- Nasdaq leads gains on Wall Street
- Bitcoin near $70,000 boosts crypto companies
- Tesla gains more than 2% after optimistic Morgan Stanley decision
Markets in the US opened the first cash session of the week in a slightly better mood. Minutes after Wall Street opened, the Nasdaq gains 0.56%, while the Russell 2000 loses 0.05%. Thus, the rotation of capital to smaller-cap companies has been halted. The market is currently eagerly awaiting the results of Big Tech and the Fed's decision on interest rates. The sector that is doing well today, on the other hand, is cryptocurrencies and related stocks.
Current volatility observed on US trading floor. Source: xStation
US2000
The Russell 2000 Index, represented by the US2000 contract, is gaining 0.15% today and testing local peaks from last week. A sustained breakthrough of the 2,300-point zone will result in overcoming the resistance set by the retracement of the 78.6% Fibo of the downward channel initiated in November 2021, and this could encourage the demand side to extend the upward movement. On the other hand, however, the weekly RSI indicator indicates that the index is technically the most overbought since 2021. The 2200-point area could prove to be an important support point at the moment
Source: xStation 5
Corporate news
Abbott Laboratories (ABT.US) is losing nearly 5% early in the session after a jury ordered the company to pay nearly $500 million over allegations that it hid risks that its formula for premature babies could cause a potentially fatal intestinal disease.
Alibaba (BABA.US) gain nearly 3% as investors welcomed the e-commerce company's plan to raise service fees for sellers.
Tesla (TSLA.US) is up nearly 2% after Morgan Stanley named the company the new top pick in the US auto sector, replacing Ford (F.US) in that position.
Source: xStation
Major gains are seen today on the stocks of companies linked to the cryptocurrency market. Bitcoin is currently gaining close to 3% and testing the psychological level of $70,000 after Donald Trump euphorically referred to the position of this digital asset for the first time in the war. Microstrategy (MSTR.US) shares are now gaining 4%, Coinbase (COIN.US) close to 3.8%.
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