• Violent protests continue to spread across the US
• Apple is cutting iPhone prices in China
• Dick’s Sporting Goods stock rose 5%
• Apple is cutting iPhone prices in China
• Dick’s Sporting Goods stock rose 5%
US indices opened mixed today due to mounting social unrest and increasing China-US tensions. In several US cities, protests over police brutality and the death of George Floyd have been ongoing for 7 days. According to Reuters at least five US police officers were shot and wounded during violent protests. St. Louis police commissioner, John Hayden, informed that about 200 protesters were looting and hurling fireworks and rocks at officers. "They had officers with gas poured on them. What is going on? How can this be? Mr Floyd was killed somewhere else and they are tearing up cities all across the country," he told reporters. Investors assess how current protests in will impact on the reopening economy and the spread of the coronavirus. President Trump threatened to send military, if states cannot control the situation. "If a city or state refuses to take the actions that are necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them," Trump said.
S&P500 (US500) is trading above the 200-period moving average (redline). Should upbeat moods prevail, an upward impulse towards 3159.7 pts could be launched. On the other hand, once sellers regain control, the support at 2968.3 pts may be at risk. Source: xStation5Dick’s Sporting Goods (DKS.US) reported a quarterly loss of $1.71 per share, above analysts’ expectations of 57 cents a share loss.
Revenue and comparable-store sales came in below market expectations. Company's e-commerce sales jumped 110% during the quarter, and the retailer added that the current quarter has gotten off to a strong start.
Dick’s Sporting Goods (DKS.US) is testing major resistance at $37.23 per share which is additionally strengthen by 200 MA( redline). Should upbeat moods prevail, resistance at $43.14 per share may come into play. Local support is located at $32.31 per share. Source: xStation5.A number of Facebook (FB.US ) protested yesterday against the tech giant's decision not to remove or flag a controversial post by Trump last week.
Apple (AAPL.US) is lowering iPhone prices in China, as it seeks to extend the momentum it has enjoyed as the Chinese economy gradually reopens following virus-related lockdowns and closures. CNBC.com informed that although Apple’s own official Chinese website does not reflect price reductions, double-digit discounts can be seen on various reseller sites like Tmall.
Lululemon (LULU.US) – Wells Fargo Securities downgraded the company's stock to “equal weight” from “overweight,” saying the stock’s risk/reward profile is now balanced after a 125% runup since mid-March.
Starbucks (SBUX.US) – is asking workers to choose between more limited hours, or taking unpaid leave until at least September. The coffee chain does not expect a rebound in sales until then at the earliest.
Visa (V.US) announced that payment volumes in the US dropped by 5% in May, compare to the 18% decline registered in April which might be a possible sign that consumer spending is recovering as coronavirus-related lockdowns are eased.
