- US stocks are heading for their worst month in over a year.
- US100 broke above major resistance zone
- Citrix Systems (CTXS.US) stock under pressure after acquisition news
US indices launched today's session in mixed moods, with the Dow Jones falling 0.40% while the S&P 500 rose slightly and Nasdaq jumped 0.90%. On the monthly basis, the Dow and the S&P 500 are down 5% and 7%, respectively, and head for their worst month in over a year. The Nasdaq is 12% off its November record close, is headed for its worst month since October 2008 and the worst first month of the year of all time as investors braced for upcoming interest rate hikes from the Federal Reserve. On the data front, the payrolls report, JOLTS and ADP figures will be in the spotlight this week.
US100 and other Wall Street indices managed to recover from a drop on Friday and finish the session with big gains. Upward move continues today. US100 managed to break above the upper limit of recent trading range - the resistance zone marked with 23.6% retracement of the post-pandemic recovery move. Source: xStation5
Company news:
Citrix Systems (CTXS.US) stock dropped over 3.0% in premarket following a report in the Wall Street Journal stating that Elliott Management and Vista Equity Partners are close to agreeing a deal to take the software company private, at a price of $104/share. That’s below the Friday closing price for Citrix of $105.55 a share, with the stock up over the past few months on reports of takeover talks.
Citrix Systems (CTXS.US) stock has been trading in an upward move in recent week, however buyers failed to break above above resistance at $106 and price pulled back towards psychological support at $100 which coincides with 61.8% Fibonacci retracement of the upward wave launched in February 2016. Should a break lower occur, the next target for sellers is located at $91.50 and coincides with 200 SMA (red line). Source: xStation5
Beyond Meat (BYND.US) shares surged more than 4% in premarket after Barclays Beyond Meat upgraded the company's stock to “overweight” from “underweight” as it sees the company's growth potential, especially in the U.S. retail market. Bank lifted its price target on the maker of plant-based meat alternatives to $80 per share from $70 a share.
Spotify (SPOT.US) stock added 1.5% in premarket after the audio streaming service took steps to address the controversy surrounding its Joe Rogan podcast, which has been accused of spreading Covid-19 misinformation.
Tesla (TSLA.US) stock jumped 1.8% after Credit Suisse upgraded the electric car manufacturer to “overweight” from “neutral”, citing the dramatic pullback for tech stocks during January.
Daily Summary: CPI down, Markets Up
Procter & Gamble: After Earnings
"Mad Max" mode - Is Tesla in trouble?
Intel’s turnaround is showing results
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.
