Chat with us, powered by LiveChatUS Stock Futures Drop Amid Weak Salesforce Results

US Stock Futures Drop Amid Weak Salesforce Results

US Stock Futures Drop Amid Weak Salesforce Results

US Stock Futures Drop Amid Weak Salesforce Results

Stock futures in the US were lower on Thursday, with contracts on the S&P 500 losing 0.4%, the Nasdaq declining 0.3% and the Dow Jones tumbling about 330 points, extending Wednesday's losses. Shares of Salesforce sank about 16% in premarket trading after the company missed on revenue and sales growth. Meanwhile, Treasury yields retreated after a rally in the previous two days, with traders bracing for the second estimate of GDP growth and initial claims to assess the US economic performance. Key PCE inflation is due tomorrow. Among megacaps, Microsoft (-0.9%), Nvidia (-0.4%), Amazon (-0.4%), and Alphabet (-0.2%) were lower before the opening bell while Apple was little changed and Meta added 0.1%.

After breaking below the critical support at 18,760, the Nasdaq retreated to the 18,630 support level, which remains significant. If this level is breached, the subsequent support levels to monitor are 18,430 and 18,150 respectively. On the other hand, if the movement turns upwards, the range of 18,760-18,800 will serve as the initial resistance. If this level is surpassed with sustainability, the range of 18,970-19,000 will be the first level to watch. If this range is also surpassed, and a new high is established, then 19,200 will be the next level to monitor.

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

19,200

19,000

18,800

18,630

18,430

18,150

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