News Corp closed at $17.27 (down 0.97%) and added one more to its 6th straight day of losses

Yesterday at a glance: pronounced bearish sentiment in the market pushed the media giant into a notable 0.97% slide yesterday, falling 17 cents and ultimately closing at $17.27.

United States Consumer Confidence data will be released today at 15:00 UTC, with an expected improvement to 108.5. News Corp reaction to indicator information will follow.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%. Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0.1% with a reading of 0.7%.

Amid the market gloom, United States Core Durable Goods Orders published yesterday at 13:30 UTC came out at -4.5%, falling short of the -4% projections and continuing its decline from the previous 5.1% figure.

News Corp made an initial break below its 200 day Simple Moving Average at $17.42, a possible indication of a forthcoming negative trend. Despite this, News Corp could begin to recover as it approaches significant support, now 11 cents away from $17.16. Dipping below could be an indication that further losses are ahead.

Looking forward, News Corp is poised to extend its strong downtrend and continue declining.

News Corp was not the only decliner in the communication services sector; AT&T closed at $19.03 (down 1.09%).

On the other hand, positive performances could be seen by looking at other communication services stocks as Netflix was up 1.85%. Alphabet was up 0.84%.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC.

Some optimism can drawn from the fact that United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released today at 15:00 UTC.

Furthermore, United States ISM Manufacturing PMI (Feb) scheduled to come out tomorrow at 15:00 UTC.

This year has been a gloomy one for the mass media and publishing company after trading as high as $22.96 and going on to lose 5.58% of its value.