US Open: US500 gains 0,2%. Copper producers and semiconductors stocks surges 📈

• Wall Street opens slightly higher. US500 gains 0.3%
• Microsoft reveals $2.9 billion investment in AI, Japan. Pfizer shares gain on wave of positive Abrysvo news 
• Copper producers gain about 5%: Freeport MacMoran (FCX.US) and Southern Corp (SCCO.US) lead the gains 
• Taiwan Semiconductors (TSM.US) posts a 3% rally on a wave of direct financing of $6.6 billion tied to its Arizona plant

Today's U.S. session is proceeding at the opening with a slight advantage for buyers, although positive sentiment is still evident in technology stocks, where Taiwan Semiconductors (TSM.US), Alphabet (GOOGL.US) and Meta Platforms (META.US) are doing well today. Aside from the NFIB business index, which came in marginally below forecasts, no significant macroeconomic data has been released so far that could affect today's trading so attention is focused on news coming out of US companies.

The most active stocks on the US stock market. The financial sector is doing great ahead of earnings season. Source: xStation5

US500 (M15 interval)

The US500 stocks are seeing a slight rebound today and are approaching the 71.6 Fibo retracement of the downward wave from the previous Thursday. The fact is, however, that there is no clear advantage for buyers on volume, which potentially suggests the ever-present risk of a return of selling pressure. The key level to watch in the short term will be the 5260 and 5275 points, the area between the 61.8 and 71.6 Fibo retracements and significant price reactions.

Source: xStation5 

News from companies

Rising copper prices and a general rebound in commodities are improving sentiment around Freeport MacMoran, the largest U.S. copper company, which also operates in rare earth metals such as molybdenum. The stock is gaining more than 5% today and hiking to historic highs, with the RSI above 80 points, which has historically suggested at least short-term overheating.Source: xStation5

Source: xStation5

• Pfizer (PFE.US) indicated that its Abrysvo respiratory syncytial virus vaccine was well-tolerated and generated an immune response in high-risk adults under the age of 60, similar to that in older adults for whom the injection is already approved. Shares are trading up 2% today Pfizer did not say whether it expects to be able to expand its Abrysvo offering before the flu season this year
• Applied Materials (AMAT.US) The largest semiconductor equipment maker in the U.S. may postpone or abandon plans to build a $4 billion research and development center in Silicon Valley due to a lack of government funding.  The Biden administration said last month that it would abandon plans to fund the $52.7 billion Chips and Science Act program because of "overwhelming demand" for financial rewards to subsidize chip production. The company's shares are nevertheless up 1% today
• Blackstone (BX.US) is nearing a deal to acquire Hong Kong-listed skin care company L'Occitane International SA, according to Bloomberg News. The $5.5 billion French cosmetics company halted trading of its shares in Hong Kong earlier in the day ahead of a likely announcement of takeover details. According to speculation, the company may retain control of the company along with its founder and major shareholder Reinold Geiger. Proceeds from the deal are difficult to estimate, but Blackstone is trading up 1.5% today

Recommendation changes

• Bath & Body Works (BBW.US): Piper Sandler raises target price to $45 from $44: the company's fragrance category has remained strong, and the loyalty program has achieved high engagement. Shares lose more than 1.5% today
• Danimer Scientific (DNMR.US): Piper Sandler downgrades to Neutral from Overweight and target price to $1.25 from $3.50, citing uncertainty about revenue growth over the next 2 or 3 quarters. The stock gains 1%
• SM Energy Co (SM.US): JPMorgan raises target price to $54 from $49: better-than-expected cash flow in first quarter. Shares gain slightly in the range of 0.7%
• Ulta Beauty (ULTA.US): Piper Sandler cuts target price to $595 from $665; company's largest categories, skin care and makeup, grew slowest year-on-year. The stock loses 0.5%
• United Parcel Service (UPS.US): Stephens initiates coverage of the equivalent and suggests a target price of $160, assuming continued uncertainty over a new agreement with labor unions. Shares are trading flat today