- US stocks opened higher
- Second day of Powell's testimony in Congress
- Snowflake (SNOW.US) stock surges after analysts upgrade
US indices launched today's session higher while market participants try to reassess the outlook for tightening monetary policy against a backdrop of slowing growth. Yesterday Fed Chair Powell said that higher interest rates could eventually tip the economy into a recession, saying it was "certainly a possibility." Today, investors will look for additional hints regarding the FED interest rate path, with Powell appearing before the Congress at 3:00 p.m. BST. Also flash PMI readings at 2:45 p.m. BST may move markets.
US2000 launched a shy recovery move this week, however buyers struggle to break above psychological resistance at 1700 pts which is marked with a lower limit of the 1:1 structure. As long as the price sits below this level, another downward impulse towards recent lows at 1645 pts may be launched. On the other hand, should a break above 1700 pts occur, then upward move may accelerate towards next resistance at 1837.5. Source: xStation5
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Snowflake (SNOW.US) shares jumped over 6.0% in premarket after JPMorgan upgraded its stance on the cloud data provider to ‘overweight’ from ‘neutral’ and pointed to an attractive valuation as well as extremely high satisfaction levels among clients.
Snowflake (SNOW.US) stock broke above the downward trendline yesterday and launched today’s session with a bullish price gap. If current sentiment prevails, the next target for buyers is located at $183.00, which is marked with 23.6% Fibonacci retracement of the last downward wave and upper limit of the 1:1 structure is located slightly above. The nearest support to watch is located at $110.50. Source: xStation5
Tesla (TSLA.US) stock rose slightly in premarket despite the fact that Elon Musk said the newest car factories in Texas and Berlin are losing “billions of dollars right now” due to ongoing supply chain disruptions.
Occidental Petroleum (OXY.US) stock soared over 3.0% before the opening bell after Warren Buffett's Berkshire Hathaway acquired another 9.6 million shares of the oil company, increasing its stake to 16.3%.
Accenture (ACN.US) stock dropped over 3.0% in premarket after the IT services provider posted weak financial outlook for Q4 as it expects that high inflation and stronger dollar will have a negative impact on its performance.
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