- Fed to lift restrictions on banks’ dividend payments and share buybacks
- Mixed PCE figures
- GameStop (GME.US) stock continues to move higher
US indices launched today's session higher, Dow Jones rose 0.46%, S&P 500 gain 0.4%, Nasdaq 100 added 0.10%. Bank stocks rose after the Fed announced that banks could resume buybacks and raise dividends starting at the end of June. FED originally said it would lift pandemic era restrictions in the first quarter. The yield on the benchmark 10-year Treasury note touched 1.669% on Friday, erasing some gains but remaining close to levels not seen in over a year, after data showed consumer spending fell more than expected in February and personal income tumbled the most on record. PCE inflation index in the United States decreased to 0.2% % MoM in February, following a 0.3 % rise in January. Excluding food and energy, PCE prices fell to 0.1 %, in line with market expectations. Year-on-year, the PCE price index rose to 1.6% and the core index decreased to 1.4% while analysts' expected 1.5%. University of Michigan consumer sentiment and inflation expectations may trigger some volatility in the afternoon.
US500 – yesterday index bounced off the support at 3850.7 pts and buyers managed to break above the major resistance zone at 3895 pts which is additionally strengthened by 50 SMA (green line) and 200 SMA (red line). Today one can see that the upward move is being continued after the US open. Index broke above the downward trendline and if the current sentiment prevails then resistance at 3931.6 pts may be at risk. Source: xStation5
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Open account Try demo Download mobile app Download mobile appGameStop (GME.US) stock surged more than 12% in premarket, extending yesterday sharp gains as it seems that investors digested weak quarterly results from Wednesday.
GameStop (GME.US) stock managed to break above 50 SMA (green line) and is heading towards local resistance at $219.73. Source: xStation5
Annaly Capital Management (NLY.USA) stock rose 1% in premarket after the company announced plans to sell its commercial real estate business to investment firm Slate Asset Management for $2.33 billion. The deal should be completed by the end of the third quarter. .
Altria (MO.US) stock gained 1.3% in premarket trading after Jefferies upgraded it to “buy” from “hold.” as it believes that Altria’s opportunities in so-called RRPs (reduced risk products) are underappreciated.
Microsoft (MSFT.US) – according to The Wall Street Journal, tech giant is in advanced talks about acquiring messaging platform Discord for approximately $10 billion. This week Bloomberg had reported that both companies spoke about this matter and that Discord was leaning toward an initial public offering.
Ford (F.US) announced that due to the global semiconductor chip shortage carmaker will idle production of its F-150 pickup truck at a plant in Michigan through Sunday.
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