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April 07, 2023
The US stock market is closed for the Good Friday holiday and resumes Monday. Meanwhile, here is a recap of yesterday: without a clear direction, Yum! Brands closed at $132.1 while ranging between $131.62 and $132.39.
This uncertain state for Yum! Brands is reflected by published market data as United States Initial Jobless Claims fell short of the 200,000 projections, with new data of 228,000. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.63 trillion, while the previous figure was 8.71 trillion.
Yum! Brands Inc made an initial breakout above its 3 day Simple Moving Average at $132.25, a potential indicator of a newly emerging bullish phase. Yum! Brands is approaching key support, around 42 cents away from $131.68. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. On the other hand, note that Yum! Brands's upper Bollinger Band® is at $133.54, suggesting that a downward move may follow.
Overall, looking at the technical analysis landscape, it seems Yum! Brands might be pointing upward in the short term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Alibaba traded at $102.74 after closing yesterday's trading day at $98.55 (up 4.25%). Toyota lost 1.1% yesterday and closed at $138.87. Amazon was up 0.95%.
Data to be released Monday might clear up some of the market fog as United States Non Farm Payrolls projected to come out at 239,000 — worse than previous data of 311,000; data will be released today at 12:30 UTC. United States Unemployment Rate is expected today at 12:30 UTC.
The US fast food company has fallen back around 0.95% from the significant high of $133.21 set 4 days ago.
