• Investors remain focused on fiscal stimulus efforts and recent FOMC action
• Positive sentiment returned to the markets
• IHS Markit (INFO.US) share price went up 5%
US indices soared more than 5% higher today after FED announced massive asset purchase program yesterday. This move caused weakening of the US dollar and improved sentiment in the markets. Investors are hoping that US Congress will pass a coronavirus stimulus bill to offset economic impact from the global pandemic, therefore today trading session might be volatile. US PMI reading for March dropped to its lowest ever level in March at 40.5 which indicates sharp contraction, however this fact was overlooked by the investors. Meanwhile, the number of confirmed infections in the US passed 46000 and more states announced lockdowns.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
S&P500 (US 500) – managed to break above major level located at 2319 pts. If the positive sentiment remains on the markets then the index might test the local resistance at 2436 pts. Source: xStation5
Chevron (CVX.US) – announced that will lower its capital spending plans for 2020 by 20%. The company decided to cut costs in response to the slide in oil prices. Chevron is also suspending its share buyback program, however dividends will remain untouched.
Chevron (CVX.US) – share price bounced of the major support level located at $55.97 per share and currently is testing local resistance at $66.50 per share. Source:xStation5
IHS Markit (INFO.US) – company reported quarterly profit of 66 cents per share, 2 cents a share above market expectations. Revenue came in essentially in line with forecasts. The financial information provider is expecting double-digit earnings growth this year. The Company management has a strong plan to deal with changing market dynamics. Company’s shares gained 5% during extended trading hours.
IHS Markit (INFO.US) – share price rebound from the local support zone at $49.33 per share, which is additionally being strengthened by the 200-session moving average (red line). The price is currently testing resiistance zone at $56.29 per share. Source: xStation5
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.
