- US indices launched today's cash trading higher
- US100 broke above the long-term downward wave.
- Salesforce (CRM.US) stock surges as activist investor Elliott Management takes stake in the company
- Baker Hughes (BKR.US) shares rise despite weak earnings
Three major Wall Street indices launched today's session in upbeat moods with Dow Jones trading 0.15% higher, while the S&P 500 and Nasdaq rose 0.40% and 0.90% ahead of an interesting week in terms of earnings and data releases. So far, the Q4 2022 earnings season has painted a mixed picture of the health of the US economy as some companies like Netflix showed growth while banks expect recession. Therefore investors’ attention will focus on several big tech names, including Microsoft, Tesla, IBM, and Intel, which will report quarterly results later this week. Moods on Wall Street are supported by a weekend piece from a Wall Street Journal Fed insider, who claims that FED will announce a 25 bp hike at its next meeting, while recent economic data increased recession worries. Therefore Q4 GDP figures which will be released on Thursday may provide more information regarding the condition of the world's largest economy.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US100 jumped above major resistance at 11500 pts and 50 SMA (green line) on Friday and during today's session buyers breached long-term downward trendline. If current sentiment prevails, upward move may accelerate towards 200 SMA (red line) or even next resistance at 13000 pts. On the other hand, if sellers manage to regain control, then another downward impulse towards October 2022 low at 10460 pts could be reached. This level is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave started in March 2020. Source: xStation5
Company news:
Salesforce (CRM.US) stock jumped over 6.0% premarket on news that activist investor Elliott Management has taken a multibillion-dollar stake in the cloud-based software giant.
Salesforce (CRM.US) stock launched today's session with a bullish price gap and is testing 78.6% Fibonacci retracement of the upward wave launched in March 2020. If buyers manage to break higher, next local resistance can be found at $164.85. This level is marked with an upper limit of the 1:1 structure and 200 SMA (red line). If bulls manage to break higher, then upward move may accelerate towards next resistance at $189.70. Source: xStation5
Advanced Micro Devices (AMD.US) stock rose over 3.0% in premarket after Barclays upgraded the semiconductor maker to overweight from equal weight, citing rising potential from direct-current and generative artificial intelligence.
CrowdStrike (CRWD.US) stock fell over 1.0% after Deutsche Bank downgraded the cybersecurity company to hold due to rising competition.
Baker Hughes (BKR.US) stock rose over 1.0% before the opening bell as one of the world's largest oil field services provided upbeat financial guidance overshadowed slight weaker revenue and earnings results in Q4 of 2022.
Spotify (SPOT.US) stock rose over 6.0% in off-hours trading after streaming and media services announced "a reduction in the Company’s employee base by about 6% across the Company", confirming Sunday reporting by Bloomberg.
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