CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

US OPEN: Crypto-linked stocks jumps after Bitcoin ETF approval

15:55 11 January 2024
  • Wall Street indices open mostly higher
  • Crypto-linked stocks jump after Bitcoin spot ETF approval
  • Chesapeake Energy to acquire Southwestern Energy

Wall Street indices launched today's trading mostly higher - S&P 500 gained 0.3% at the opening, Nasdaq jumped 0.6%, Dow Jones traded flat and small-cap Russell 2000 dropped 0.6%. Crypto-linked companies gain after US SEC approved Bitcoin spot ETF yesterday as Bitcoin jumped above $48,000 mark.

US CPI inflation data for December released earlier today showed a bigger-than-expected acceleration in the headline price growth as well as smaller-than-expected deceleration in core price growth. This has triggered USD strengthening and a pullback on US index futures, but part of those moves has been erased since.

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Source: xStation5

S&P 500 futures (US500) pulled back from the 4,830 pts resistance zone, following release of 'hawkish' inflation data. Drop was halted at the 4,805 pts support zone, marked with 50-session moving average, and the index began to recover later on. Another test of the 4,830 pts area was made, but buyers failed to push the price above and US500 began to pullback, following the launch of US cash session. The two aforementioned levels - 4,805 pts support and 4,830 pts resistance - are key areas to watch today.

Company News

Chesapeake Energy (CHK.US) announced that it will acquire Southwestern Energy (SWN.US) for $6.69 per share in an all-stock transaction valued at $7.4 billion. Shareholders of Southwestern Energy will receive 0.0867 shares of Chesapeake for each share they own, and will collectively own approximately 40% of a new company. Deal is expected to close in the second quarter of 2024.

Microsoft (MSFT.US) trades 1% higher today and overtakes Apple (AAPL.US) as the biggest company by market value. Apple shares drop 0.6%.

US crypto-linked stock are trading higher today, following SEC approval of Bitcoin spot ETF. Coinbase (COIN.US) gains 5%, Cleanspark (CLSK.US) adds 12%, Marathon Digital Holdings (MARA.US) rallies 11% and Riot Platforms (RIOT.US) jumps 8%.

Citigroup (C.US) trades slightly lower today. The bank said in a filing that it will set $1.3 billion in reserve to cover risks in Argentina and Russia. Company said that while those are meaningful for its 2023 results, it is still on track to meet 2023 guidance.

Office Properties Income Trust (OPI.US) plunges over 10% after cutting dividend. Company lowered the dividend per share from $0.25 to $0.01. 

Analysts' actions

  • L3Harris (LHX.US) upgraded to 'overweight' at JPMorgan. Price target set at $240.00

Chesapeake Energy (CHK.US) launched today's trading over 3% higher following news on Southwestern Energy acquisition. Bulls are now facing a medium-term resistance zone in the $80.50 area. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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