- US stocks hover near record highs
- Mixed PMI figures
- MicroStrategy (MSTR.US) stock rebounds after yesterday's sell-off
US indices were little changed on Wednesday, hovering near their record levels even despite mixed Markit PMI readings. Manufacturing PMI pointed to another record growth in factory activity while Services PMI disappointed. It seems that the Federal Reserve again managed to calm the markets. Yesterday Fed Chair Powell during his House testimony again reassured that price pressures will be transitory and the central bank will not raise borrowing costs too quickly.
US2000 – index bounced off the upward trendline and is currently testing local resistance around 2305 pts which is marked with 23.6 Fibonacci retracement of the recent upward wave and 50 SMA ( green line). Should a break higher occur, then another bullish impulse toward all-time high at 2350 pts may be launched. On the other hand, if sellers will manage to break below the aforementioned trendline, then support at 2248 pts may be at risk. Source: xStation5
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Open account Try demo Download mobile app Download mobile appMicroStrategy (MSTR.US) stock jumped more than 4.0% in premarket trading, thanks to the rebound of bitcoin price. The business analysis company owns several billion dollars’ worth of bitcoin and has taken advantage of recent sharp declines in the cryptocurrency market to buy more crypto assets.
MicroStrategy (MSTR.US) – yesterday buyers managed to halt declines at 50 SMA (green line) and price returned above major support at $550.00 which coincides with 61.8 Fibonacci retracement of the upward wave which started back in March 2020. If current sentiment prevails and break above 200 SMA (red line) occur, then the next target for bulls is located around $695.00 and is marked by upper limit of the 1:1 structure and 50.0 Fibonacci retracement. Source: xStation5
Shake Shack (SHAK.US) stock rose 1.5% in premarket after the burger chain announced that it will expand further on the Chinese market, where it currently has 16 restaurants. Company is planning to have a total of 79 China locations by 2031.
Winnebago (WGO.US) posted quarterly earnings of $2.16 per share, well above analysts’ estimates of $1.77 a share. Revenue also beat market expectations, reaching record levels. The recreational vehicle maker sales of towable products nearly tripled compared to previous year.
Microsoft (MSFT.US) is the second company which surpassed $2 trillion market value, achieving that mark during Tuesday’s session. Apple (AAPL.US), currently worth $2.2 trillion, was the first.
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