US Open: US100 approaching ATH despite strong ISM data 🎯

• Wall Street opens higher
• Strong ISM data curbs some gains
• Bond yields are trading lower
• The dollar remains mostly unchanged

Markets in the US opened with a positive outlook. The US500 was up nearly 0.30% at the open, while the US100 gained 0.80%. Gains were briefly limited after the release of stronger-than-expected ISM data. However, the response was somewhat muted due to weaker data from the price sub-index, which is particularly important in the context of ongoing inflationary pressure. As a result, the reaction to the report was short-lived, and indices continued to rise at the time of publication.

US100

Nasdaq 100 futures continue to rise, gaining over 1.10% and breaks above 18,900 points. Despite a sharp pullback last week and a temporary test of the 18,600-point level, bulls have decisively taken control. The index price is nearing its all-time high while establishing solid support at the 18,600-point level.

Source: xStation 5

Company News

CrowdStrike (CRWD.US) gains nearly 5.5% after reporting better-than-expected Q1 FY25 earnings, with net new ARR growth of 22% and total ARR growth of 33% year-over-year. The company anticipates Q2 EPS between $0.98 and $0.99, surpassing the consensus of $0.91, and revenue between $958M and $961M, above the analysts' estimate of $954M.

Hewlett Packard Enterprise (HPE.US) jumped over 12% after exceeding FQ2 expectations and providing a positive outlook. For FQ3, the company expects EPS between $0.43 and $0.48 (consensus $0.46), and revenue between $7.4B and $7.8B (consensus $7.45B). Full-year guidance was updated to revenue growth of 1%-3% (previously flat to 2%) and adjusted EPS of $1.85 to $1.95, with the midpoint above the consensus of $1.88.

Stitch Fix (SFIX.US) despite a 16% Y/Y revenue decline and a 20% drop in active clients, shares gained 30% after surpassing FQ3 expectations. The company projects FQ4 revenue between $312M and $322M (consensus $306.57M) and FY2024 revenue between $1.33B and $1.34B (consensus $1.31B).

Riot Platforms (RIOT.US) fell nearly 8% following the report of a 43% month-over-month decline in bitcoin production for May, with 215 bitcoins mined compared to 676 tokens a year earlier. Even better sentiment in the broader market and among crypto investors does not help mining companies, which are still struggling after the bitcoin halving event almost two months ago.