· US Indices rise after Joe Biden won Democratic primaries in 9 states
· Centene Corp (CNC.US) falls after forcast trails estimates
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Global equity markets are on the rise today after results of Democratic “Super Tuesday” primaries show strong performance of Joe Biden. Apart from that, investors are awaiting a conference call of EU finance ministers that is expected to be held at 2:00 pm GMT and Bank of Canada decision at 3:00 pm GMT. Of course, coronavirus remains dominating market theme therefore investors should follow the newsflow carefully.
Biden stages comeback on “Super Tuesday” primaries
Fed decided to lower interest rates by 50 basis points yesterday and triggered a sharp reaction on the markets. US indices surged on the news but plunged a few minutes later as the actions of the central bank did not ease investors’ concerns regarding the impact of the coronavirus outbreak on the economy. However, the US stock futures rebounded overnight as results of Super Tuesday primaries showed a comeback of Joe Biden. Markets responded positively to news that former US Vice President Joe Biden won primaries in 9 states and have good chances to become the Democratic candidate for the upcoming presidential election. The other two candidates namely Bernie Sanders won in 4 states and Michael Bloomberg in only 1. Despite sluggish start in primaries, Biden now has the most delegates.
At the moment the US500 is in the local area of consolidation, looking to test the level of resistance located at 3090. The bottom level of the consolidation channel is located at 2967. Breaking any of these levels may trigger a larger price movement.Source: xStation5
Centene Corporation (CNC.US) stocks went down 3.8% in post market trading after announcement of the updated 2020 financial guidance that trailed average analyst estimates.
Centene Corporation (CNC.US) climbed above the key support level at $50.46. Stock may be set to rally towards $66.00 level. Source:xStation5
Sysco Corp (SYY.US) is aiming to take over the German wholesaler Metro Ag as the company is planning to expand in Europe. The shares of Metro AG climbed 23% in Tuesday.
Sysco Corp (SYY.US) found support at the long-term support at $67.10. If the stock slide below this level, markets attention may shift to the price zone at $64.80. Source: xStation5
