- US indices launched today's cash trading higher
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Initial jobless claims rose more than expected
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Uber (UBER.US) reportedly considering spinning off its freight business
Three major Wall Street indices launched today's session higher, with Dow Jones adding 0.50%, while S&P500 and Nasdaq rose by 0.60% and 0.65% respectively as bigger-than-expected rise of weekly jobless claims eased some rate hikes worries ahead of key NFP report which will be published tomorrow and is opposed to hotter-than-expected ADP and JOLTs Job figures.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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Non-seasonally-adjusted initial claims jumped to 237k. Source: Bloomberg via ZeroHedge
US500 returned above 4000 pts level, which now acts as major short term support. As long as price sits above the aforementioned level, upward move may accelerate towards resistance at 4175 pts. On the other hand, another downward wave may be launched towards support at 3920 pts. Source: xStation5
Company news:
Uber (UBER.US) stock jumped 2.0% in premarket after Bloomberg reported that the ride-hailing company is considering spinning off its freight logistics division, which generated $1.5 billion of revenue in Q4. Piper Sandler believes this move could eventually increase the stock’s chances of being included in the S&P 500 Index.
Uber (UBER.US) stock launched impressive upward move at the end of December 2022, however buyers failed to break above resistance at $37.26 and price tested $32.50 major support at $32.50, which coincides with 61.8% Fibonacci retracement of the upward wave started in March 2020. As long as price sits above this level, another upward impulse may be launched. Source: xStation5
Tesla (TSLA.US) shares dropped over 3.0% before the opening bell after U.S. officials will launch new investigation into a fatal crash in February involving a Model S where an advanced driver assistance system was suspected of having been used.
Etsy (ETSY.US) stock plunged over 6% in premarket after Jefferies double-downgraded the online marketplace to underperform from buy citing slowing consumer spending and need to increase marketing costs as buyer churn increases.
Silvergate Capital (SI.US) stock cratered 50% after the crypto bank announced it will wind down operations and liquidate Silvergate Bank.
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