Yesterday at a glance: Bright Horizons Family Solutions spiked to $83.71 yesterday and consolidated before initiating a fresh rally to $83.61. This comes following Tuesday's session in which it closed at $82.56.
United States Initial Jobless Claims data will be released today at 13:30 UTC, with an expected decline to 195,000.
On the flip side, United States Crude Oil Inventories fell short of the 395,000 projections, with new data of -1.69 million.
Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.
Chart analysis suggests Bright Horizons Family Solutions Inc. could be slowing down soon as it approaches resistance at $84.21. Of course, crossing it might suggest further gains are ahead. Yesterday's price action generated a Japanese candlestick pattern showing when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal.
A look at other consumer discretionary stocks also showed bullish price action as Lowe's was up 1.89%.
While Bright Horizons Family Solutions was bullish yesterday, the following consumer discretionary stocks underperformed: Tesla lost 3.04% yesterday and closed at $182. Alibaba withdraws 2% yesterday to close at $88.73.
Furthermore, the market is looking at tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Initial Jobless Claims expected to decline to 195,000 while its preceding data was 190,000, data will be available today at 13:30 UTC.
Also worthy of note, United States Unemployment Rate is expected tomorrow at 13:30 UTC.
The largest employer-sponsored child care provider has gained 27.6% since its lowest print of $55.75 earlier this year.