- US stocks opened higher
- ADP report above expectations
- Powell to testify in Congress
- Nordstrom (JWN.US) stock surges after earnings release
US indices launched today’s session higher, despite surging crude oil prices. The White House said it was open to sanctioning Russia’s energy exports after days of speculation over its invasion and ongoing aggression in Ukraine. Fed Chair Powell will appear for the first day of congressional testimonies today at 3:00 pm GMT. In prepared remarks Powell reiterated that the FED would move forward with plans to raise interest rates in March to tame runaway inflation, however the outbreak of war in Ukraine brought a significant degree of uncertainty for monetary policy. On the data front, private businesses in the US hired 475k workers in February, beating analysts' estimates of a 388k rise as the labor market recovery gathers steam.
US2000 took a hit yesterday, however buyers managed to regain control on Wednesday and index is approaching local resistance at 2035 pts which coincides with 23.6% Fibonacci retracement of the last downward correction. If buyers manage to maintain control later in the session, then the upward move may accelerate towards resistance at 2110 pts which coincides with the upper limit of the 1:1 structure and 38.2% retracement. On the other hand, should sellers become more active, support at 1900 pts may be at risk. Source: xStation5
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Nordstrom (JWN.US) stock surged over 30.0% in premarket trading after the company posted upbeat Q4 results. Department store company reported earnings of $1.23 per share, beating analysts’ expectations of $1.02. Revenue also surprised positively. The retailer highlighted improvements in its off-price business, Nordstrom Rack.
Nordstrom (JWN.US) stock launched today’s session with a bullish price gap and is currently testing resistance at $25.00 which coincides with 61.8% Fibonacci retracement of the last upward wave. Source: xStation5
Salesforce (CRM.US) shares jumped 4% in the premarket after the software company posted solid quarterly results and issued an upbeat outlook. The company earned 84 cents per share on revenue of $7.33 billion, easily beating market consensus of 74 cents per share on revenue of $7.24 billion.
Ford (F.US) stock rose 4% before the opening bell after the major automobile manufacturer decided to separate its electric vehicle and legacy businesses into different units. The company expects the move will streamline its growing electric vehicle business and maximize profits.
Dollar Tree (DLTR.US) stock rose 1% in premarket following a mixed quarterly report. The company recorded earnings of $2.01 per share well above analysts’ estimates of $1.78 per share. Revenue slightly missed Wall Street projections.
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