- US major indices extends bullish momentum, US.500 0.25% higher
- US housing market cools
- Disappointing report from Goldman Sachs Group - GS.US falls 2.45%
Today, at 1:30 pm (BST) the housing data was published. Housing starts came higher than expected at 1.42 million of new building construction starts and building permits came lower at 1.414 milion. Both readings are lower on the monthly basis. Housing data had no significant impact on US indices, construction sector is till stabilizing after being crushed by higher mortgage rates and it is probable that FED interest hike are yet to be reflected later this year.
US.500 opens ##% higher along with other leading US indices as positive sentiment among investors is back. Investors are focused on signs of a Chinese economic bounceback and current earning season of US major blue chips like today's disappointing Goldman Sachs (GS.US) results, Netflix (NFLX.US) after session and tomorrow Tesla’s financial statement (TSLA.US).
US.500 break out from the recent consolidation range and currently is trading near $4200 resistance level. A break out of this significant resistance zone may push the US.500 index much higher. If bullish momentum extends then investors may want to retest another significant resistance line near $4300 points - level last seen in August 2022. Otherwise, if the price will be rejected from $4200 then push back to the consolidation channel between $4100 and $4200 points is likely.
Company news:
- Goldman Sachs (GS.US) shares fall 2.45% and trading at $331 after the bank reported revenue for fixed income, currency and commodities (FICC) in Q1 that was not in the average analyst estimates. Company reported that net income fell 18% to $3.23 billion and EPS indicator was $8.79 per share versus expectations of $8.10.
- JB Hunt Transport Services Inc. (JBHT.US) the logistics company - reported 1Q EPS and revenue from intermodal did not meet analysts' expectations. Analysts pointed out that the company's mangement may have been overly optimisitc, and that the entire freight transportation industry is struggling due to difficulties with demand and interest rates.
- Bank of America (BAC.US) shares jump 2.2% and the corrected after the bank reported trading revenue excluding DVA for the first quarter that beat the average analyst estimate.
- Riot Platforms (RIOT.US) gains 10% and leads cryptocurrency-exposed stocks higher in US trading session as Bitcoin rebounds back above $30k level.
