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Wall Street indices start today's trading with moderate gains
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Manufacturing PMI in the USA reached 57.7 in December (previously 57.8, Flash 57.8)
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FDA authorizes Pfizer boosters for people aged 12 to 15
The opening of the first Wall Street session of 2022 brings slight gains for most indices, despite the rise in COVID-19 cases. The good market sentiment today is largely due to the positive mood in the automotive sector, following the news from Tesla (TSLA.US) of higher than expected car deliveries in Q4 (despite big supply chain issues).
What to watch this week:
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Fed’s Bullard discusses the U.S. economy and monetary policy - Thursday
Fed’s Daly discusses monetary policy - Friday
ECB’s Schnabel speaks - Saturday
Looking at the US500 index chart, we can see that the key support area is still the zone near 4720 points (green zone), which also coincides with the 23.6% Fibo retracement. Local resistance remains at the level of 4780 points (historical maximum). Source: xStation 5
Company news:
Tesla (TSLA.US) shares are up more than 10% after news that the company delivered more cars in the fourth quarter than the market had expected. Quarterly deliveries were up more than 30% from last quarter and more than 70% from year-ago levels.
Tesla (TSLA.US) stock is up more than 10% in today's trading and has broken out above the local peak at $1119 per share. Currently, the buy side is struggling to overcome resistance set by the 78.6% Fibo retracement. The closest support is the previously mentioned local peak, which is reinforced by the proximity of the 61.8% and 50% Fibo measures. Source: xStation 5
The news of more cars delivered in December by Chinese electric car giant NIO (NIO.US) caused the company's share valuations to rise more than 2.2% before the open of the Wall Street session.
Airlines continue to suspend more flights due to poor weather and numerous Omicron variant cases among crew. Today alone, airlines in the US have withdrawn nearly 1,700 flights.
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