- US indices launched today's cash trading higher
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US authorities consider additional aid for banking sector
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First Citizens (FCNCA.US) buys parts of Silicon Valley Bank
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Pinterest (PINS.US) gains after UBS upgrade
Three major Wall Street indices opened higher on Monday, with Dow Jones gaining over 0.80%, S&P 500 adding 0.70%, while Nasdaq rose 0.40% following a Bloomberg's report that US authorities are considering expanding an emergency credit line for banks to give the lender more time to strengthen its balance sheet. Also news that the First Citizen Bank will acquire the collapsed Silicon Valley Bank, provided some much-needed confidence in the sector.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US2000 started a new week higher, however as long as the index sits below the major resistance at 1790 pts, which is reinforced by earlier broken downward trendline, downward correction may deepen. Nearest support to watch lies at psychological 1700 pts level. Source: xStation5
Company news:
Pinterest (PINS.US) stock jumped over 4.0% in premarket after UBS upgraded the social media stock to buy and expects another 25% upward move as the company improves its advertising strategy.
Pinterest (PINS.US) stock managed to defend major support at $27.40, which coincides with 78.6% Fibonacci retracement of the upward wave started in March 2020 and started today's session sharply higher above recent high at $28.55. If current sentiment prevails, resistance at $29.30 may be at risk. Source: xStation5
First Republic (FRC.US) and shares of other regional US banks rose sharply before the opening bell after Bloomberg reported that US authorities were considering expanding government support for banks to provide additional liquidity. Also news that First Citizens (FCNCA.US) will acquire a large part of assets of failed lender Silicon Valley Bank helped ease stress in the banking sector.
Caterpillar (CAT.US) stock dropped over 1.0% in off-hours trading after Baird downgraded the construction equipment manufacturer to 'underperform' from 'neutral' as shares are approaching a cyclical pivot point.
KeyCorp (KEY.US) stock jumped nearly 9.0% in premarket after Citi upgraded the bank holding company to buy from neutral with a price target of $20, which implies a nearly 70.0% upward potential compared to Friday’s close.
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