- Wall Street indices open slightly higher
- US500 tests 4,745 pts resistance zone
- Boeing drops 8% after issues with 737 Max 9 jets
Wall Street indices launched today's trading slightly higher, following small gains made by European indices earlier today. S&P 500 gained 0.2% at session launch, Dow Joens traded 0.1% higher while Nasdaq jumped 0.5%. Small-cap Russell 2000 dropped 0.4%.
Economic calendar for today's US session is empty. Investors will only be offered a speech from Atlanta Fed chief, Raphael Bostic at 5:30 pm GMT. US economic calendar gets more interesting in the second half of the week with US CPI data for December on Thursday and Q4 banking earnings on Friday.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile app
Source: xStation5
S&P 500 futures (US500) are trading higher today, with gains accelerating after launch of the US cash session. Taking a look at the index at H1 interval, we can see that bulls are attempting to break above the 4,745 pts resistance zone, that was tested a few times recently. Should buyers clear this area, the next resistance in-line can be found in the 4,760 pts area. Breakout would make short-term technical situation more bullish and, given a light newsflow, technicals may play a key role in today's price moves.
Company News
Shares of Crocs (CROX.US) rally today after company released updated full-year revenue guidance. Crocs said that it now expects 2023 revenue to be 11% YoY higher at around $3.95 billion. The outlook was upgraded on the back of a strong holiday season, with Q4 revenue now expected to have grown 1% YoY, while previous guidance called for a 1-4% drop.
Moderna (MRNA.US) said that its 2023 vaccine sales reached $6.7 billion, marking a massive drop from over $18 billion reported for 2022. Nevertheless, it is still above the $6 billion target the company has set for the previous year. Market share of Moderna's vaccine in the US increased from 37% in 2022 to 48% in 2023, but fewer people overall were interested in getting vaccine shot last year, what drove the sales plunge.
Shares of Boeing (BA.US) launched today's trading around 8% lower after a panel in one of Boeing 737 Max 9 jets owned by Alaska Airlines blew out mid-flight on Friday. US regulator ground over 170 aircraft to investigate. We wrote more on it in the earlier post. Shares of Spirit AeroSystems (SPR.US), a Boeing supplier, opened 13% lower.
Analysts' actions
- Dell Technologies (DELL.US) upgraded to 'overweight' at JPMorgan. Price target set at $90.00
- NetApp (NTAP.US) downgraded to 'underweight' at JPMorgan. Price target set at $87.00
- Garmin (GMRN.US) downgraded to 'neutral' at JPMorgan. Price target set at $135.00
- DoorDash (DASH.US) upgraded to 'buy' at Jefferies. Price target set at $130.00
- GitLab (GTLB.US) upgraded to 'buy' at Mizuho Securities. Price target set at $73.00
- ZoomInfo Technologies (ZI.US) downgraded to 'underperform' at RBC. Price target set at $14.00
Crocs shares (CROX.US) rally after company upgraded full-year revenue outlook. Stock launched today's trading with an over-10% bullish price gap but erased some gains after trading began. A near-term resistance zone to watch can be found ranging below $102.00 mark. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
