after the home builder missed top and bottom line estimates for its latest quarter and did not provide guidance due to housing market uncertainty.
