- Wall Street has mixed open on Monday.
- Energy companies saw significant stock declines on Monday, increasing tensions in the Middle East, while airlines and cruise lines gained on cheaper oil.
- Sunrun Inc. jumped over 6% as the company is in talks to supply distributed solar power.
US equities have mixed open, with the Nasdaq 100 leading losses, down 0.33%. The Russell 2000 is leading gains 1.03% higher, while S&P 500 is flat. In Europe, most indexes are gaining today. French CAC40 and Spanish SPA35 are leading with 0.74% and 0.68% rise respectively. British UK100 and German DAX40 rise 0.3% today.
Energy companies saw significant stock declines on Monday following Israel's targeted strike on Iran, which avoided oil infrastructure and eased regional tensions. On this news airline or cruise lines are gaining. Sunrun Inc. (RUN.US) shares jumped over 6% after CEO Mary Powell revealed discussions with data center developers to supply distributed solar power. Cryptocurrency-related stocks are gaining today as Bitcoin nears $69,000.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
Current volatility observed on Wall Street. Source: xStation
The Nasdaq-100 index, represented by the US100 contract, is currently trading above the 78.6% Fibonacci retracement level after a failed downward breakdown attempt yesterday. To maintain upward momentum, the key resistance at 20,638 needs to be cleared. This level corresponds to the weekly close all-time-high and has acted as strong resistance in the previous week. There was already a try to break it today, however unsuccessful.
For bears to gain control, they must first break below the 78.6% Fibonacci retracement level, followed by the mid-August highs at 19,917.81. These levels have provided significant support during the uptrend that began in late July. A break of these support zones could lead to a test of the 100-day and 50-day SMAs.
The RSI is showing signs of bearish divergence, with lower highs and lower lows, while the MACD is also tightening, signaling likely volatility. Despite this, the 50-day SMA is widening against the 100-day SMA after a bullish crossover, which still indicates underlying bullish momentum. Source: xStation 5
News:
- Energy companies saw significant stock declines on Monday following Israel's targeted strike on Iran, which avoided oil infrastructure and eased regional tensions. Shell and BP (BP.US) shares declined, while ExxonMobil (XOM.US) and Chevron (CVX.US) fell 1.7% and 1.1% respectively in US trading. Airline stocks, including Delta (DAL.US), American Airlines (AA.US), and United Airlines, saw gains as lower oil prices could boost profitability. Markets remain focused on upcoming US economic indicators including GDP data, nonfarm payrolls, and the PCE price index. Cruise lines also gain with Carnival (CCL.US) leading with 5% rise.
- Sunrun Inc. (RUN.US) shares jumped over 6% after CEO Mary Powell revealed discussions with data center developers to supply distributed solar power. Speaking at the Dervos 2024 conference, Powell outlined potential models including utility partnerships for custom solar systems and leveraging existing community installations. The collaboration aims to address growing power demands from AI-driven data center construction, though Powell noted industry challenges in rapidly developing new infrastructure due to traditional thinking in the electricity sector.
- Core Scientific Inc. (CORZ.US) shares rose 1.7% to $13.60 after Jefferies initiated coverage with a buy rating and $19 price target. Analysts highlighted the bitcoin miner's strong positioning to capture AI demand through its substantial power supply and data center development capabilities. This showcases rising interest in cryptocurrency-related stocks, which are gaining today as Bitcoin nears $69,000. Top movers include MicroStrategy (MSTR.US) +6%, Coinbase (COIN.US) +4.7%, Terawulf (WULF.US) +12%, and Iris Energy (IREN.US) +9%.
Other news coming from individual S&P 500 index companies. Source: Bloomberg Financial LP
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
