- US indices launched today's cash trading lower
- US GDP for Q3 revised higher
- Micron Technology (MU.US) stock plunges on weak quarterly results
Three major Wall Street indices launched today's session in red, with Dow Jones trading 0.75% lower, while the S&P 500 and Nasdaq fell 1.0% and 1.3% respectively as fresh data from the US resumed concerns that the FED will stick to its hawkish stance. Final release of the US GDP report showed the US economy expanded more than initially estimated in Q3 and weekly claims rose by less than expected last week. On the other hand, Core PCE prices rose slightly more than anticipated.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US2000 pulled back sharply as buyers failed to break above major resistance at 1790 pts, which is marked with previous price reactions. As long as price sits below this level, downward move may deepen towards support at 1700 pts or even 1650 pts where recent lows can be found Source: xStation5
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Micron Technology (MU.US) stock dropped nearly 4.0% in off-hours trading after the chip maker posted disappointing quarterly results due to slowing demand for electronics. The company announced it will cut about 10% of its employees next year.
Micron Technology (MU.US) stock launched today's session with a bearish price gap and is moving towards major support at $48.40, where recent lows are located. Should break lower occur, next support to watch lies at $45.40 and is marked with 78.6% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if buyers manage to halt declines at the aforementioned support, then another upward impulse towards resistance at $56.90 may be launched. Source: xStation5
CarMax (KMX.US) shares plunged over 13.0% in the premarket following the auto retailer earned only 24 cents per share, well below market estimates of 70 cents, while its comparable used-vehicle sales dropped 22.4% also well above analysts’ projections of 16.9% slide amid dwindling demand. Company will also halt share buybacks.
Under Armour (UAA.US) stock fell 1.8% before the opening bell after the athletic apparel retailer nominated Stephanie Linnartz, currently president at Marriott International as its next CEO.
Tyson Foods (TSN.US) shares fell over 1.0% in premarket after the WSJ reported that the meat supplier plans to consolidate its corporate offices, as a result hundreds of employees will lose their jobs. Company will also close two offices in Illinois and one in South Dakota.
