- US100 gains after lower NFP reading
- Apple gains nearly 7% at Wall Street opening
- At 3 pm BST, ISM PMI data from the service sector will be published
Risk-linked markets gain strongly at the start of Wall Street's final session of the week following the release of worse-than-expected NFP data. Bitcoin broke through the $60,000 barrier, the US100 gains 1%, and the Japanese yen gains nearly 0.9% against the dollar. Investors' attention now turns to the ISM PMI data for the service sector scheduled for 3pm BST.
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Open account Try demo Download mobile app Download mobile appThe monthly change in non-farm employment recorded the largest decline since December 2021. Source: Bloomberg via ZeroHedge
H4 interval. Source: xStation 5
The US100 index is gaining nearly 1% after the NFP data reading, crossing the psychological barrier of 17,900 points. Maintaining this zone may be crucial to preserve the overall uptrend. The nearest important resistance point, which the demand side could now face, is the 200-period EMA (gold curve on the chart), which has historically been an important checkpoint for the benchmark's quotations. Source: xStation
News
Apple (AAPL.US) gains 7% after releasing better-than-expected financial results for the second quarter of fiscal 2023/2024. Total sales came in at $90.8 billion (down 4% year-on-year), but above expectations of $89.99 billion. On the other hand, the results are a record in terms of other metrics such as the services segment (+14.3% y-o-y) and diluted earnings per share (+0.6% y-o-y). You can read more about the company's results in our market commentary section (published yesterday after Wall Street closed).
Shares of Amgen (AMGN.US) are up 13% early in the session after the company posted higher-than-expected revenue and earnings results. The company also announced that it will continue a Phase 3 trial of its obesity drug.
Jefferies raised its recommendation on shares of Arista Networks (ANET.US) to a "buy" rating from its previous "hold" rating. According to bankers, this company may be the most important beneficiary of advances in AI technology.
Rising operating expenses caused Cloudflare (NET.US) to report worse-than-expected quarterly results. Loss from operations widened to $54.6 million in the March quarter from $47.3 million a year ago. Shares lost nearly 12% before the session opened.
Analyst action
- Apple (AAPL.US): JPMorgan raises target price to $225 from $210
- Apple (AAPL.US): Barclays raises target price to $164 from $158
- Apple (AAPL.US): Rosenblatt raises target price to $196 from $189
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