US Open: Wall Street struggles for direction at the end of the quarter 📌

• U.S. index futures experience a mixed session
• U.S. Dollar (USD) gains 0.11% at the time of publication
• Yields on U.S. 10-year bonds fall to 4.21%

On Wednesday, indexes open without a clear direction. US500 gains 0.10% to 5280 points, while US100 records a slight decline of 0.25% to 18400 points. Lower volatility in the market this week may be influenced by the holiday mood related to the upcoming Easter holidays and fewer macroeconomic publications after an intense last week. The key event this week is the release of the PCE inflation report on Friday. However, market reaction will be limited due to the longer holiday weekend and could be monitored after the weekend in April.

US500

US500 (SP&500) is trading 0.10% higher today at 5280 points. Although volatility on the index is limited, it remains at historically high levels, and the anticipated correction has not yet occurred.

Source: xStation 5

Corporate News

Merck (MRK.US) gains as much as 4.00% following the FDA's approval of its new pulmonary arterial hypertension (PAH) treatment, Winrevair. Priced at $14,000 per vial, with a usage expectation of one vial every three weeks, the annual cost per patient is estimated to be around $242,000. Merck plans to launch Winrevair by the end of April, adding another potential asset to its portfolio.

Source: xStation 5

nCino (NCNO.US) soared by 19% after reporting mixed Q4 earnings and providing its better guidelines. The company forecasts Q1 sales to be between $126M and $127M, with subscription revenue comprising most of this amount. Adjusted EPS for Q1 is expected to exceed consensus estimates. For FY2025, the company predicts revenue to be slightly below consensus but anticipates higher adjusted EPS than expected by analysts.

Robinhood Markets (HOOD.US) jumped 3.6% following the introduction of its first-ever credit card. The Robinhood Gold Card offers 3% cashback on all purchases and is issued by Coastal Community Bank. The company acquired X1 last year for $95M to broaden its offerings and is now promoting the card with exclusive benefits to Robinhood Gold members and a unique 10-karat gold card offer that weights 36g.

Source: xStation 5

GameStop (GME.US) fell over 12.70% after disappointing holiday quarter results. Hardware and accessories sales in Q4 declined by 12% year-over-year, while software sales saw a 31% drop.

NIO (NIO.US) declined by 6.20% after the company lowered its Q1 delivery forecast, now expecting around 30,000 vehicles, down from the previous 31,000 to 33,000 range. This adjustment reflects challenges in the Chinese electric vehicle market, including reduced consumer demand and competitive pricing pressures.