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Wall Street open slightly higher after Jobless Claims data
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Lower PPI than expected and weaker dollar extends bullish momentum
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Crispr Therapeutics (CRSP.US) rises over 8% after positive recomendation and bright 2023 perspective
Wall Street opens higher after publication of PPI and Jobless Claims data earlier today. Jobless Claims data came higher than expected by analysts at 239k during the last week compared to 230k forecasted and 228k last week. Job Openings data falling significantly and now unemployment claims come in worse than expected. Despite that US500 extends bullish momentum and is trading in consolidation range between 4100 and 4172 points.
Positive market sentiment is also enhanced by lower than expected PPI data at 3.0% y/y compared to 2.7% y/y forecasted and 4.9% y/y previously. Despite a significant drop in overall PPI, core PPI is more sticky and came at 3.4% y/y.
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US100 opens 0.75% higher at the beginning of the session but bears can fight back. The bulls failed to break above the resistance line near 13360 points (red line). Nevertheless, current positive sentiment on the market can push prices higher and US100 testing the resistance level once again. Source: xStation5
Stocks from the S&P 500 index categorized by sector and industry. Source: xStation5
Company News
- Delta Air Lines (DAL.US) gains 3% after the company forecast adjusted earnings per share for the second quarter that beat the average analyst estimate.
- Crispr Therapeutics AG (CRSP.US) rises over 8% after Cantor Fitzgerald initiated coverage with a recommendation of overweight, with analyst saying that it stands out as an interesting gene editing play for 2023.
- Magnite Inc. (MGNI.US) shares are up 8% after B Riley Securities started coverage on the online advertising services company with a buy rating and $15 price target. The share prcie is currenty trading at $9.4.
- Fastenal (FAST.US) shares are down 3.3% after reporting March daily sales growth of 6.8% that is “weaker than previous months.” Even though, Its first-quarter EPS beat analysts expectation. Share price currently trding at $50.8.
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