US OPEN: Wall Street plunges on final day of quarter

• US indices launched today's cash trading lower 
• S&P 500 heads for worst half-year since 1970
• Walgreens (WBA.US) stock plunges despite upbeat quarterly figures

Major Wall Street indices launched today's session over 1.0% lower with the S&P 500 heading for its worst first half since 1970 as better than expected PCE Core inflation reading failed to lift market sentiment. All three major averages are also on track to post sharp monthly, and quarterly losses.

US30 resumed downward move after buyers failed to stay above major support at 31320 pts which coincides with 23.6% Fibonacci retracement of the last downward wave and now acts as first line of resistance. As long as price sits below this level, the main sentiment remains bearish. Support at 29615, which is marked with the lower limit of the 1:1 structure acts as the nearest target for sellers.  Source: xStation5

Company news:

Walgreens (WBA.US) stock dropped nearly 3.0% in premarket despite the fact that the drug store operator posted upbeat quarterly results. Company earned 96 cents per share, beating analyst projections of 92 cents per share. Revenue figures also surprised on the upside. Walgreens reaffirmed its full-year financial outlook and expects low-single-digit adjusted earnings growth. 

Walgreens (WBA.US) stock has been moving within a descending channel recently. This week price pulled back from local resistance around  $42.90 which coincides with 61.8% Fibonacci retracement of the upward wave started in November 2020 and upper limit of the formation. Price is currently testing local support at $38.90 which coincides with 78.6% retracement. Should break lower occur, declines may deepen. Source: xStation5

Constellation Brands (STZ.US) rose over 1.0% in premarket after the spirits producer reported quarterly earnings of $2.66 per share which topped market consensus of $2.52. Revenue figures also came in above market estimates and the company provided positive full-year guidance.

Spirit Airlines (SAVE.US) delayed a shareholders’ vote on its proposed merger with Frontier Group (ULCC) until July 8 as JetBlue (JBLU.US) continues to push Spirit to accept its rival bid. 

Pfizer (PFE.US) and BioNTech (BNTX.US) signed a contract with the U.S. government worth $3.2 billion. Both drugmakers will provide 105 million doses of their Covid-19 vaccine.