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Major US indices advance amid positive Chicago PMI data
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Oxford-AstraZeneca vaccine approved in the UK
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Tesla might sell 500k cars in 2020 - Wedbush analyst predicts
US markets opened higher following yesterday's pullback. Even though the United States confirmed first case of the new Covid strain discovered in the UK, optimism associated with Oxford-AstraZeneca vaccine prevails. As far as politics is concerned, $2,000 checks bill stalled in the Senate. Still, $600 checks are expected to begin arriving soon.
Chicago PMI release came in shortly after the US market open. The figure for the month of December turned out to be better-than-expected and amounted to 59.5 pts (vs exp. 57.0). The reading topped November’s figure (58.2 pts) as well.
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US500 bounced off an upward trendline following yesterday’s pullback. The index tested the mentioned trendline again, but buyers managed to defend the area. US500 is currently struggling with the 50-hour moving average (purple line) and breaking above might herald a move towards recent all-time highs near 3,747 pts. The area at 3,718 pts might be viewed as a short-term support for now. Source: xStation5
Company News:
AstraZeneca (AZN.US) rose in pre-market as its Covid-19 vaccine, being developed with the University of Oxford, was approved by UK’s regulator for emergency use. According to UK Health Secretary Hancock, the country has enough of this vaccine in order to vaccine the whole population.
JD.com (JD.US), Chinese e-commerce giant, approved plans to explore the feasibility and terms of a spinoff of its cloud and AI business, according to Bloomberg report. Shares gained almost 2% on the news.
Tesla (TSLA.US) gained as Wedbush analyst said that the company is expected to top fourth-quarter delivery estimates and sell 200,000 cars (his earlier forecast was 180,000). In such scenario, the carmaker would have sold 500,000 cars for 2020.
Tesla (TSLA.US) stock price remains near its all-time highs levels ($685). Upbeat forecasts on deliveries might encourage bulls to target record highs. On the other hand, key support area may be found at $605 level. Source: xStation5
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