- US stocks opened lower
- Mixed Flash PMI's
- Snap (SNAP.US) expects strong users growth in Q2
US indices launched today's session lower, extending yesterday's declines caused by another set of hawkish remarks from FED members which pushed the treasury yields higher which, in turn, spooked investors away from high-growth technology stocks. Also mixed US PMI data and quarterly results weighed on sentiment.
US100 launched today’s session lower, below major support at 13750 pts. If current sentiment prevails, downward move may accelerate towards next support at 13420 pts. Source: xStation5
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Snap (SNAP.US) stock rose over 4.0% after the social media company reported quarterly loss of adjusted 2 cents per share, while analysts expected 1 cent pers share profit. However, the company expects that the number of daily active users will increase to between 343 million and 345 million in Q2, beating market projections of 340 million, even despite the fact that added supply chain problems and rising prices will lower advertising demand.
Snap (SNAP.US) stock launched today's higher after sellers failed to break below major support at $28.35 which is marked with previous price reactions. If current sentiment prevails, an upward move may accelerate towards local resistance at $36.75 which coincides with 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Gap (GPS.US) stock plunged nearly 17.0% in premarket after the clothes retailer lowered its forecast for quarterly sales, citing rising competition. The company also announced that Old Navy President and CEO Nancy Green is departing.
Verizon Communications (VZ.US) stock dropped 2.5% before the opening bell after the wireless carrier reported a loss of 36,000 monthly phone subscribers in the quarter, less than the 49,300 losses expected by analysts who were surveyed by FactSet. Company quarterly results matched Wall Street expectations.
Kimberly-Clark (KMB.US) shares added 5% in premarket after the manufacturing company lifted its sales guidance for 2022, saying it was able to deal with a “volatile and inflationary” environment.
