- Wall Street indices open lower
- US100 trades near 18,000 pts
- Boeing drops after downbeat weekend reports
Wall Street indices launched the first trading session of a new week lower. This comes after a mixed trading during the Asia-Pacific session earlier today, as well as following a downbeat trading in Europe. S&P 500 trades 0.2% lower at session opening while Dow Jones and Nasdaq dropped slightly more than 0.1%. Small-cap Russell 2000 opened 0.2% lower.
Economic calendar for today is empty with no noteworthy US reports scheduled for release today. Things get more interesting later into the week with releases of US CPI report for February (Tuesday, 12:30 pm GMT) and US retail sales data for February (Thursday, 12:30 pm GMT).
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Source: xStation5
Nasdaq-100 futures (US100) are trading lower today. Taking a look at the chart at H1 interval, we can see that the index traded in a short-term trading range, marked with 17,950 pts support and the 18,050 pts resistance. Index broke below the lower limit of the range following launch of Wall Street cash trading. A textbook target of the downside breakout suggests a possibility to a move as low as 17,850 pts, where a support zone marked with previous price reactions can be found.
Company News
Boeing (BA.US) is trading lower after a series of negative reports released over the weekend. Wall Street Journal reported that investigators from Department of justice contacted some passengers and crew members from Alaska Air flight during which a door panel was ripped off. Moreover, US Transportation Secretary Buttigieg said that US Federal Aviation Administration will rigorously assess Boeing after the incident. Last but not least, New Zealand Herald reported that at least 50 people have been injured after Boeing 787-9 operated by Latam Airlines Group experience technical problem on Sydney-Auckland flight.
EQT Corp (EQT.US) announced that it will acquire Equitrans Midstream for $12.50 per share, in an all-stock transaction, representing an around-12% premium over Friday's closing price of $11.15. Shareholders will receive 0.3504 shares of EQT for each Equitrans share they own, giving the company an initial enterprise value of above $35 billion. EQT holders will own 74% of the combined company. Deal is expected to result in annual synergies of $250 million and is expected to close in Q4 2024.
US-listed shares of Linde (LIN.US), German chemical and industrial company, will replace Splunk (SPLK.US), US web based application software developer, in the Nasdaq-100 index, effective from market open on Monday, March 18, 2024.
Analysts' actions
- Super Micro Computer (SMCI.US) downgraded to 'hold' at Aletheia Capital. Price target set at $650.00
- STAAR Surgical (STAA.US) upgraded to 'buy' at Stifel. Price target set at $50.00
- Xcel Energy (XEL.US) upgraded to 'overweight' at Barclays. Price target set at $54.00
Boeing (BA.US) drops after WSJ reported of DOJ investigation into Alaska Air flight and after Boeing 787-9 jet operated by Latam Airlines Group experienced technical problems. Stock opened below $197.50 support zone. A 50-session moving average (green line) dropped below 200-session moving average (purple line) painting a bearish pattern known as 'death cross'. However, it is a pattern that often provides lagged signals. Source: xStation5
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