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April 08, 2023
The US stock market is closed for the Good Friday holiday and resumes Monday. Meanwhile, here is a recap of Thursday: in Thursday's bearish session, the electronics company shed around 3.32% in quick fashion, found support around the $115.69 level and finally closed at $115.72. In contrast, the day's events followed Wednesday's session in which the stock closed at $119.7.
Non Farm Payrolls in United States fell short of market expectations (239,000) with a reading of 236,000, continuing the decline from the previous figure of 326,000.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Unemployment Rate came out at 3.5, better than analyst estimates of 3.6 and improving upon the previous reading of 3.6.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 226,100, while the previous figure was 181,100.
Trend analysis indicates that the MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Asset volatility analysis shows that Arrow Electronics's lower Bollinger Band® is at $113.09, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that Arrow Electronics could begin to recover as it approaches significant support, now 80 cents away from $114.92. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates Arrow Electronics will remain range-bound for the immediate future.
Arrow Electronics was not the only decliner in the technology sector; IBM went down 1.24%, closed at $132.14.
On the other hand, positive performances could be seen by looking at other technology stocks as Microsoft was up 2.55%. Intuit traded at $446.76 after closing Thursday's trading day at $438.37 (up 1.91%).
2 months ago the electronics company reached a significant high of $132.53 but has consequently lost 9.68% since then.
