- US indices launched today's cash trading higher
- Weak US retail sales, PPI continues to move lower
- Oatly (OTLY.US) stock surges after analysts downgrade
Three major Wall Street indices launched today's session higher, as disappointing retail sales and lower than expected PPI figures raised hopes that FED may ease its tightening process. Dow Jones is trading 0.25% higher, while the S&P 500 and Nasdaq rose 0.40% and 0.70%. Investors will now focus on the ongoing earnings season for clues on how companies navigate the macro environment.
S&P 500 index stocks categorized by sectors and industries. Size represents market cap. Source: xStation5
US500 broke above psychological resistance at 4000 pts and long-term downward trendline. If current sentiment prevails, upward move may accelerate towards resistance at 4175 pts which is marked with 23.6% Fibonacci retracement of the upward wave started at the beginning of pandemic. Source: xStation5
Company news:
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Open real account TRY DEMO Download mobile app Download mobile appOatly (OTLY.US) shares surged over 8.0% after Mizuho upgraded the food company citing improving liquidity. Analysts also believe that after difficult 2022, Oatly should benefit from resilient demand for plant-based beverages.
Oatly (OTLY.US) stock launched today's session with a massive bulls price gap and is trading above key resistance at $2.75 which coincides with 50.0% Fibonacci retracement of the last downward wave. Nearest resistance to watch lies at $3.10 and is marked with 61.8% retracement. Also recently medium-term 50-day SMA (green line) crossed above the long-term 200-day SMA (red line). This has formed a bullish ‘golden cross’ formation. Source: xStation5
Moderna (MRNA.US) shares jumped nearly 8.0% in premarket after the pharmaceutical giant said its vaccine for respiratory syncytial virus is 84% effective in preventing disease in older adults. Company expects to file an application for approval with the FDA in the first half of this year.
United Airlines (UAL.US) stock rose over 4.0% before the opening bell after the carrier posted better than expected results in Q4 thanks to solid demand. Company also forecasts at least a four-fold jump in full-year profit in 2023.
Levi Strauss (LEVI.US) shares slid over 2.0% after Bank of America downgraded the apparel company to neutral from buy as it sees 20% lower EPS in the first half of the year amid slowing demand.
Microsoft (MSFT.US) stock rose 0.7% in off-hours trading as the software giant plans to cut thousands of jobs mainly in human resources and engineering divisions.
Microsoft (MSFT.US) stock is testing major resistance at $240.00 which coincides with 50.0% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
