- US indices launched today's trading higher
- US100 tests 15,350 pts resistance zone
- Affirm Holdings surges after earnings
Wall Street indices launched today's trading slightly higher with Nasdaq trading 0.2% higher while S&P 500 and Dow Jones gained 0.1%. Small-cap Russell 2000 gains 0.1%. Gains in the United States come at the back of another solid session in Europe, which saw the majority of blue chips indices from the Old Continent trade over 0.5% higher.
Economic calendar for today's afternoon is empty with EIA natural gas report being delayed until next week. However, Fed Chair Powell is set to speak at 7:00 pm GMT and it may have some impact on the markets should he touch on the topic of monetary policy.
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Nasdaq-100 futures (US100) jumped above the upper limit of a short-term bearish channel earlier this week (orange circle) and continued to gain later on. Textbook range of the breakout from the channel suggest a possibility to a move to as high as 16,320 pts - the highest level since the beginning of 2022. However, in order to reach this area the resistance zone ranging above the 15,350 pts mark needs to be breached. This resistance is being tested at press time.
Company News
Affirm Holdings (AFRM.US) jumped over 10% at the session launch, following release of fiscal-Q1 2024 earnings report. Company reported a 37% YoY jump in revenue, to $497 million (exp. $445.6 million), as well as gross merchandise volume (GMV) at $5.62 billion (exp. $5.43 billion). Revenue in fiscal-Q2 is expected at $495-520 million while fiscal-Q2 GMV is seen at $6.70-6.90 billion (exp. $6.8 billion). GMV in full fiscal-2024 is expected 'above $24.25 billion', up from previous guidance of 'above $24 billion'.
Bill Holding (BILL.US) slumped around 15% at the session launched today. Bloomberg News reported that the company is in advanced talks to purchase the digital payment tools provider Melio Payments. According to the report, the transaction values Melio at $1.85 billion.
Affirm Holdings (AFRM.US) launched today's trading with a big bullish price gap and continued to gain during the session. Solid fiscal-Q1 earnings report pushed the stock above September 2023 highs and to the highest level since mid-September 2022. Resistance zone ranging around the $26 mark is being tested at press time. Source: xStation5
AppLovin (APP.US) launched today's trading around 10% higher but has erased those gains later on. Company reported a 21% YoY jump in Q3 revenue, to $864.3 million (exp. $796 million), and net income at $108.6 million. EPS came in at $0.30 and was much higher than $0.06 reported a year ago. Q4 revenue is seen at $910-930 million (exp. $854 million) while adjusted EBITDA is seen at $420-440 million (exp. $388 million).
Nvidia (NVDA.US) trades almost 2% higher today. Chinastarmarket reported that Nvidia has completed designs for three new AI chips for China. Report says that Chinese companies may start receiving those products within the next few days.
Nvidia (NVDA.US) launched today's trading higher following media reports on new AI chips for Chinese companies. Stock is attempting to make a break above the $475 resistance zone, serving as the upper limit of a recent trading range. A textbook range of the breakout from this range is around $70. Source: xStation5
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