- US stocks opened higher
- Russia faces sanctions after Putin send forces into Ukraine's breakaway regions
- Macy’s (M.US) stock surges following upbeat quarterly results
US indices launched today's session lower due to worsening geopolitical situation. Washington and EU leaders are expected to announce fresh sanctions after Russian President Putin recognized the two self-proclaimed separatist republics in Ukraine and ordered troops to go into the regions. At the moment the UK decided to impose sanctions on five Russian banks, and ban three oligarchs from travelling to the UK. German Chancellor Scholz said certification of Nord stream 2 cannot go ahead given Russia's latest action.
US30 fell sharply in recent days due to the mounting geopolitical tensions, however today we can see a rebound. Index bounced off the major support zone around 33410 pts which is marked with lower limit of the 1:1 structure and previous price reactions. If current sentiment prevails, the next target for buyers is located around 34745 pts and is marked with previous price reactions and 61.8% Fibonacci retracement of the upward wave launched in October 2021. Source: xStation5
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Macy’s (M.US) stock jumped nearly 8.0% in premarket after the department store company posted better than expected quarterly results. Macy’s earned $2.45 per share, well above analysts’ estimates of $2.00. Also retailer’s revenue topped Wall Street expectations. Company authorized a new $2 billion share buyback program and announced a 5% dividend increase.
Macy’s (M.US) stock launched today's session higher and is approaching the upper limit of the triangle formation which coincides with 200 SMA (red line). Should a break higher occur, the next target for buyers is located at $29.50 and is marked with 38.2% Fibonacci retracement of the upward wave started in July 2021. The nearest support can be found around the lower limit of the formation at $24.40. Source: xStation5
Home Depot (HD.US) stock fell more than 2.5% in the premarket despite home improvement retailer’s posted upbeat quarterly figures. Company earned $3.21 per share, 3 cents above market expectations, and revenue also beat forecasts buoyed by steady demand for tools, paint, and building materials. Home Depot also announced a 15% dividend increase.
SoFi Technologies (SOFI.US) stock dropped nearly 3.0% after the Wall Street Journal reported that the online personal finance company is considering buying banking-software maker Technisys in an all-stock deal, potentially resulting in an equity dilution.
Exxon Mobil (XOM.US) and Chevron (CVX.US) shares rose 1.9% and 1.7% respectively in premarket with oil stocks benefiting from the jump in oil prices after Russia’s move into Ukraine.
