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February 22, 2023
Yesterday at a glance: after closing the previous trading day at $123.28 and dropping to $120, the electronics company closed yesterday at $120.2. By the end of the session, Arrow Electronics gave up a total of 2.5%.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Amid the market gloom, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales fell short of the 2% projections, with new data of -0.7%.
After descending below strong Fibonacci support at $120.7, market bears have earmarked $117.05 as the next downside target. Chart analysis suggests Arrow Electronics could begin to recover as it approaches significant support, now $1 away from $119.19. Dipping below could be an indication that further losses are ahead.
Arrow Electronics was not the only decliner in the technology sector; Intel dips 5.61% yesterday to close at $27.61. Accenture plc Class A (Ireland) closed at $269.15 (down 2.85%). IBM went down to $131.71, losing 2.45% after it closed at $135.02 yesterday.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
The electronics company has fallen back around 7% over the past 20 days, from a notable high of $132.53.
