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June 22, 2023
Boeing is down to $207.04, after ending yesterday at $212.08. Overall, a 2.37% loss or $5.04 today.
Boeing is currently trading at $207.04 following the release of Fed Chair Powell testimony data from the United States.
New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Amid the market gloom, United States Existing Home Sales (May) came out at 4.3 million, while a consensus of analysts was expecting 4.25 million. Released today at 14:00 UTC, United States's Existing Home Sales showed an uptick at 0.2%, up from the previous number of -3.2%.
Boeing reversed direction at $204.28 support zone and climbed $2.76 above it. Despite being in the red so far in the current trading session, Boeing peaked above its 50 day Simple Moving Average around $207.15 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis shows that Boeing (currently on a downtrend) might reverse course and start going up in the short term.
Boeing's stock value drop coincides with Raytheon Technologies is down to $97.52, losing 1.56%, after ending yesterday at $99.07. Caterpillar is trading around $239.04 (down 1%). After closing the previous session (yesterday) at $466.04, Lockheed Martin lost $3.27 and is trading around $462.77.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to come out at 1.87 million — worse than previous data of 7.92 million; data will be released today at 15:00 UTC.
Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.
The stock has been trending positively for about a month. Having soared to a high of $221.56 approximately 10 days ago, the aircraft and rotorcraft manufacturer is now trading 4.28% lower.
