- Wall Street in good mood at the start of the session
- Palantir and Dell will become part of the S&P500 index
- Promising results from lung cancer drug Summit Therapeutics lifts share prices by 30%
U.S. markets open Monday's cash session in good spirits. Five minutes after Wall Street opened, the Nasdaq is up 1.05%, while the S&P500 is up 0.88%. Investor attention today is focused on corporate news, particularly Apple's Glowtime event, where the new iPhone 16 is expected to be unveiled.
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Create account Try a demo Download mobile app Download mobile appCurrent volatility observed on Wall Street. Source: xStation
US100
The Nasdaq-100 Index, represented by the US100 contract is trading 0.95% higher today relative to the close of Friday's trading. However, it is worth noting that the instrument broke out below the key support zone, which was the 100-day exponential moving average (purple curve on the chart). It is the maintenance of this zone in the medium term that could be an important element defining the possible continuation of a sustained downtrend. In the medium term, on the other hand, an important point of support may be the psychological zone near the 200-day EMA (gold curve).
Source: xStation 5
Corporate news
Shares of Palantir (PLTR.US) and Dell (DELL.US) are gaining more than 6% today at the start of the session following news that both companies will become part of the S&P500 index and replace American Airlines (AAL.US) and Etsy (ETSY.US), respectively.
Boeing (BA.US) shares jumped 4% after the aircraft maker reached an agreement with the union representing factory workers, potentially avoiding a costly strike.
Apple (AAPL.US) shares are currently trading unchanged. Recall that a Glowtime event will be held today at 7 p.m., where, among other things, the new iPhone 16 is expected to be unveiled. Linked to this news are nearly 3% increases in ARM Holding (ARM.US) shares. A Financial Times report, suggests that Apple will use Arm's artificial intelligence technology in the iPhone 16.
Summit Therapeutics (SMMT.US) announced the results of a phase III trial for a lung cancer drug. Summit said its product achieved a “clinically significant benefit” over Merck's (MRK.US) Keytruda. Summit shares rose more than 30% at the Wall Street open.
ANALYSTS' RECOMMENDATION
- GE Healthcare Technologies (GEHC.US): JPMorgan initiates coverage with a neutral rating and $90 price target, citing the company's strong position in the medical imaging market and growth in diagnostic pharmaceuticals.
- U.S. Steel Corp (X.US): JPMorgan raises its rating to Outperform from Neutral, believing the Nippon steel deal will be blocked, pushing the stock higher.
