Stocks managed to rally again, and because of the speed of the rally over the last two days, it took the Nasdaq 100 into an overbought position, with the index crossing above the upper Bollinger Band and the RSI rising to 70.
The company said it overspent on promotions last quarter and is taking an estimated $75 million charge tied to a write-down of its spring and summer collection.
On Tuesday, investor and economist Peter Schiff highlighted U.S. 10-Year Treasury yields climbing back to 4.5% in a post on X, despite the "trade truce" with China early this week, while the U.S. dollar "resumes its broad-based decline."
The USD/CAD pair weakens to near 1.3925 during the early Asian session on Wednesday. The US Dollar (USD) edges lower against the Canadian Dollar (CAD) after inflation data came in below market expectations.
The more robust EPS outlook of Uber is a stronger bet, though it’s worth remembering that Lyft shares have been stuck in limbo over the past year, with the recent results also likely to finally drive some near-term positivity.
