US OPEN: Wall Street higher on coronavirus slowdown hopes

• US stocks rally at the open

• Rate of new coronavirus cases and deaths is slowing
• Spotify (SPOT.US) rating downgraded

US indices rose sharply on Monday. Market sentiment has been improved by President Trump's statement that signs of a coronavirus pandemic is beginning to stabilize. New York State reported that for the first time in a week virus-related deaths in the state had fallen slightly. On Sunday 594 coronavirus deaths were recorded, less than 630 on the day before. Number of fatalities in other countries around the world also gave some hope that social distancing measures are working.
Oil prices fell when doubts arose as to whether the world's largest producers would agree to reduce production.
The meetings of President Donald Trump with the heads of the US oil industry did not bring any decisions regarding US production cuts, which both Saudi Arabia and Russia consider as a precondition for any cuts on their part.
Therefore, the OPEC + meeting was postponed to Thursday. Over the weekend President Trump raised the possibility of protecting US oil producers by raising import duties on foreign oil.

S&P500 (US500) – is still trading within a range between 2395.3pts and 2648.0 pts which we have previously defined. As long as no groundbreaking information hits the market, traders should expect more sideways movement.Source:xStation5

Spotify (SPOT.US) - Raymond James lowered the company's rating from "strong purchase" to "market results". The music streaming service has been downgraded as longer time spent indoors by clients results in less engagement and fewer downloads. The company claims that this trend is also causing a potential shift in market share to Amazon Music due to increased smart speaker listening.

Spotify (SPOT.US) – The price reached major support level at 120.57$ per share. The triangle pattern formed on the price chart. Permanent break out of the formation may lead to stronger price movement. Source:xStation5

JetBlue (JBLU.US) – company's CEO Robin Hayes announced that due to ongoing pandemic the firm is losing through $10 million per day as only 7,000 passengers per day are flying right now, as opposed to the typical 120,000.

JetBlue (JBLU.US) – share rice bounced off the resistance at $12.63 per share and resumed its downward move, currently testing major support level at $7.42 per share. In case the current sentiment prevails, stock may move towards next support level located at $5.93 per share. Source:xStation5.

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US OPEN: Wall Street higher on coronavirus slowdown hopes

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