Tesla, Apple and US claims data boosts Wall Street sentiment 📊
- Apple erases declines from yesterday's session, US100 gains more than 2%
- Tesla gains on bullish comments from Morgan Stanley
- US unemployment claims came in higher than the previous reading and analysts expectations
Thursday's session on Wall Street brings sharp gains for major stock market benchmarks, which are trying to erase recent sell-offs. The market is driven by several factors, but the bulls' dominance is mainly due to the strongly rising Tesla (TSLA.US) shares, which are currently gaining nearly 9% thanks to favorable comments from Wedbush analysts, joined today by the Morgan Stanley fund. Yesterday's declines are also erased by Apple's shares, which are gaining 2.9%. Microsoft (MSFT.US) Amazon (AMZN.US) and Meta Platforms (META.US) stocks are also doing very well. U.S. indexes fallen almost continuously since mid-December amid recessionary fears and hawkish central banks. Today bulls are trying to reverse bearish momentum.
US100 is climbing above the 11,000 level. The Relative Strenght Index (RSI) is approaching 78 points, signaling an overbought level.
Investor sentiment was also improved in part by a higher-than-expected reading on unemployment claims, with continuing claims rising. Weaker labor market data continues to support expectations for an earlier Fed pivot. In essence, negative reports of a sharper pandemic outbreak in China catalyzed a rise in the share prices of medical companies including Pfizer (PFE.US), Moderna (MRNA.US), Biontech (BNTX.US) and Novavax (NVAX.US), which is gaining more than 15% today.
Source: xStation5