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Wall Street gains at the start of the session
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Sentiment supported by strong performance of European and Asian stock markets
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Index of Pending Home Sales for February comes in above expectations
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Lululemon (LULU.US) gains sharply on raised earnings forecasts
Wednesday's trading session opened sharply higher as concerns about the banking sector declined. Risk appetite revived, causing US indices and earlier European and Asian indices to rise. The macro calendar for today's session is rather poor. The index of Pending Home Sales came in above expectations and rose by 0.8% m/m against an expected fall of 3% m/m.
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Create account Try a demo Download mobile app Download mobile appConcern over the banking sector has turned the market's expectations for rate rises 180 degrees. The money market is now pricing in a 46.5% probability that the FOMC will raise rates by 25 points at its next meeting in May. Source: Bloomberg
Stocks from the S&P 500 index categorised by sector and industry. Size represents market capitalisation. Source: xStation 5
The S&P 500 Index gains sharply early in the session on positive sentiment in the broad market. Source: xStation 5
Company news:
Alphabet (GOOGL.US) shares are gaining early in today's session on the back of a partial victory in the Android antitrust case in India. An Indian tribunal has overturned four of 10 antitrust directives related to Android's dominance.
Micron Technologies (MU.US) notified that it expected third quarter revenue to decline by nearly 60% year-on-year. Nevertheless, the decline was in line with Wall Street expectations. Artificial intelligence is expected to significantly boost the company's sales by 2025. The shares are gaining nearly 3% early in the session.
Lululemon (LULU.US) shares are gaining more than 13% early in today's session following the release of strong forecasts for 2023. Moreover, the company booked better-than-expected Q4 2022 results. As the company added, demand for the company's sportswear remains very strong. The company is steadily reducing its inventory.
Source: Bloomberg
The shares of Lulumemon (LULU.US) start today's session with an upward gap of more than 13% and break out to levels close to the resistance set by the 50% Fibo retracement. Source: xStation5
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