US OPEN: Wall Street moves higher as Democrats take control of Senate

• Congress confirms Biden win
• Democrats won runoff elections in Georgia
• Riot at US Capitol building
• Alibaba (BABA.US) and Tencent (TME.US) head toward US blacklist

US indices launched today’s session at new record highs as Congress certified Joe Biden as the 46th President of the US. Meanwhile the Senate overwhelmingly rejected a challenge to Pennsylvania voters and despite pro-Trump riots in the Capitol Complex during which four people died. White House deputy national security adviser Matt Pottinger has resigned, joining a number of officials who are leaving the administration of President Donald Trump following the storming of Capitol Hill by his supporters. Also former chief of staff and current special envoy to Northern Ireland said Thursday that he’s resigning from his diplomatic post. Meanwhile, Democrats secure control of the Senate after winning the two runoff elections in Georgia. Investors expect increased fiscal spending following the Democrats victory however remain concerned over tax hikes, more regulation and further rise in debt levels. On the data front, the number of Americans filing for unemployment benefits decreased to 787 thousand in the week ended January 2nd.

US100 was trading under slight pressure recently. However, today index bounced off the local support at 12,669 pts and broke above the downward trendline and 12,786 pts level. If the current sentiment prevails, the upward move may accelerate towards all-time high at 12,965 pts. On the other hand, breaking below the aforementioned support at 12,669 pts may trigger a bigger downward move. Source: xStation5

Bed Bath & Beyond (BBBY.US) stock plunged more than 12% in premarket after the company posted weak quarterly figures. The housewares retailer earned 8 cents per share well below analysts' expectations of 19 cents a share. Revenue also came in below market forecasts, hurt by a steep drop in store traffic and higher freight costs, among other factors. 

Bed Bath & Beyond (BBBY.US) stock launched today’s session with a major bearish price gap and is currently testing key support level at $18.00 which coincides with long-term trendline. Should a break below the trendline occur, downward move towards $15.12 may accelerate. However if buyers manage to halt declines here, then another upward impulse towards $20.75 level could be launched. Source: xStation5

The Trump administration is considering adding tech giants Alibaba (BABA.US) and Tencent (TME.US) to a blacklist of firms allegedly owned or controlled by the Chinese military, two people familiar with the matter said on Wednesday.

Conagra (CAG.US) earned 81 cents per share in the last quarter, 8 cents a share above estimates. Revenue came in line with market expectations. The food producer expects organic sales growth of 6% to 8% for the current quarter, as stay-at-home consumers continue to stoke demand for its frozen dinners and other products. 

Twitter (TWTR.US), Facebook (FB.US) – both companies temporarily blocked President Donald Trump’s accounts and removed some of his posts following yesterday’s riots at Capitol Hill.

Walgreens (WBA.US) reported quarterly earnings of $1.22 per share well above analysts' expectations of $1.03 per share The drugstore operator revenue also beat market estimates. Walgreens said the business environment remains challenging, but it is maintaining its prior fiscal 2021 forecast.