- US indices launched today's cash trading near the flatline
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FOMC decision at 6:00 pm BST
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Virgin Orbit (VORB.US) surges 70.0% as it plans to restart operations
Three major Wall Street indices opened little changed on Wednesday, as traders restrain themselves from taking large transactions ahead of the FOMC decision which will be released at 6:00 pm BST. Market expects another 25 bps rate hike but the focus will be on future guidance, specifically the possibility of a higher terminal rate or more rate increases for this year.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US2000 rose sharply on Tuesday, however today gave back some of the recent gains as buyers failed to keep the price above major support at 1790 pts, which is reinforced by earlier broken downward trendline. As long as the index sits below the aforementioned level, downward correction may deepen. Nearest support to watch lies at psychological 1700 pts level. Source: xStation5
Company news:
Virgin Orbit (VORB.US) shares jumped over 70% after Reuters reported that the struggling company may reach a deal worth $200 million with venture capital investor Matthew Brown via a private share placement. Company also expects to restart operations this week and will focus on rocket upgrades.
Virgin Orbit (VORB.US) stock launched today's session with a massive bullish price gap, bouncing off the all-time low at $0.3760. If buyers manage to uphold momentum, an upward move may be extended towards the first major resistance at $1.52, which is marked with an upper limit of local 1:1 structure and 50 SMA (green line). Source: xStation5
Nike (NKE.US) stock dropped more than 1.0% in premarket as better than expected quarterly results and upbeat full-year revenue forecasts have been overshadowed by inventory problems. The athletic footwear producer warned of margin pressures as it attempts to sell all of the excess inventory through significant discounts.
First Republic Bank (FRC.US) shares slid over 5.0% in premarket while negotiators from Washington and Wall Street are taking into account potential government support to help troubled regional lender.
GameStop (GME.US) shares jumped nearly 50% after the video game retailer recorded unexpected profit for Q4, its first since 2021 mainly due to costs and employment reductions. Gross margin also increased compared to last year.
Daily Summary: Wall Street absence limits market's activity
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