US OPEN: Wall Street builds onto yesterday's gains

• Wall Street indices open higher

• Russell 2000 rallies 3% and tests 1,800 pts area

• First Majestic Silver slumps 16% after suspending operations at Nevada mine

US indices launched today's cash trading higher following upbeat moods during European morning trade. S&P 500 launched a cash session 0.99% higher, Dow Jones was up 1.04% at the opening and Nasdaq traded 0.88% higher. Russell 2000 was the top performer with an almost 3% gain at the start of today's cash session in the United States.

Source: xStation5

Russell 2000 (US2000) is the best performing major Wall Street index today. Small-cap index rallies around 3% off yesterday's cash close and is testing 1,800 pts area. Taking a look at the index at D1 interval, we can see that technical setup seems to favor bulls. Buyers managed to defend 1,750 pts support area after a few days of sellers trying to break below it. A strong recovery move we can observe today suggests that a test of the 1,840 pts swing area, where 200-session moving average can be found (purple line), may be looming in the next few days. Should bulls succeed in breaking above it, the 1,915 pts resistance zone could be at risk. Nevertheless, the aforementioned 1,915 pts zone is still around 6.5% above current market price.

Company News

First Majestic Silver Corp (AG.US) plunged today after it was announced that the company has temporarily suspended operations at Jerritt Canyon Gold Mine in Nevada, United States. Company said that it has taken action in order to reduce overall costs by reducing investments as well as reducing workforce at the aforementioned gold mine. First Majestic said that decision was made with intent to produce profitable ounces across the whole company. Jerritt Canyon Gold Mine was responsible for around 21% of First Majestic's revenue in 2022. However, not all operations will be suspended as the plant will continue to process aboveground stockpiles during the suspension period.

New York Community Bancorp (NYCB.US) is trading higher, following an over-30% rally yesterday. This comes after analysts at DA Davidson said that deal to acquire part of Signature Bank could boost NYCB EPS by 20% in 2024.

Altimmune (ALT.US) traded over 30% lower at the beginning of today's Wall Street cash trading session. Company reported that some participants in a mid-stage trial of its investigational obesity drug had to discontinue treatment due to adverse events.

First Majestic Silver Corp (AG.US) slumps over 16% after suspending operations at Nevada mine. Stock erased most of the recent gains it made on the precious metals rally. Source: xStation5