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US indices launched cash session lower
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Nasdaq-100 pulls back from 12,750 pts resistance
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FedEx jumps on profit forecast upgrade
US indices launched today's cash trading session lower, following yesterday's solid rally. Concerns over the condition of US banks continue to play a key role in shaping market sentiment. S&P 500 Banks index is trading over 3% lower at the beginning of the session. SVB Financial Group, owner of a collapsed Silicon Valley Bank, filed for bankruptcy today. Shares of First Republic Bank (FRC.US) are trading around 20% lower at the beginning of the session even as major US banks deposited billions of USD in the bank yesterday to shore up its liquidity positions.
Nasdaq-100 (US100) has been outperforming other major Wall Street indices this week, thanks to an almost non-existent share of banks in the index. Tech-heavy benchmark is trading almost 9% above daily low from Monday. While the index managed to break above the upper limit of market geometry and above a previous local high, thus invalidating downtrend structure, bulls have run into a resistance zone in the 12,750 pts area. The first attempt to break above failed but the index remains nearby.
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Source: xStation5
FedEx (FDX.US) launched today's trading higher following the release of the updated forecast. FedEx expects adjusted EPS to reach $14.60-15.20 up from a previous forecast of $13.00-14.00. New forecast is also significantly above the $13.57 median estimate from analysts following the stock. Company said that continued improvements in efficiency and cost controls are driving an improved outlook.
US-listed shares of Baidu (BIDU.US) launched today's Wall Street session higher, following gains the company's stock made during the Asian session earlier today. The move is said to be driven by positive user reactions to ErnieBot - Baidu's version of ChatGPT AI.
Sarepta Therapeutics (SRPT.US) launched today's cash trading with a bearish price gap. Company disclosed that the US Food and Drug Administration requested an advisory committee meeting to discuss SRP-9001, an investigative drug for Duchenne muscular dystrophy developed by Sarepta.
Rally on the cryptocurrencies market is supporting crypto- and blockchain-related US stocks today. Shares of Coinbase (COIN.US), Hive Blockchain (HIVE.US), Marathon Digital (MARA) and Riot Platforms (RIOT.US) are all posting decent gains at the beginning of today's Wall Street cash session.
FedEx (FDX.US) launched today's trading with a big bullish price gap, thanks to guidance upgrade. Stock jumped above $210.00 resistance zone and a previous local high in the $217 area. The next resistance zone to watch can be found ranging above the $236.00 mark. Source: xStation5
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