The major indices are trading higher to start the trading day. The gains are around 0.4% – 0.5%.
A snapshot of the market 4 minutes into the open is showing:
- Dow Industrial Average up 155.53 points or 0.45% at 34731.07
- S&P index up 20.64 points or 0.46% at 4488.07
- NASDAQ index is lagging with a gain of 51.94 points or 0.38% at 13865.52
Technically, the NASDAQ index is testing its 50 day moving average at 13879.09. A move above – and staying above – would be more bullish (see black moving average line on the chart below). Yesterday the high price for the day stalled near that moving average level.
After the close Adobe will be announcing its earnings. Adobe shares are trading down -0.94% in early US trading. However, for the year, the price is up 63.17% on the back of its AI initiatives. Yesterday, Adobe announced that they would be raising their prices as well. Demand must be strong, but how much is the priced in? The high price for Adobe reached $699.50 in 2021. The high price for 2023 reach $570.24.
A hot IPO, chip maker ARM Holdings (ARM), will have its initial trade today with the price set at $51. Of course it will take a while for the 1st trade to cross the wires. The offering size is 95.5 million shares which represents around 10% of the company.
This article was written by Greg Michalowski at www.forexlive.com. Source