S&P 500 RISES TO ALL-TIME HIGH ON APPLE GAINS; FED IN FOCUS
S&P 500 futures are currently trading at 2955- lower by 0.02% as compared to the previous close. The index Futures, however, closed in positive territory in the last trading session.
In the cash markets, the benchmark index inched up 0.17% to 2,950.81 as the technology sector added 0.84%. The broad-market index jumped to a new all-time high of 2954.13 earlier in the session.
U.S. equities opened higher following strong jobs data and Apple’s better-than-expected quarterly results.
The Federal Reserve held its benchmark rate in a target between 2.25% and 2.5% in its latest interest rate decision released earlier today. The decision was in line with market expectations.
Stocks of Apple surged 6.58% after its earnings and revenue for the fiscal second quarter topped market expectation. The iPhone-maker also issued guidance for the next quarter that was above the consensus estimates.
Mondelez International and Advanced Micro Devices also added 2.06% and 0.43%, respectively, after reporting better-than-expected earnings.
CVS Health Corp rose 5.11% after the company raised its full-year profit forecast after reporting a quarterly profit that beat the consensus estimates.
Index-member Hilton Worldwide Holdings rose 5.87% after the company reported quarterly revenue above the market expectation.
The technology sector rose 0.84%, the most among the 11 major S&P 500 sectors.
305 S&P 500 companies have reported their quarterly earnings so far. Of those companies, 76% have posted better-than-expected results.
On the economic front, ADP Nonfarm Employment Change for April released earlier today came in at 275K. Payrolls number was above the market expectation of 181K. Also, Payrolls number for the prior month was revised to show 22K more payrolls were added than previously reported.
On the technical front, the RSI is currently at 68.50% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and Short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Stop Sell At 2953, Take Profit At 2942 Stop Loss At 2958