- US indices launched today's cash trading higher
- US500 tests key resistance
- Meta (META.US) quarterly results boosted tech sector
Three major Wall Street indices launched today's session mostly in green, with Dow Jones trading flat, while S&P500 and Nasdaq jumped 0.90% and 2.10% respectively as the recent FED decision and Powell’s remarks ignited hopes that this tightening cycle may be nearing its end. Additionally better than expected Meta results further improved sentiment around the tech sector. The spike in Meta shares helped pull other mega cap tech companies Amazon and Alphabet up over 5% each. On the data front, US initial jobless claims fell by 3k from the previous week to 183k, the lowest since April and well below market expectations of 200k. Unit labor costs in the nonfarm business sector rose 1.0% in Q4 , below analysts’ estimates of 1.5%, while labor productivity jumped 3.0%, following an upwardly revised 1.4% advance in the previous quarter and beating market expectations of 2.4%. Now investors will focus on tomorrow’s NFP report, which will provide more details regarding the condition of the US labour market.


Company news:
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Open account Try demo Download mobile app Download mobile appHoneywell (HON.US) shares fell over 5.0% in off-hours trading after the industrial company posted weak Q4 revenue figures. The company generated $9.19 billion of revenue, below market estimates of $9.25 billion. The safety and productivity solutions segment revenue plunged 5% compared to last year. On the other hand, EPS of $2.52, and topped market estimates by 1 cent.
Honeywell (HON.US) stock launched today's session with bearish price gap and broke below major support at $202.40, which coincides with 50.0% Fibonacci retracement of the downward wave launched in August 2021. If current sentiment prevails, downward move may deepen towards another support at $194.20. Source: xStation5
Meta (META.US) stock jumped over 20.0% in premarket after Facebook reported upbeat revenue figures and announced a $40 billion stock buyback. Bank of America upgraded tech giant, saying its new efficiency mentality positions stock for more than 40% upside.
Tesla (TSLA.US) stock rose over 2.5% before opening bell after Reuters reported that due to rising demand the EV maker will produce in Shanghai plant nearly 20,000 vehicles per week for February and March.
Harley-Davidson Inc. (HOG.US) stock jumped over 6.0% in premarket after the iconic motorbike producer reported better than expected Q4 results as its premium pricing strategy held steady against a backdrop of rising interest rates.
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