The opening of today's session on Wall Street brings gains to all stock market indices. The gain leader is currently the US100 index, which breaks above the 12,000 point barrier. However, all indices are trading above 1% gains despite the decline in US GDP. The second estimate of US GDP for Q1 comes out worse than the preliminary one. We have a decline to -1.5% in annualized rate from -1.4% and with expectations of 1.3%. Consumption, however, came in better than expected, with growth at 3.1% from an expected 2.8% and from the previous 2.7%.
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US100 index, H1 interval. Benchmark of the technology companies started today's session with gains. Bulls broke above the psychological barrier of 12,000 points and are now heading towards the resistance in the area of 12,200 points (local bottom). At the moment, the nearest support can be considered the 200-period, exponential, moving average (golden line) and the previously mentioned level of 12,000 points. Source: xStation 5
News:
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Macy's (M.US) shares are up over 15% after the company reported better-than-expected earnings and revenue for the first quarter and raised its full-year earnings guidance. The results were boosted by strong demand for apparel as people return to work and other activities outside the home. For its fiscal first quarter, Macy's earned $1.08 per share on revenue of $5.35 billion; analysts surveyed by Refinitiv had expected earnings per share of 82 cents on sales of $5.33 billion.
Macy's (M.US), D1 interval. Shares of the company started today's trading from a bullish up gap, which reached the level of 23.6% Fibo retracement. Source: xStation 5
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Apple (AAPL.US) said in the report that it plans to keep iPhone production unchanged through 2022. The company also said it will raise U.S. wages by 10 percent or more amid a tough labor market and union action.
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Twitter (TWTR.US) shares are gaining more than 5.6% after news that Elon Musk will complete a deal to acquire the company using more of his private wealth. SEC filings show that Musk has committed $33.5 billion, up from his previous $27.25 billion.
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Alibaba (BABA.US) shares are also performing well, reporting better-than-expected results for the quarter. The results were helped by increased demand amid general lockdowns over the Covid-19 outbreak.
