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US Open: indices remain under pressure from a rising dollar and bond yields 📌

15:30 16 April 2024
  • The dollar gains slightly at the opening of the cash session
  • US bond yields approach key levels
  • Equity indices lose slightly at the market open

The second day of this week brings another dose of volatility to the markets. Just before the opening of the cash session, the US indices tried to rebound, and for a while the US500 and US100 contracts even gained. However, the gains were erased at the start of the cash session as rising US bond yields supports bears. At the time of publication, 10-year bond yields are at 4.68%, while 2-year bonds are approaching the 5.00% threshold. In both cases, yields are about 4-7% short of the peaks reached in October 2023. However, the lower limit of the consolidation channel at the peaks is already within the current range of yields. This raises the question of how much of the upside momentum is still in front of, assuming no further interest rate rises and that the current level is maintained for the long term.

TNOTE (D1 interval)

Rising bond yields put supply pressure on the equity market. On the contrary, the peak set in October 2023 on TNOTE futures set a local low on US500 a few sessions later. It is possible that we will see a similar scenario at the present moment. For this reason, it is worth monitoring TNOTE quotes in the coming weeks.

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Source: xStation 5

US500 (W1 interval)

The closing of the candle last week resulted in the crossing of two EMA lines on the MACD indicator confirming the trend reversal. The last time this happened was in mid-August 2023, which marked a 3-month downtrend on the index. The key level to be defended for the bulls is clearly the zone around 5000 points. Otherwise, we can expect further downward movement in the coming months.

Source: xStation 5

Company news

Ericsson (ERIC.US) is gaining more than 4.00% today after announcing strong results for the first quarter of 2024. The company's adjusted net profit was SEK 0.77, compared to SEK 0.45 a year earlier. The profit included a one-off gain of SEK 1.9 billion related to the settlement of a trade dispute. The company expects sales to stabilise in the second half of the year due to recent contract wins and the normalisation of customer inventory levels in North America.

UnitedHealth (UNH.US) is gaining almost 6.00% after reporting financial results for the first quarter that were higher than market expectations. Nonetheless, the company announced a downward revision to its 2024 EPS forecast to take into account the impact of the cyber-attack and sales in Brazil. The group maintained its revised EPS guidance for the current financial year of US$27.50-28.00 per share, in line with the consensus of US$27.53.

Intra-Cellular Therapies (ITCI.US) is gaining more than 24% in the early cash session after a positive study evaluating lumateperone 42 mg as an adjunctive therapy to antidepressants for the treatment of major depressive disorder.

Tesla (TSLA.US) loses 6.90% after Elon Musk told employees that the company is eliminating more than 10% of its global workforce. The situation has renewed concerns about the company's growth prospects.

Source: xStation 5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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