- US stocks open higher
- House passed a $1 trillion infrastructure bill
- Tesla (TSLA.US) stock under pressure following Musk tweets
Major US indices launched today's session higher, extending last week's rally after Congress approved a more than $1 trillion infrastructure spending package on Friday sending the legislation to President Joe Biden for his signature. The package would provide new funding for transportation, utilities and broadband, among other infrastructure projects. This week market attention will focus on the producer price index and consumer price index readings which will be released on Tuesday and Wednesday, respectively. Traders will look for an update on how price pressures are weighing on the economy, following upbeat NFP data.
US100 hit a new all-time high last week and is currently testing the upper limit of the ascending channel. Should break higher occur, upward move may accelerate towards 161.8% Fibonacci external retracement of the last downward wave. On the other hand, if sellers manage to halt advances here, then another downward impulse towards major support at 15,750 pts may be launched. Source: xStation5
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Tesla (TSLA.US) stock fell more than 4% in premarket after CEO Elon Musk asked his followers on Twitter if he should sell 10% of his stock in the company as he prepares to pay a tax bill.
Tesla (TSLA.US) stock pulled back from a fresh all-time high at $1244.80 on Friday and the downward mood prevails today. Stock launched session with a bearish price gap and is approaching local support at $1125.00 which coincides with 161.8% Fibonacci external retracement of the last downward wave. Source: xStation5
Regeneron Pharmaceuticals (REGN.US) stock rose over 2% in premarket after the pharmaceutical company announced that a single dose of its antibody cocktail could provide long-term protection against Covid-19.
Coty (COTY.US) shares jumped more than 7.0% after the cosmetics maker posted better than expected quarterly earnings and raised its annual guidance. Coty also announced that it was selling more of its stake in Wella to KKR.
Caterpillar (CAT.US) – stock added over 4% in premarket after the construction machinery and equipment company announced a fresh pick at investment firm Baird. Caterpillar could see strong earnings in the next few years as the newly passed infrastructure bill adds to a strong demand environment, Baird said in a note to clients.
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