- US stocks open higher
- Weekly jobless claims fall sharply last week
- US banks posted strong quarterly results
US indices launched today's session sharply higher, after better-than-expected earnings reports from Bank of America and other major companies. The earnings season kicked off yesterday and investors try to assess the impact of higher inflation and supply constraints on the company's performance. Also, investors continue to digest recent FOMC minutes which showed the central bank could start tapering as early as mid-November. On the data front, weekly jobless claims fell to 293k - the lowest level since the pandemic hit the US economy in March 2020, below the 330k estimate.
US2000 broke above upper limit of the triangle formation during today’s session and is currently testing major resistance at 2258 pts which coincides with 23.6% Fibonacci retracement of the upward wave launched in August. Should break higher occur, upward move may accelerate towards psychological 2300 pts level. On the other hand, if sellers manage to regain control, another downward impulse towards local support at 2227 pts may be launched. Source: xStation5
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Morgan Stanley (MS.US) shares added over 1% in premarket after the investment bank beat estimates by 30 cents with a third-quarter profit of $1.98 per share, while revenue topped market expectations as well. Morgan Stanley said its bottom line reflected strong performance across all its business segments.
Morgan Stanley (MS.US) stock bounced off the upward trendline yesterday and is currently testing local resistance at $101.00 which coincides with 23.6 Fibonacci retracement of the upward wave launched in June and 200 SMA (red line). Should break higher occur, then upward move may accelerate towards recent highs at $106.00. Source: xStation5
Bank of America (BAC.US) shares gained almost 3.0% in premarket , after the company posted quarterly earnings of 85 cents per share in the third-quarter, well above market projections of 71 cents per share. Revenue that also beat Wall Street estimates, thanks to solid increase in net interest income.
Wells Fargo (WFC.US) stock rose more than 1% in pre market after the financial services company posted solid quarterly results. Wells Fargo earned $1.22 per share, well above analysts’ expectations of 99 cents, while revenue also topped market forecasts partially thanks to release of funds that had been set aside to cover bad loans.
UnitedHealth (UNH.US) stock rose nearly 3% in premarket after the health insurer posted better than expected quarterly results. Company earned $4.52 per share, beating analysts’ expectations of $4.41 per share, helped by revenue gains at its Optum drug benefits unit. UnitedHealth also lifted its full-year earnings guidance.
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