- Stock market gains slightly at the start of the session
- US500 breaks the key level of 6100 points
- US100 opens at 21,500 points
- The dollar drops by 0.50%
- U.S. Treasury yields rise
At the opening of the cash session, stock markets are recording slight gains supported by the weak dollar. The US500 index of the largest 500 companies gains 0.10% to 6100 points. US100 is trading near its opening levels, staying above 21,500 points, while US2000 loses 0.30% to 2424 points. Stock market quotations are supported by an exceptionally weak dollar. The USDIDX index loses 0.50% today, attempting to break below a key support level.
The dollar is attempting to break the key support zone at 105.5000 points and reverse its post-election upward trend. If this zone is breached, further weakening of the dollar is possible, which should support stock market and Bitcoin prices. Source: xStation 5
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The technology index remains near historical highs above 21,500 points. At the session's open, the index rises slightly by 0.02%. Source: xStation 5
Company News
Crypto-linked stocks gains after Bitcoin's rally past $100,000, with MicroStrategy trading higher by 3.20%, Riot Platforms by 1.20%, Marathon by .660% and Coinbase by 5.21%.
Five Below (FIVE.US) gains 13.50% following strong FQ3 results, with sales rising 15% and profit up 61%. The company raised its FY24 guidance, now expecting sales of $3.84B-$3.87B and adjusted EPS of $4.78-$4.96, surpassing earlier estimates. Holiday comparable sales are forecasted to decline 3%-5%, better than the expected 5.44% drop. The company also announced Winnie Park as its new CEO, effective December 16.
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ChargePoint Holdings (CHPT.US) gains 13.20% despite mixed FQ3 results. The company reduced its quarterly loss by 51% Y/Y to $77.6M, with subscription revenue growing 19% Y/Y. For FQ4, ChargePoint forecasts revenue of $95M-$105M, aligning with consensus expectations.
American Eagle Outfitters (AEO) dips by 13% after missing revenue expectations in FQ3 and lowering its FY24 outlook. The company now projects 1% revenue growth, down from a prior range of +2%-3%, with comparable sales growth trimmed to +3%, below the estimated +4%.
Synopsys (SNPS.US) declines over 10% despite strong FQ4 results, as disappointing Q1 FY25 guidance overshadowed performance. The company forecasted Q1 revenue of $1.44B-$1.47B, well below the $1.65B consensus, with adjusted EPS of $2.77-$2.82 missing estimates of $3.55.
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