- US indices launched today's cash trading higher
- US30 broke below major support
- Coupa Software (COUP.US) stock surges on M&A news
Three major Wall Street indices rose roughly 0.3% at the beginning of Monday's session as investors are bracing themselves for a week with several anticipated events including US CPI figures on Tuesday and decision from 3 major central banks. The Fed is expected to raise rates by 50 bp on Wednesday, following four consecutive 75 bp hikes. The US central bank will also release quarterly forecasts for inflation, the economy, and the future path of interest rates.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US30 broke below key support at 33720 pts which coincides with 61.8% Fibonacci retracement of the last downward correction launched early January 2022. As long as price sits below, continuation of downward move towards support at 32620 pts is possible. On the other hand, buyers become more active on Monday and in case a break higher occurs, next resistance to watch lies at 34330 pts. Source: xStation5
Company news:
Coupa Software (COUP.US) shares rose over 21.0% in off hours trading after private-equity firm Thoma Bravo decided to buy the management software company for $81 per share in cash. The deal is worth $8 billion.
Coupa Software (COUP.US) stock launched today's session with a massive bullish price gap and if current sentiment prevails resistance at $81.25 may be at risk. Source: xStation5
Horizon Therapeutics (HZNP.US) stock jumped over 14.0% in premarket on news that Amgen (AMGN.US) will acquire the drugmaker for $116.50 per share in cash, with the deal valued at $27.8 billion.
Microsoft (MSFT.US) shares jumped 0.5% before the opening bell after the tech giant announced a 10-year partnership with the London Stock Exchange Group and took a near 4% stake in the U.K. bourse operator.
Gap (GPS.US) stock rose 4.0% and Tapestry (TPR.US) stock rose 3.0% in premarket after Goldman Sachs upgraded both companies to 'buy' from 'neutral', as analysts expect that both retailers will thrive in an atmosphere that will see consumers become more discerning with their apparel spending. For the same reason the bank downgraded Levi Strauss (LEVI.US) to 'neutral' from 'buy'.
Rivian Automotive (RIVN.US) stock fell over 2.0% in premarket after the EV producer halted cooperation with Mercedes Benz regarding building EV vans in Europe.
