- Major US indices hit new records
- US Housing Starts Highest since 2006
- Morgan Stanley (MS.US) stock rose slightly on upbeat earnings
US indices launched today's session higher and hit new all-time highs amid better than expected data from the housing market and better than expected earnings from US banks. Data released today showed housing starts jumped 19.4 % MoM to an annualized rate of 1.739 million in March well above analysts' expectations of 1.613 million. It is the highest reading since June of 2006. Meanwhile building permits rose 2.7 % from a month earlier to a seasonally adjusted annual rate of 1.766 million in March, from the previous month's 1.720 million and above market expectations of 1.75 million. US-10 year rates fell to five-week lows of 1.56% amid easing inflation concerns.
US30 rose sharply at the beginning of the session and hit new all-time high at 34145 pts which coincides with the upper limit of the ascending channel. Source: xStation5
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US2000 again bounced off the major support at 2248 pts and is currently testing the upper limit of the triangle formation. If buyers will manage to break higher then upward move may be extended towards resistance at 2305.3 pts. On the other hand, if sellers will manage to regain control, then next support lies at 2207 pts. Source: xStation5
Morgan Stanley (MS.US) stock rose more than 0.5% in premarket after better than expected quarterly figures. Investment bank earned $4.1 billion, or $2.19 a share, more than double the $1.7 billion earnings of the year-earlier period. The firm said that excluding merger related expenses, adjusted profit was $2.22 a share. Meanwhile Wall Street expected $1.70. Companywide revenue jumped 61% to a record $15.7 billion, above analysts expectations of $13.81 billion. The firm had a $644 million loss from a “credit event” for that client, as well as $267 million in related trading losses. That client was Bill Hwang’s Archegos, according to a person who spoke with CNBC and has direct knowledge of the matter.
Morgan Stanley (MS.US) stock is approaching local resistance at $82.00 which coincides with the upper limit of the ascending channel. Should break higher occur, then upward move towards $86.81 level may accelerate. On the other hand, if sellers will manage to break below the lower limit of the channel, then support at $76.76 could be at risk. Source: xStation5
Bank of New York Mellon (BK.US) stock rose 1% in premarket trading after one of the major US banks posted upbeat quarterly figures. The bank earned 97 cents per share on $3.92 billion in revenue. Analysts expected 87 cents per share and $3.85 billion in revenue.
Sunrun (RUN.US) stock 3% before the opening bell, after Simmons Energy upgraded the solar company to an “overweight” rating. Simmons Energy believes that the company has a strong growth story ahead, and that the recent weakness presents an attractive buying opportunity.
Simon Property Group (SPG.US) stock rose more than 1% in premarket after Jefferies upgraded the real estate company to “buy” from “hold.” Jefferies said “retailer investments, pent-up consumer demand, and lower bad debt are positive catalysts” for the mall owner.
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