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Wall Street gains at the start of the session
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S&P 500 struggles to break through to highest levels since August 2022
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Trade deficit falls slightly below expectations
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Cathie Wood buys up oversold Coinbase shares (COIN.US)
Wednesday's session on Wall Street begins with rallies in the major stock indices. The S&P500 index (US500 contracts) are currently attempting to break above recent local maxima, entering levels not seen since August 2022.
The US trade deficit continued to widen in April, but came in slightly below economists' expectations. It is worth bearing in mind, however, that this reading may point to lower GDP growth in the second quarter of this year in the US.
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Stocks from the S&P 500 index categorised by sector and industry. Size represents market capitalisation. Source: xStation5
The S&P 500 Index is gaining slightly at the start of the session and struggling to break above the resistance zone set by the recent local maxima of the uptrend. Source: xStation 5
Company news:
Shares of Coinbase (COIN.US) are attempting at the start of the session to make up for yesterday's steep declines related to the SEC lawsuit. The mood today is supported by Cathy Wood, who, through the ARK funds she manages, bought back 419,324 shares of the company following yesterday's crash. The company's shares are currently gaining more than 1.5%.
Tesla (TSLA.US) shares are currently gaining 3% following an update on the company's website confirming that, starting today, orders for the Model 3 and Model Y can include a $7,500 tax exemption related to the Inflation Act.
Tesla's shares start today's session with a bullish upside gap that breaks above the resistance zone marked on the chart. Source: xStation 5
The shares of Yext (YEXT.US) are currently gaining more than 18% as the company raised its adjusted EPS guidance for the year. The company also reported better-than-expected results for the most recent quarter.
Yext's shares are seeing tremendous volatility today. Source: xStation 5
GameStop (GME.US) shares are currently gaining more than 2.4%. The company will report its latest quarterly results after the close of today's session.
Morgan Stanley raised its outlook on Petrobras (PBR.US) and upgraded its recommendation to Overweight. According to the bank, the company has more room for upside and the 2022 earnings dividend itself could be significantly higher than historically. The company's shares are currently gaining more than 2.5%.
Bank recommendations:
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Netflix (NFLX.US): JPMorgan raises its target price to $470 from $380, reflecting the company's accelerating revenue growth, driven by paid advertising and interesting offerings.
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