Trading overnight in the S&P futures showed a risk-on sentiment after Fed Chair Jerome Powell's comments and a better than expected preliminary GDP out of Japan. Futures are currently +46 handles or 1.6% a couple hours before the New York open.
On an interview last night with 60 minutes, Powell suggested that more action from both the Fed and Congress may be needed. Powell added that the Fed is not out of ammunition and they can expand existing programs or add news ones as needed.
Japan’s Q1 Preliminary GDP came in at -0.9% vs the -1.1% expected. While this looks to be the country’s second consecutive contraction and a technical recession, the numbers aren’t as bad as many have feared.
S&P Trading Levels
The 2855 area is the 21-day moving average, so look to that as a short-term bull/bear line in the sand. Upside resistance remains in the 2950-3000 area, with the 200-day moving average a big hurdle for the bulls. There is big support at the 2750 level, with the 50-day moving average just below.
The current environment is choppy, with a 2750-2950 trading range establishing itself.
Three Stocks to Watch
NVDA- Nvidia continues to surge higher, up over 5% premarket after an upgrade and $425 price target from BMO Capital Markets.Earnings will be out Thursday after the bell, with traders expecting a big beat.
AAPL- The company has opened 100 stores worldwide with safety measures. The news is adding positive sentiment about economies reopening and helping the stock up 1% premarket.
MRNA- Moderna is higher by over 10% after the company announced positive Phase 1 data for its Vaccine against the Novel Coronavirus. Much success has been priced in for the vaccine, but more excitement out this morning has traders actively buying again.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Trading overnight in the S&P futures showed a risk-on sentiment after Fed Chair Jerome Powell's comments and a better than expected preliminary GDP out of Japan. Futures are currently +46 handles or 1.6% a couple hours before the New York open.
On an interview last night with 60 minutes, Powell suggested that more action from both the Fed and Congress may be needed. Powell added that the Fed is not out of ammunition and they can expand existing programs or add news ones as needed.
Japan’s Q1 Preliminary GDP came in at -0.9% vs the -1.1% expected. While this looks to be the country’s second consecutive contraction and a technical recession, the numbers aren’t as bad as many have feared.
S&P Trading Levels
The 2855 area is the 21-day moving average, so look to that as a short-term bull/bear line in the sand. Upside resistance remains in the 2950-3000 area, with the 200-day moving average a big hurdle for the bulls. There is big support at the 2750 level, with the 50-day moving average just below.
The current environment is choppy, with a 2750-2950 trading range establishing itself.
Three Stocks to Watch
NVDA- Nvidia continues to surge higher, up over 5% premarket after an upgrade and $425 price target from BMO Capital Markets.Earnings will be out Thursday after the bell, with traders expecting a big beat.
AAPL- The company has opened 100 stores worldwide with safety measures. The news is adding positive sentiment about economies reopening and helping the stock up 1% premarket.
MRNA- Moderna is higher by over 10% after the company announced positive Phase 1 data for its Vaccine against the Novel Coronavirus. Much success has been priced in for the vaccine, but more excitement out this morning has traders actively buying again.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on AAPL - FREE
Get the latest research report on NVDA - FREE
Get the latest research report on MRNA - FREE