· US futures point to a lower opening
· Inovio (INO.US) stock up on coronavirus vaccine hopes
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Create account Try a demo Download mobile app Download mobile app· Yext (YEXT.US) posts revenues above expectations
Despite yesterday’s surge across US equities, today the markets do not seem to be entirely convinced that the Fed's actions against the coronavirus outbreak will have the intended effect. This uncertainty might sign that market volatility is not over yet as investors continue to worry about the condition of the global economy. We might witness increased market movement during today’s US market opening. The European markets traded lower today and everything points that US indices will follow their European counterparts.
The key reasons behind a return of pessimism are as follows:
- California introduces a state of emergency after the first death in the state
- HSBC evacuates its trading floor in London after one virus case in the office
- Facebook confirms virus case in their office in Seattle
- president Xi cancels his trip to Japan, contradicting an official narrative of improved coronavirus situation
Oil prices are experiencing high volatility today after OPEC members decided to reduce oil production by 1.5 million barrels per day. The decision is not final as it lacks Russia's approval. However the agreement is not certain as Russian representatives stated that they are prepared for lower oil prices. Markets expect Russia to present its decision tomorrow.
Inovio (INO.US) gained 22% during the pre-market trading after the announcement that Stifel touted the company’s research on vaccine against coronavirus. Company shares noted the biggest gains since July 2009.
Yext (YEXT.US) reported revenue for the Q4 which exceeded analysts' expectations. The company reported fourth quarter revenue $81.4 million, +28% y/y, estimate $80.2 million (range $80.0 million to $80.7 million). The company’s customer count increased 38% y/y to more than 1,900.
US 500 is testing the 200 periodic moving average. If the price slides below MA then markets’ attention may shift to the local support at 2855.8 points. Source: xStation5
Inovio (INO.US)shares have seen significant gains and are currently at record highs. If the positive sentiment persists among investors, the company's shares may continue to grow. Source: xStation5
Yext (YEXT.US) Trading range between $12.66 and $17.92 is doing a good job limiting the movements of the stock. Breaking any of these levels can lead to more volatile price action. Source: xStation5
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