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May 24, 2023
A quick look at today: a tough session dominated by bearish sentiment left Arrow Electronics $2 lower, while setting a $119.44 to $121.74 session range.
Arrow Electronics is currently trading at $120.71 following the release of FOMC Meeting Minutes data from the United States.
United States Crude Oil Inventories fell short of the -920,000 projections, with new data of -12.46 million.
Amid the market gloom, United States New Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6.
Arrow Electronics, Inc. bounced after reaching the $119.48 support zone, climbing $1.23 above it. Despite being in the red so far in the current trading session, Arrow Electronics peaked above its 10 day Simple Moving Average around $121.05 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis indicates that Arrow Electronics (currently on a downtrend) might reverse course and start pointing upward in the short term.
Arrow Electronics was not the only decliner in the technology sector; Intuit dips 7.53% today to close at $449.8. IBM lost 1.95% today and closed at $125.68. Intel retreats 1.73% today to close at $29.51.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to decline to 250,000 while previous data was 242,000; data will be released tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.
Furthermore, United States GDP figure is projected at 1.1. It previously stood at 1.1; data will be released tomorrow at 12:30 UTC.
Arrow Electronics hit a significant low of $91.63 around 7 months ago, but has since recovered 33.93%.
