- US retail sales below expectations
- Mixed earnings reports from big banks
- Musk offers to buy Twitter (TWTR.US) for more than $40bn
US indices launched today's session in mixed moods as investors digest the latest earnings report from major banks and slew of data releases. Dow Jones is trading 0.60% higher, while S&P500 and Nasdaq fell 0.08% and 0.48% respectively. Goldman Sachs, Morgan Stanley and Citigroup posted upbeat results, while Wells Fargo earnings turned out to be a disappointment. On the data front, retail sales rose by a more modest 0.5% in March, slightly below market estimates, however previous reading was revised sharply higher. The number of Americans filing new claims for unemployment benefits rose by 18k to 185k in the week ended April 9th, above market expectations of 171k.
US500 bounced off the earlier broken upper boundary of the wedge formation and if current sentiment prevails upward move may accelerate towards local resistance at 4465 pts which is marked with upper limit of the 1:1 structure. Source: xStation5
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Goldman Sachs (GS.US) stock jumped over 2.0% in premarket after the investment bank posted upbeat results for the first quarter. Company noted that a “rapidly evolving market environment” had a significant impact on client activity during the quarter.
Goldman Sachs (GS.US) stock launched today’s session higher and is approaching the upper limit of the triangle formation which coincides with the 50 SMA (green line). Should a break higher occur, upward move may accelerate towards local resistance at $344.50. On the other hand, should sellers regain control, then downward move may accelerate towards major support at $315.30 which coincides with 38.2% Fibonacci retracement of the upward move launched in March 2020. Source: xStation5
Morgan Stanley (MS.US) stock also rose more than 2.0% before the opening bell after the company reported earnings of $2.02 per share well above analysts’ estimates of $1.68. Revenue also topped market projections.
IBM (IBM.US) stock added nearly 2.0% in premarket after Morgan Stanley upgraded the tech giant to ‘overweight’ from ‘equal weight’, saying the company offers a shelter for investors looking to “hide” amid growing macro risks.
Twitter (TWTR.US) stock surged over 8.0% in premarket trading after Elon Musk, which currently has the largest amount of Twitter’s shares – offered to take the company private for $54.20 per share in cash.
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