Lethargic start to the session sees News Corp drop as low as $16.85

News Corp is down to $16.86, after ending yesterday at $16.93. Overall, a 0.41% loss or 7 cents today.

United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected improvement to -917,000. News Corp reaction to indicator information will follow.

Amid the market gloom, United States Consumer Price Index came out at 4.9%, while a consensus of analysts was expecting 5%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%. United States Consumer Price Index came out at 0.4%, while a consensus of analysts was expecting 0.4%.

Bollinger Bands® shows an indication of recovery: the lower band is at $16.64, a low enough level to, generally, suggest that News Corp is trading below its fair value.

Overall, looking at the technical analysis landscape, it seems News Corp might start pointing upward in the short term.

Positive performances can be seen by looking at other communication services stocks as Alphabet is up 1.73%. Meta Platforms added 0.79% to its value, now trading at $235.22. Netflix is trading at $334.37 after ending yesterday's session at $332.14 (up 0.67%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 245,000 from the preceding figure of 242,000.

In addition, United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000, having previously been at -1.28 million. The figure will be published today at 14:30 UTC.

The media giant has fallen back around 21.15% from the significant high of $21.47 set 3 months ago.