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S&P 500 RISES ON ROBUST EARNINGS AND BREXIT DEAL - Capital Street FX

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    • S&P 500 RISES ON ROBUST EARNINGS AND BREXIT DEAL
17-Oct
20:12 IST

S&P 500 futures are currently trading at 3001.30- higher by 0.31% as compared to the previous close. The index futures closed in positive territory in the last trading session also.

In the cash markets, the benchmark index inched up 0.17% to 2,950.81 at the time of writing.

U.S. equities opened higher today due to better-than-expected companies’ earnings and after the U.K. and the European Union reached a deal on Brexit.

Netflix rose 5.16% after the media-services provider posted earnings that topped the market expectation.

Morgan Stanley gained 3.68% after its third-quarter profit topped market expectations due to better-than-expected results in trading and advisory businesses.

The sentiment was also lifted by news that the U.K. and the EU reached a deal on Brexit. U.K. PM Boris Johnson called on British lawmakers to back the deal when it is put before the parliament on Saturday.

Beijing said today that Washington must remove tariffs in order for the two sides to reach a final agreement on trade. Stocks of Honeywell International surged 6.58% after its third-quarter results beat market expectations.

CSX Corp gained 3.59% after the company’s quarterly profits unexpectedly rose and revenue fell in line with market expectations.

Index-member International Business Machine Inc. fell 5.59% after the company reported quarterly revenue below the consensus estimates after the market close on Wednesday.

According to FactSet, more than 76% of the index’s companies that have reported their earnings exceeded market expectations.

On the economic front, Initial Jobless Claims released earlier today rose to 214K in the week ended 12th October from 210K in the week prior. Claims figure was also above the consensus estimates of 212K.

In addition, Building Permits for September also out earlier today came in at 1.387M. Permits number was above the market expectation of 1.340M.

On the technical front, the RSI is currently at 58.71% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands and 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 2999, Take Profit At 3013 Stop Loss At 2992

 

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