- US indices launched today's cash trading higher
- Tesla (TSLA.US) plans to expand its Texas factory
- Salesforce (CRM.US) plunges after Bernstein downgrade
- US2000 broke above major resistance
Three major Wall Street indices launched today's session slightly higher, with Dow Jones trading 0.40% higher, while the S&P 500 and Nasdaq both rose 0.50%. Relief rally launched at the beginning of the year gains steam on the back of signs that US inflation is cooling, raising hopes that policymakers could slow down the pace of tightening. Therefore tomorrow’s US CPI report will be crucial as fresh data could influence Fed's next move.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
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US2000 climbed above major resistance at 1840 pts, which is marked with previous price reactions, 200 SMA (red line) and 23.6% Fibonacci retracement of the last major correction. As long as price sits above this level, upward move may accelerate towards an upwards trendline. Source: xStation5
Company news:
Salesforce (CRM.US) shares dropped over 2.50% in off-hours trading after Bernstein downgraded the software giant to underperform from market perform. Bernstein analysts expect that stock price could drop another 20.0% as the company fell into a “growth purgatory” and could have difficulty climbing out of it.
Salesforce (CRM.US) stock launched today's session lower as buyers failed to break above the upper limit of the descending channel. As long as price sits below this level, main sentiment remains bearish and another downward impulse towards recent lows at $126.60 may be launched. Source: xStation5
Tesla (TSLA.US) stock jumped over 2.0% in premarket after the EV maker registered with the state of Texas to expand its electric vehicle factory in Austin this year with an investment worth $775.7 million. Separately, Goldman Sachs also named the stock a top pick for 2023.
Bed Bath & Beyond (BBBY.US) shares jumped over 20% in premarket, on speculation that the home goods retailer could be a potential acquisition target.
Airline stocks including American Airlines (AAL.US), Delta Air Lines (DAL.US) and Southwest Airlines (LUV.US) fell slightly in premarket after the U.S. FAA grounded all U.S. flights due to a system outage. Later on the agency lifted the flight ban, while White House “There is no evidence of a cyberattack at this point, but the President directed DOT to conduct a full investigation into the causes”.
Coinbase (COIN.US) stock plunged nearly 3.0% before opening bell after Bank of America downgraded crypto exchange saying consensus estimates are “way too high” given the current crypto outlook.
