Quotes of the Nasdaq 100 index show a downtrend, being at around 11750.0.
One of the world's leading express delivery companies, FedEx Corp., published a preliminary report on the results of the first quarter of fiscal year 2023, saying that its revenue in the period from June to August could fall to 23.2 billion dollars, which is 300.0 million dollars below the forecast. In turn, earnings per share will be around 3.33 dollars, well below the forecast of 5.14 dollars. In addition, the Chief Financial Officer of General Electric Co. Carolina Dybek Happe said that problems in the supply chains of goods remain, and this can have a negative impact on the company's performance in the current quarter.
The growth of bonds also exerts pressure on the stock market. The popular 10-year Treasuries yield 3.455%, approaching a year high of 3.479%, while the conservative 20-year Treasury bonds yield 3.788%, a new yearly high, surpassing the June peak of 3.715%.
The growth leaders in the index are Dollar Tree Inc. (+2.89%), Nvidia Corp. (+2.09%), Netflix Inc. (+2.02%), Microchip Technology Inc. (+1.70%).
Among the leaders of the decline are DocuSign Inc. (-6.14%), Okta Inc. (-5.64%), Airbnb Inc. (-5.03%), MercadoLibre Inc. (-4.83%).
The index quotes are trading within the wide downward channel, declining towards the support line. Technical indicators maintain a steady sell signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram has formed several new descending bars.
Support levels: 11550.0, 11000.0. | Resistance levels: 12178.0, 12900.0.