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June 02, 2023
Yesterday at a glance: despite the risk-off mood, Arrow Electronics was range-bound between $125.61 to $127.53 and settled at $126.12.
Average Hourly Earnings data from United States will be released today at 12:30 UTC with analysts expecting a decline to 0.4%. Potentially significant price fluctuations in Arrow Electronics are expected to follow.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories came out at 4.49 million, better than analyst estimates of -1.10 million and improving upon the previous reading of -12.46 million. United States Initial Jobless Claims beat the 235,000 projections, with 232,000.
While price action maintains a negative bias, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Arrow Electronics, Inc. made an initial break below its 5 day Simple Moving Average at $125.94, a possible indication of a forthcoming negative trend. Arrow Electronics's upper Bollinger Band® is at $129.3 which indicates a further downward move may follow. On the other hand, note that Arrow Electronics could begin to recover as it approaches significant support, now 81 cents away from $125.31. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Arrow Electronics to extend its recent losses.
Arrow Electronics was not the only decliner in the technology sector; Salesforce went down to $212.9, losing 4.69% after it closed at $223.38 yesterday.
On the other hand, positive performances could be seen by looking at other technology stocks as NVIDIA was up 5.12%. Sony Group Corporation was up 3.16%.
Looking ahead, ongoing depreciation may be prolonged as today at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. Today at 12:30 UTC data for United States Average Hourly Earnings will be released, with an expected decline to 0.4% from the preceding figure of 0.5%. Projections for United States Unemployment Rate are set for a continuation of decline with 3.5 while previous data was 3.4; data will be released today at 12:30 UTC.
The stock has been trending positively for about a month. Arrow Electronics hit a significant low of $91.63 around 7 months ago, but has since recovered 38.21%.
