- US stocks opened lower
- US inflation keeps moving higher
- Advanced Micro Devices (AMD.US) stock under pressure after analysts downgrade
US indices launched today’s session mostly lower as investors reassessed the outlook of tightening monetary policy while watching developments in the Russia-Ukraine war. USD strengthened after Putin demanded payments for Russian gas in Rubles, despite the earlier assurances that companies from Europe will be able to pay in Euro or dollars. On the data front, Core PCE inflation rose to 40-year highs at 5.4% in February, which prompted bets on a higher possibility of a 50-bps hike in May. Thursday marks the last trading day of March and of the first quarter. Despite war in Ukraine Dow Jones rose nearly 4% in March, while the S&P 500 and Nasdaq added about 5% each. However, on the quarterly basis Dow and S&P 500 fell about 3% for the first quarter, while Nasdaq is off more than 7%.
US100 rebounded sharply within the last two weeks and currently the index is testing major resistance at 15000 pts which coincides with 200 SMA (red line). If buyers manage to stay above this level, then upward move may accelerate towards next resistance at 16000 pts. On the other hand, should sellers regain control, then support at 14375 pts may be at risk. Source: xStation5
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Advanced Micro Devices (AMD.US) stock fell over 2.0% in premarket after the company was downgraded to “equal weight” from “overweight” at Barclays. Bank believes that chip producer is facing cyclical risk in several different end markets.
Advanced Micro Devices (AMD.US) stock launched today's session lower and broke below local support at $118.00 which coincides with 50.0% Fibonacci retracement of the upward wave launched in May 2021. If current sentiment prevails, downward move may accelerate towards $108.30. Source: xStation5
Baidu (BIDU.US) stock plunged over 3% in premarket after the SEC added the company to its tally of US-traded Chinese stocks that could be delisted over problems with financial audits.
HP (HPQ.US) and Dell Technologies (DELL.US) shares dropped over 4.0% before the opening bell after Morgan Stanley downgraded both hardware producers to ‘equal weight’ from ‘overweight’ as it expects lower demand for computers.
Exxon Mobil (XOM.US) and Chevron (CVX.US) shares of both oil giants fell approximately 2.0% in premarket following news US plans a release of up to 180 million barrels from its Strategic Petroleum Reserve, the largest in the near-50-year history of the reserve, which negatively affected oil prices.
