The beginning of the new trading week on Wall Street starts quite flat. Currently, all indices representing the condition of the US economy are slightly losing. US30 is struggling to maintain the support marked by the 78.6% Fibo level. Investors around the world are waiting for Wednesday's FOMC decision on interest rates and the tapering process.
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Open account Try demo Download mobile app Download mobile appThe US30 index is struggling to defend the support level set by the 78.6% retracement. If the bears permanently break through this level, it will be possible to descend to zones close to 35,500 points. This week, investors can expect high volatility on the financial markets in connection with Wednesday's decision on interest rate hikes in the US. Source: xStation 5
Company News:
Drugmaker Arena Pharmaceuticals (ARNA.US) jumped 93.1% before the start of the Wall Street session after Pfizer agreed to acquire the company. The deal is valued at $6.7bn with a cash price of $100 per share.
Shares of Pfizer (PFE.US) and BioNTech (BNTX.US) are rising before the markets open after results from Israeli researchers found the booster effective against severe cases of Omicron variant disease.
Harley-Davidson (HOG.US), the well-known brand of motorbike manufacturer from the United States, is gaining up to 10% in pre-session trading today. This is due to the news that the company intends to spin off its LiveWire electric motorbike brand from its business. The value of the new company after the merger is expected to reach USD 1.77 billion.
The share price of tech giant Apple (AAPL.US) is up more than 1% before the market open following J.P. Morgan's upgraded recommendation to $210 per share (previously $180 per share). The bank additionally hailed Apple's stock as a top pick for 2022.
Apple (AAPL.US) shares are currently in a strong, near exponential uptrend. The nearest support for the stock is close to the recent consolidation zone, between 157.63 USD per share and 165 USD per share. If the bears fail to break below these levels, a continuation of the uptrend is still likely. Investors should closely watch the markets' reaction to the upcoming FOMC meeting and US interest rate decision. Source: xStation 5
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