US OPEN: Tech stocks boost Wall Street at the beginning of the week💡

The initial sentiment on Wall Street during Monday's session is clearly better. The Nasdaq index is currently gaining nearly 1%, while the S&P500 is adding 0.4% on the wave of Amazon's agreement with OpenAI. Technology companies are pulling Wall Street up and thus resuming the dynamic and long-term upward trend on the major indices.

At the start of Monday's session on Wall Street, most major indices are up, although there is a differentiation between strong tech companies and poorly performing small caps. Source: xStation 5

US100 (D1)

The technology index resumed its long-term upward trend at the beginning of the week, after the instrument lost its bullish momentum last week. The RSI for the last 14-day average on the D1 interval remains close to 70 points, which is often associated with technical overbought conditions for the underlying instrument. From a long-term perspective, however, it seems that as long as the US100 remains above the 50-day exponential moving average (blue curve on the chart), the overall upward trend on the instrument remains unshaken and likely to continue.

Source: xStation 

Stock market news

• Microsoft (MSFT.US): The share price is up by almost 1%. The company announced an increase in investments in the United Arab Emirates, including a $1.5 billion capital investment in G42 and an expansion of AI and cloud infrastructure worth over $5.5 billion.
• ON Semiconductor (ON.US): Third quarter results exceeded expectations – revenue was $1.55 billion (forecast: $1.52 billion), adjusted earnings per share were 63 cents (forecast: 59 cents). The company also raised its guidance for the fourth quarter. The stock is up 4.5% in response to the better-than-expected results.
• Kenvue (KVUE.US): The company's stock is up nearly 18% in response to news of its acquisition by Kimberly-Clark, creating a new consumer giant with a transaction value of $48.7 billion.
• Beyond Meat (BYND.US): Shares are down sharply by 8% after the announcement of a delay in the publication of financial results due to an asset write-down.
• Cipher Mining (CIFR.US): Shares of both companies are experiencing increased volatility before the opening of the session, reacting to the published quarterly reports.