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US indices trade over 1% higher
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Nasdaq-100 (US100) approaches upper limit of downward channel
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US-listed Chinese stocks surge
Indices from Wall Street launched today's trading higher, following stellar gains achieved during the session yesterday. S&P 500, Dow Jones, Nasdaq and Russell 2000 all trade over 1% higher on the day after gaining 2-3% yesterday. US-listed Chinese shares are strong performers after China pledged to support and stabilize markets. Release of a worse-than-expected US retail sales data did not have a major impact on indices. Market's attention seems to be fully focused on today's FOMC decision (6:00 pm GMT).
Source: xStation5
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Create account Try a demo Download mobile app Download mobile appNasdaq-100 (US100) found support in the 13,200 pts area on Monday and started to recover from recent sell-off the next day. Upward move is continuing today. The near-term resistance to watch can be found in the 13,775 pts area and is marked not only with previous local high but also with the upper limit of the downward channel. An upside breakout from the channel could help snap the downtrend on US100. In such a scenario, the next resistance to watch can be found in the 14,410 pts area.
Company News
Shares in US-listed Chinese companies are trading higher today. Chinese stocks are supported by reports from Chinese state media saying that Chinese authorities plan to support and stabilize capital markets. It was also reported that US and China are getting closer on an agreement specifying regulatory requirements for overseas listings. Alibaba (BABA.US) JD.com (JD.US) and DiDi Global (DIDI.US) gain.
Starbucks (SBUX.US) launched today's trading with a big bullish price gap. It was announced that the company's Chief Executive Officer, Kevin Johnson, plans to retire and is expected to step down from the role on April 4, 2022. He will be replaced by former Starbucks CEO, Howard Schulz, who will serve as an interim CEO.
Spotify (SPOT.US) announced that it has formed a strategic partnership with Spanish football club FC Barcelona. Spotify's logo will be included on team shirts and training kits of both men and women teams for the next three seasons. On top of that, Spotify also became Title Partner of the Stadium and Barcelona's stadium will be renamed to Spotify Camp Nou for the next season. This is the first time in Barcelona's history when it agreed to have its stadium renamed after a sponsor.
Shares of Starbucks (SBUX.US) dropped more than 35% off their July 2021 high. Stock found support at the 61.8% retracement of the post-pandemic recovery move this week and began to regain ground. News of the return of former CEO Schulz sent the stock flying today. Shares trade 6% higher on the day and are testing resistance zone marked with 50% retracement ($88 area). Source: xStation5
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