- Wall Street trades higher
- US2000 climbs above 1 775 pts swing area
- Truist Financial jumps on insurance business sale reports
Wall Street indices launched today's trading higher. S&P 500, Dow Jones and Nasdaq traded 0.1-0.2% higher at the session launch while small-cap Russell 2000. Those gains were extended during the first hour of trading and now three major indices trade 0.5-0.6% higher while Russell 2000 jumps 1.2%.
US wholesale inventories data for August at 3:00 pm BST was the only economic report scheduled for today from the United States. Data did not trigger any market moves as this is not a top-tier report and it showed -0.1% MoM drop, in-line with market expectations.
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Source: xStation5
Russell 2000 (US2000) continues to recover following a recent slump. Index bounced off the 1,730 pts support zone and managed to break back above the 1,775 pts swing area. The next major resistance to watch can be found in the 1,850 pts area and is marked with previous price reaction as well as the 50- and 200-session moving averages. Given that the aforementioned 1,730 pts support acts as the lower limit of the wide trading range, a demand side reaction to this hurdle signals that a move towards the upper limit in the 2,000 pts may come next.
Company News
Truist Financial (TFC.US) trades over 5% higher today following reports on insurance business sale. According to a Reuters report, Truist is in talks with Stone Point, private equity firm, to sell its insurance brokerage unit for around $10 billion. Stone Point has already purchased a 20% stake in the unit back in April.
Coherent (COHR.US) is trading higher today after the company announced that Denso and Mitsubishi Electric will invest a combined $1 billion into its silicon carbide business.
Palantir (PLTR.US) gained 2% after the company announced that it has won a $250 million contract from the US army.
Unity Software (U.US) trades 5% higher after the company said that its CEO John Riccitello will retire. James Whitehurst will assume the role of interim CEO.
Analysts' actions
- Electronic Arts (EA.US) upgraded to "buy" at Bank of America. Price target set at $150.00
- Corning (GLW.US) downgraded to 'neutral' at JPMorgan. Price target set at $36.00
Truist Financial (TFC.US) launched today's trading with a big bullish price gap following reports on sale of insurance brokerage unit. Stock erased over half of a recent downward impulse and trades at the highest level in a month. Source: xStation5
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