- US retail sales skyrocketed in March
- Jobless claims fell to over 1-year low
- The strong start to earnings season from Wall Street banks continues
- Citigroup (C.US) profit triples in Q1
US indices launched today's session higher with contracts on both the Dow Jones and the S&P 500 reaching record highs as investors welcomed further strong quarterly earnings and a set of fresh economic data. US retail sales jumped by a stronger-than-expected 9.8% in March, the most since May's record rebound and initial jobless claims unexpectedly dropped to 576K, the lowest since the negative effect of the coronavirus crisis started to be felt back in March 2020. Also, investors appear to be playing down inflation risks after fresh data showed core inflation remained at 2020 levels although the annual rate jumped to an over 2-year high of 2.6%.
US2000 bounced off the major support at 2248 pts following upbeat macroeconomic data. If the current sentiment prevails, then upward move may be extended towards resistance at $2305.3 pts. On the other hand, if buyers will manage to regain control and break below 2248 pts level, then next support to watch for lies at 2207 pts. Source: xStation5
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Create account Try a demo Download mobile app Download mobile appCitigroup (C.US) stock rose more than 2.5% in premarket after one of the major US banks posted record profit for the first quarter. Bank earned $3.62 per share well above analysts estimates of $2.56 per share. Revenue of $21.7 billion also beat market forecasts of $19.33 billion. The record profit came from SPAC activity that led a surge in underwriting fees. Citi also announced it will be pulling its consumer franchises in 13 international markets.
Citigroup (C.US) stock launched today’s session with a bullish price gap and is approaching major resistance at $76.25. Source: xStation5
Bank of America (BAC.US) stock rose more than 1% in premarket on upbeat quarterly figures. Bank earnings surged 115% to 86 cents a share with revenue at $22.9 billion while analysts expected earnings of 65 cents per share on revenue of $21.91 billion. The bank released $2.7 billion in reserves for loan losses which boosted its earnings.
Coinbase (COIN.US) stock rose over 7% before the opening bell a day after the cryptocurrency exchange went public in a high-profile debut on the Nasdaq. Yesterday the stock began trading at $381 per share and moved above $420 per share in the first minutes of trading, but shares reversed later in the day and Coinbase closed near $328 per share. Additionally, BTIG initiated coverage of Coinbase with a “buy” rating.
PepsiCo (PEP.US) stock rose more than 0.5% before the start of the US session after the beverage giant reported adjusted earnings of $1.21 per share, which was 9 cents above estimates. Revenue also Wall Street projections as organic sales increased 2.4%.
BlackRock (BLK.US) stock rose more than 1% in premarket after The major asset management firm posted earnings of $7.77 per share and $4.4 billion in revenue for the first quarter, slightly above market expectations. The firm’s assets under management increased $9 trillion.
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