- Wall Street starts new week of trading higher
- Meme stocks and Apple the main topics of the day
- BofA downgrades shares of Penn Entertainment
Wall Street is starting the new trading week in a relatively good mood. The Nasdaq technology index is currently gaining 0.3%, the S&P500 index is adding 0.2%, and the Russell 2000 benchmark of smaller-cap companies is up 0.75%. In the US market today, investors' attention turns to meme companies and Apple shares. A cryptic tweet on Keith Gill's X platform raises expectations for a return of euphoria among speculators affiliated with the WallStreetBets group. AAPL shares are gaining on the wave of the possible implementation of ChatGPT in the operating system of the new iPhones.
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Create account Try a demo Download mobile app Download mobile appCurrent quotations of selected US companies. Source: xStation
Trading chart of the US100 index, H4 interval. The benchmark is approaching the resistance zone defined by the local peak in the region of 18,330 points, which capped the uptrend during Friday's session. An upside breakout of this zone could theoretically encourage the buyers' side to take the US100 above the 18,500-point zone. The most important support zone at this point remains the downward channel boundary (red line) and the exponential moving averages. Source: xStation
News
On Wall Street, Monday's trading session is focused on two themes. The first is an alleged Bloomberg report, where people familiar with the matter commented that Apple is close to a deal with Microsoft-backed OpenAI to incorporate its language model, known as ChatGPT, into the future iPhone operating system. In the face of this news, Apple (AAPL.US) shares are gaining 1.16%, while Microsoft (MSFT.US) shares are up 0.2%. On the other hand, however, Alphabet (GOOGL.US), which stands on the side of its competitors, is losing value. Its shares are currently losing 2.2%.
The other key news creating volatility on Wall Street during the first phase of trading are the so-called meme companies. GameStop (GME.US) shares rose 60% after a mysterious post on X from Keith Gill, better known by his nickname “Roaring Kitty,” who is one of the key media figures of the former Wall Street Bets movement. AMC (AMC.US) shares are currently gaining 26%.
Source: xStation
Shares of Incyte (INCY.US) are gaining 5.5% following the announcement that the company's board of directors has approved a $2 billion share buyback authorization.
Analyst action
Bernstein raises target price to $190 from $184 for Hyatt Hotels (H.US) shares. The firm expects the company to sell its assets to fuel growth.
BofA downgrades Penn Entertainment (PENN.US) to neutral following the release of worse-than-expected financial results. The company's share prices are losing 3% at the open.
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