- Banks are closed during Veterans Day which causes thinner liquidity
- S&P500, Nasdaq, and Russell opened considerably higher, DJIA a little below yesterday’s closing
- There are no meaningful earnings after the closing bell
US stock indices opened higher on Veterans Day after a two-day selloff caused by the highest inflation since 1990. It may be the end of negative sentiment due to positive macroeconomic prospects and investors may have decided to buy the dip after the biggest decrease in a month. There was no data in the afternoon due to bank holidays, but the OPEC report showed that demand will be lower in Q4 due to high prices which should assure that the politics of gradual supply increases are correct.
US100 rebounded from 23.6 Fibo retracement and vicinity of 16000 points. Source: xStation5
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Walt Disney (DIS.US) opened with a huge bear gap after the earnings disappointment. The gap was around 6% but the selloff is continuing during the session. The price is the lowest this year and close to the lower limit of the bull gap exactly from a year ago! The company reported the smallest rise in Disney+ subscriptions since the start of the service (+2.1 million new subscribers to a total of 118.1 million). Disney showed the EPS at 37 cents vs. 51 expected and revenue was at 18.53 billion versus 18.79 expected.
Tesla (TSLA.US) gained at the start about 3% but gave up nearly all gains in the first minutes of the session. It is worth noting that CEO Elon Musk sold shares worth about 5 billion dollars over recent days.
Rivian (RIVN.US) opened with an over 10% gap, adding to the nearly 30% gain during the debut. Rivian is an electric automotive company supported by Amazon and Ford. The IPO was one of the biggest and most expected this year.
Disney fell considerably at the start of the session due to earnings disappointment. It is crucial for the bulls to maintain support of 160 USD per share and get back above 168 USD. On the other hand, a way to the zone of 137-140 may be open.
