- US indexes near record highs
- The Senate could pass a $1 trillion bipartisan infrastructure bill today
- Weak data form the US labour market
- Kansas City Southern (KSU.US) stock jumps on report Canadian Pacific plans revised bid
Stocks were little changed on Tuesday, with the Dow Jones and S&P 500 hovering under record highs as investors await for updates regarding the $1 trillion bipartisan infrastructure bill which is expected to be passed and then the Senate will immediately start debates on a broader and more far-reaching $3.5 trillion proposal. Once the Senate passes the $1 trillion bill it will go to the House of Representatives. Voting will take place at around 4:00 pm BST. On the data front, non-agricultural productivity in the US fell to 2.3% q / q for Q2, with the expectation of 3.5% q / q and the previous reading at 4.3% q / q. In turn, unit labor costs increased to 1.0% q / q, with the expectation of 1.1% q / q and the previous reading - -2.8% q / q. Today's data show that the labor market in Q2 is not that strong. Productivity is growing less than expected, and labor costs are rising relatively slowly, especially since we had a low base in Q1. Nevertheless, these are not the key data in terms of the assessment of the condition of the labor market taken into account by the Fed.
US500 is approaching its all-time high around 4433.4 pts, however buyers struggle to break above the upper limit of the triangle formation. If sellers manage to take control and break lower, then first support to watch lies at the earlier broken upper limit of the downward channel. Source: xStation5
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile appKansas City Southern (KSU.US) stock jumped more than 7% in premarket after Canadian Pacific Railway increased its offer for the railroad operator by about $2 billion to $27.29 billion. Canadian Pacific had struck a deal to buy its rival rail operator for $275 per share, but Kansas City Southern subsequently agreed to a higher offer from Canadian National Railway (CNI.US).
Kansas City Southern (KSU.US) stock recently bounced off from the earlier broken downward trendline and launched today’s session with a massive bullish price gap. Currently price is testing major resistance around $286.20 which is strengthened by 200 SMA ( red line). Should break higher occur, then upward move may accelerate towards all-time high at $314.50. However, if sellers will manage to regain control, then support at $258.50 may be at risk. Source: xStation5
3D Systems (DDD.US) stock jumped more than 14% in premarket after the 3D printing technology company reported quarterly earnings of 12 cents per share, well above analysts' estimates of 7 cents a share. Revenue also topped market estimates. Company said it had successfully come through the most challenging 12 months it had ever experienced amid the pandemic.
GameStop (GME.US) stock added nearly 2% in premarket after AMC Entertainment (AMC.US) CEO Adam Aron announced he was looking to pursue some sort of partnership between the two companies which recently became most popular among retail investors from Reddit. Separately AMC posted a lower quarterly loss compared to analysts' estimates.
Workday (WDAY.US) stock jumped more than 2.0% in premarket after the Cloud-based business applications company announced a partnership with Google (GOOGL.US) to enable its customers to run apps on Google Cloud.
