• US stock markets opened higher
• Further stimulus package has been approved by House of Representatives
• American Express (AXP.US) posted better than expected results
US indices opened slightly higher today. Moods on the market were supported by the latest news that $500 billion relief package has been cleared by the U.S. House of Representatives, setting the stage for President Trump to ratify it. Markets have overcome the disappointing news that Gilead Sciences Inc.’s antiviral drug Remdesivir worked poorly in the clinical trial. President Trump announced that that his administration may extend its national social distancing guidelines until early in the summer.
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S&P500 (US500) has been trading in a sideways move recently. The index sits between the key support at 2648 pts and resistance at 2904.6 pts. Source: xStation5
American Express (AXP.US) recorded a quarterly profit of $ 1.98 per share, above market expectations of $ 1.43 per share. The financial services company increased its credit reserves to $ 2.6 billion from $ 809 million a year earlier and said that the decline in customer spending began at the end of February and accelerated in March.
American Express (AXP.US) has been trading in a sideways move since beginning of March. Breaking out of the triangle formation may lead to larger price movements towards either support at $67.01 per share or resistance at $107.52 per share. Source: xStation5
Verizon (VZ.US) reported quarterly earnings of $1.26 per share, 3 cents a share above estimates. Revenue came below analysts’ projections. The company also cut its full-year outlook. Verizon said it had a strong start to 2020 prior to the pandemic, and that it expects to emerge from the crisis stronger.
Verizon (VZ.US) share price bounced of the major resistance level at $58.82 which is additionally strengthen by 200 MA. As long as the price sits below it, sentiment remains bearish. Next level of support can be found at $56.27 per share. Source: xStation5
Intel (INTC.US) posted better than expected first quarter results yesterday. The technology company reported earnings of $1.45 per share excluding some items on revenue of $19.83 billion, while Wall Street expected earnings of $1.28 per share on revenue of $18.70 billion. However lackluster guidance for Q2 caused the stock to drop 5% in after-hours trading.
Intel (INTC.US) shares dropped below important support level at $58.94 per share after company said it would not update its full-year outlook due to uncertainties surrounding the ongoing pandemic. If current sentiment prevails price may be heading towards next support located at $55.66 per share. Source:xStation5
People’s United Financial (PBCT.US)— reported better than expected first-quarter financial results. The bank holding achieved earnings of 33 cents per share, while analysts expected 24 cents per share. Company's operating income increased by 15% to $141 million. “While the economic impact of Covid-19 will have a meaningful effect on results for the remainder of 2020, our Q1 performance marked a strong start to the year,” said Senior Executive Vice President and CFO David Rosato in a statement. People’s United Financial stock rose 7% based on these news.
Capital One (COF.US) —stock fell 2% in extended trading after the company posted disappointing first-quarter financial results. The financial services holding company’s reported a loss of $ 3.02 per share excluding some items on revenue of $ 7.2 billion. While analysts expected earnings of $ 1.88 per share and revenue of $ 7.33 billion.
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