S&P 500 INCHES UP ON TRADE REPRIEVE; GOODS ORDERS DISAPPOINT
S&P 500 futures are currently trading at 2830.25- higher by 0.34% as compared to the previous close. The index Futures, however, closed in negative territory in the last trading session.
In the cash markets, the benchmark index inched up 0.22% to 2,828.33 at the time of writing. The broad-market index, however, is on pace to post its third consecutive weekly decline, its longest since December 2018.
U.S. equities rose today after President Trump signaled that the protracted trade dispute with China could end soon.
Technology stocks inched up 0.27%, boosted by gains in iPhone maker Apple Inc. and chipmaker Intel.
Stocks of Banks gained as the U.S. Treasury yields rose for the first time in three days. Bank of America, Citigroup, and Goldman Sachs all were trading in positive territory at the time of writing.
Stocks of Total System Services surged 11.38% after Bloomberg reported Global Payments Inc. has held preliminary tie-up talks with the company. Stocks of Global Payments added 3.39%.
HP Inc. surged 4.35% after it reported better-than-expected second quarter earnings after the market close on Thursday. The company also issued a third-quarter outlook roughly in line with market expectations.
On the other hand, Foot Locker crashed more than 17% and was among the top index-losers. The footwear retailer plunged after missing quarterly profit and same-store sales estimates.
Autodesk dropped 3.76% after the company reported weaker-than-expected quarterly earnings.
The broad-market index recorded 36 new 52-week highs and 10 new lows.
On the economic front, Core Durable Goods Orders (MoM) for April released earlier today came in at 0.0%. Orders change was below the market expectation of 0.2%. In addition, Durable Goods Orders (MoM) for April also out today came in at -2.1%. Durable Goods Orders change was below the consensus estimates of a fall of 1.7%.
On the technical front, the RSI is currently at 40.29% and suggests that the market can move in the upward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands but is heading upwards.
Overall Bias is Positive and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit Buy At 2828, Take Profit At 2843 Stop Loss At 2820