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February 22, 2023
After closing the previous trading day at $656.19, W. W. Grainger is up to $658.1, which makes for a move of 0.29%/$1.91 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Despite ticking up in the session, the short-term outlook has become negative after the MACD moved below its signal line — typically a bearish indicator that upward momentum is running out of steam.
W. W. Grainger is likely to reverse course and start pointing downward in the short term.
Meanwhile, after closing the previous session (yesterday) at $193.75, Union Pacific lost $2.1 and is trading around $191.65. Raytheon Technologies is down 0.37% from the beginning of the session and now trades around $100.28.
Also worthy of note, tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States GDP is expected tomorrow at 13:30 UTC.
The stock has been trending positively for about a month. The industrial supplier has managed to gain 18.03% so far this year despite trading at lows around $442.09 previously.
