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DJIA News from the Corporate Segment Facilitate Index Growth

12/9/2022 12:50 PM

The Dow Jones index is correcting in the local trend, trading at 33845.0 on the back of positive signals from component companies.

Shares of the retail network for the sale of game consoles, computer games and gaming accessories GameStop Corp. rise on the news about the reduction of net loss by more than 10.0%. In the third fiscal quarter that ended October 29, the company's total sales were approximately 1.2 billion dollars, after 1.3 billion dollars in the same period last year, but the retailer has changed management in recent months and is focusing on initiatives to further strengthen its position in the digital world. The company's Chief Executive Officer, Matt Furlong, confirmed GameStop Corp.'s intention to turn into a profit in the near future and continue strong growth. In addition, investors are positive about the new development plan for the oil company Exxon Mobil Corp., which provides for the preservation of capital investments at the level of 20.0-25.0 billion dollars a year, despite the ongoing difficulties.

Next week, the market is looking forward to the last meeting of the US Federal Reserve this year, which will be held from 13 to 14 December. Most experts expect the pace of the rate increase to slow down to 50 basis points after the 75 basis points increase earlier, but fears about the impact of the next rate adjustment on the economy remain. The situation on the labor market began to worsen again: on the eve, the Initial Jobless Claims increased to 230.0 thousand from 226.0 thousand a week earlier.

The growth leaders in the index are Nike Inc. (+2,80%), Cisco Systems Inc. (+1,68%), Boeing Co. (+1,46%).

Among the leaders of the decline are Goldman Sachs Group Inc. (-0,51%), American Express Co. (-0,42%), 3M Co. (-0,28%).

On the daily chart, the index quotes continue corrective dynamics, having reached the resistance line of the global Expanding Formation pattern.

Technical indicators are holding a buy signal, which is actively weakening: the fluctuation range of the Alligator EMAs narrows and reverses in the direction of decline, while the AO oscillator histogram forms new downward bars, being in the buy zone.

Support levels: 33300.0, 32400.0.  | Resistance levels: 34150.0, 35300.0.

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