- Wall Street in lethargic mood before inflation data
- Apple and Google after adverse EU court rulings
- Viridan Therapeutics jumps by 12% after positive data from phase 3 clinical trials
Wall Street has entered Tuesday with a slightly optimistic mood. Nasdaq gains almost 0.6%, SP500 trades 0.35% higher, Dow Jones opens in the red (-0.26%) and small-cap Russell 2000 remains flat for the moment. Investors keep a significant reserve before the presidential debate scheduled for today and tomorrow’s CPI data, which will set the mood for the upcoming Fed meeting.
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Source: xStation5
US100:
Nasdaq Composite, represented by US100 contract, continues its rebound above the 20-period EMA. The optimistic economic data might accelerate trend reversal for the index and general improving of investors’ mood, which remains tense before upcoming rate cut decisions. Remaining above the most recent resistance will be crucial for sustaining bullish takover on the index.
Source: xStation5
Corporate news:
- Apple (AAPL.US) shares fell by 1% after a failed appeal at the European Court of Justice. Apple wished to overturn the allegations of an illegal tax deal with Irish authorities, but the adverse ruling keeps the company liable for a fine of 14 bn euros.
- Similarly, Alphabet (GOOGL.US) lost the case for breaching EU’s competition rules by pushing forward its own shopping recommendations. Google’s mother company is therefore set to pay the fine of 2.4 bn euros. Despite the ruling, Alphabet's stock gains 0.77% after openning.
- Deutsche Bank hailed Tesla (TSLA.US) their Top Pick, causing the company's shares to open 2.45% higher. The unloved Magnificent 7 member is coming back in grace as the bank’s analyst underlines Tesla’s ‘league of their own” status and its vision to reshape multiple industries outside automaking.
- Pushed heavily in the premarket trades, Viridian Therapeutics (VRDN.US) trades 12% higher after reporting positive data for phase 3 clinical trial for VRDN-001 in patients with thyroid eye disease. According to RBC’s Gregory Renza, the release is “opening the door to subsequent program successes ahead”.
- Oracle Crop (ORCL.US) shares jump by 13% after a quarterly profit report and estimates suggesting inflated and sustained demand for cloud computing services.
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