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Wall Street indices launched new week lower
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US30 tests 32,300 pts support
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Ford plans to sell a stake in Rivian
Wall Street indices launched a new week lower, following a downbeat Europe and Asia earlier today. Nasdaq was a top laggard, dropping around 2% at the start of a session. Dow Jones was the most resilient, dropping only "1.4%". Market continues sell-off started last week with deteriorating economic conditions and recession risk in major developed economies being the major risk.
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appDow Jones (US30) continues last week's sell-off today with another over-1% drop. US30 made another test of the 32,300 pts support zone this morning but so far bears were unable to break below. Index tried to recover ground following a lower opening of the cash session but the move lacks momentum. In case bulls regain control and the index catches a bid, the first near-term resistance to watch is marked with the 78.6% retracement of upward move started in late-April 2022.
Company News
CNBC reported that Ford Motor (F.US) plans to sell its 8% stake in EV automaker Rivian (RIVN.US). Ford was one of the early investors in Rivian and a lock-up period preventing it from selling its stake expired on Sunday.
Uber Technologies (UBER.US) plans to slow down new hirings as well as lower spending on marketing and incentives. Move is reasoned with an ongoing shift in the ride-hailing market. Company will also focus on profitability on a free cash flow basis rather than adjusted EBITDA basis like now.
BioNTech (BNTX.US) reported Q1 earnings today. Company said that it still enjoys strong demand for Covid vaccine developed together with Pfizer. Revenue more than tripled to €6.37 billion in Q1 2022 while net income reached €3.7 billion, also more than three times higher than in Q1 2021. Company said that recent Omicron outbreaks boosted orders but decided not to change full-year revenue forecast (€13-17 billion) expecting pandemic to recede later into the year.
BionTech (BNTX.US) launched today's trading with little change in spite of the earnings release. Company reported solid results but warned that it expects demand for its Covid vaccine to weaken later into the year. Stock trades slightly above $132.00 support zone and near a mid-point of a wide downward channel. If sellers managed to push the stock below $132 support, a drop towards $90 support may be on the cards. Source: xStation5
