- US stocks opened lower
- Fed Chair to appear in US senate
- Dow Inc. (DOW.US) stock under pressure after analysts downgrade
US indices launched today's session lower as traders focus on highly anticipated Fed Chair Powell testimony before the senate. “At the Fed, we understand the hardship high inflation is causing. We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” the Fed chief said in remarks for the Senate Banking Committee. “We have both the tools we need and the resolve it will take to restore price stability on behalf of American families and businesses.” Now lawmakers are likely to press Powell on the impact of Fed's tightening on the economy and consumer while investors will be looking for further clues on the central bank's rate-hike path.
US30 managed to halt recent sell-off around support at 29615 which is marked with a lower limit of the 1:1 structure. Yesterday buyers attempted to launch a correction, however the upward move turned out to be short lived and the index once again is heading south. However if sentiment changes during the testimony, then potential target for bulls is located at 31320 pts which coincides with 23.6% Fibonacci retracement of the last downward wave. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appCompany news:
Dow Inc. (DOW.US) stock fell over 4.0% before the opening bell after Credit Suisse downgraded the chemical producer to “underperform” from “neutral” as several pandemic-related factors that positively affected company’s performance in the past could reverse in the near future.
Dow Inc. (DOW.US) stock fell sharply this month and is currently testing local support at $52.85 which coincides with 38.2% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Tesla (TSLA.US) shares dropped over 2.0% in premarket erasing some part of yesterday's massive gains after a former elevator operator at the California factory who accused the company of racial abuse rejected a $ 15 million award in his lawsuit. Now both sides are heading back to court to fight the lawsuit for a second time.
Boeing (BA.US) stock fell nearly 2.0% in premarket after the planemaker warned of supply-chain problems to persist almost until the end of 2023.
Altria (MO.US) stock fell 0.8% after the Biden administration is taking steps to reduce the nicotine levels in tobacco products in order to limit their addictive nature.
