FXStreet notes that S&P 500 is pushing above the top of the 4436/56 zone as the market extends its low volatility grind higher. According to economists at Credit Suisse, a break above trend resistance from April at 4472/75 is needed to keep the trend directly higher.
“A bullish ‘outside day’ for S&P 500 although on very low ‘summer’ volume as the market extends its relentless low volatility grind higher. This sees the market pushing just above the top of our 4436/56 Q3 objective zone, but with strength still capped for now by trend resistance from April, today seen at 4472/75.”
“Whilst we look for a fresh pullback from 4475, a direct break can see the immediate risk stay higher for a move to the psychological 4500 level next, with the upper end of its ‘typical’ extreme (15% above the 200-day average) now at 4570/80.”
U.S. stock-index futures traded little changed on Friday, as investors assessed Walt Disney’s (DIS; +4.6%) earnings report and the prospects of the Fed’s policy path amid signs of easing inflation.
Global Stocks:
Index/commodity | Last | Today's Change, points | Today's Change, % |
Nikkei | 27,977.15 | -37.87 | -0.14% |
Hang Seng | 26,391.62 | -126.20 | -0.48% |
Shanghai | 3,516.30 | -8.44 | -0.24% |
S&P/ASX | 7,628.90 | +40.70 | +0.54% |
FTSE | 7,220.69 | +27.46 | +0.38% |
CAC | 6,901.33 | +18.86 | +0.27% |
DAX | 15,991.16 | +53.65 | +0.34% |
Crude oil | $68.84 | -0.36% | |
Gold | $1,762.60 | +0.62% |
(company / ticker / price / change ($/%) / volume)
ALCOA INC. | AA | 45.25 | 0.10(0.22%) | 7145 |
ALTRIA GROUP INC. | MO | 48.18 | 0.06(0.12%) | 4424 |
Amazon.com Inc., NASDAQ | AMZN | 3,302.00 | -1.50(-0.05%) | 5298 |
American Express Co | AXP | 168.75 | 0.23(0.14%) | 883 |
Apple Inc. | AAPL | 148.93 | 0.04(0.03%) | 515482 |
AT&T Inc | T | 28.01 | -0.01(-0.04%) | 44583 |
Boeing Co | BA | 237.48 | -0.70(-0.29%) | 19118 |
Caterpillar Inc | CAT | 220.7 | 0.46(0.21%) | 4511 |
Chevron Corp | CVX | 102.5 | -0.14(-0.14%) | 17562 |
Cisco Systems Inc | CSCO | 56.45 | 0.06(0.11%) | 8259 |
Citigroup Inc., NYSE | C | 74.19 | 0.06(0.08%) | 23698 |
Exxon Mobil Corp | XOM | 57.14 | -0.21(-0.37%) | 26460 |
Facebook, Inc. | FB | 362.29 | -0.36(-0.10%) | 13572 |
FedEx Corporation, NYSE | FDX | 275.5 | -0.60(-0.22%) | 268 |
Freeport-McMoRan Copper & Gold Inc., NYSE | FCX | 38.45 | 0.06(0.16%) | 15980 |
General Electric Co | GE | 106.51 | -0.01(-0.01%) | 3978 |
General Motors Company, NYSE | GM | 54.5 | -0.12(-0.22%) | 9618 |
Goldman Sachs | GS | 415.55 | 0.55(0.13%) | 7231 |
Google Inc. | GOOG | 2,764.00 | -3.79(-0.14%) | 1975 |
Hewlett-Packard Co. | HPQ | 30.35 | -0.05(-0.16%) | 363 |
Home Depot Inc | HD | 334 | -0.02(-0.01%) | 2688 |
HONEYWELL INTERNATIONAL INC. | HON | 232 | 0.06(0.03%) | 646 |
Intel Corp | INTC | 53.57 | 0.03(0.06%) | 36060 |
International Business Machines Co... | IBM | 143 | -0.07(-0.05%) | 871 |
JPMorgan Chase and Co | JPM | 161.6 | -0.19(-0.12%) | 5412 |
McDonald's Corp | MCD | 236.8 | 0.13(0.06%) | 1272 |
Merck & Co Inc | MRK | 76.4 | 0.36(0.47%) | 22326 |
Microsoft Corp | MSFT | 289.14 | -0.67(-0.23%) | 32238 |
Pfizer Inc | PFE | 47.47 | 0.23(0.49%) | 217209 |
Procter & Gamble Co | PG | 143 | 0.05(0.04%) | 627 |
Starbucks Corporation, NASDAQ | SBUX | 115.95 | 0.20(0.17%) | 7394 |
Tesla Motors, Inc., NASDAQ | TSLA | 722 | -0.25(-0.03%) | 142597 |
The Coca-Cola Co | KO | 56.88 | 0.04(0.07%) | 6792 |
Twitter, Inc., NYSE | TWTR | 64.85 | -0.10(-0.15%) | 8092 |
UnitedHealth Group Inc | UNH | 406 | 0.04(0.01%) | 406 |
Verizon Communications Inc | VZ | 55.68 | 0.04(0.07%) | 5568 |
Visa | V | 232.11 | 0.32(0.14%) | 8612 |
Wal-Mart Stores Inc | WMT | 149.66 | 0.60(0.40%) | 3989 |
Walt Disney Co | DIS | 187.32 | 8.03(4.48%) | 499984 |
Yandex N.V., NASDAQ | YNDX | 67.83 | 0.12(0.18%) | 384 |
Morgan Stanley (MS) downgraded to Neutral from Buy at Seaport Global Securities
Walt Disney (DIS) reported Q3 FY 2021 earnings of $0.80 per share (versus $0.08 per share in Q3 FY 2020), beating analysts’ consensus estimate of $0.55 per share.
The company’s quarterly revenues amounted to $17.022 bln (+44.5% y/y), beating analysts’ consensus estimate of $16.761 bln.
DIS rose to $188.31 (+5.03%) in pre-market trading.
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