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US indices push higher as bulls pare steep losses

US equity benchmarks staged another show of strength on Friday, February 25, closing higher despite the tense geopolitical situation due to Russia's military operation in Ukraine. Investors are starting to think that the Fed might postpone a rate hike in March, against the backdrop of strong sanctions imposed against Russia, which could impact the entire global economy. The uptrend in non-ferrous metals, as well as raw materials, only reinforces the record inflationary increase rates in the US. The regulator now has an incredibly tough challenge to deal with.

NASDAQ Composite: 13,694 (+1.64%)
S&P 500: 4,384 (+2.24%) 
DJIA: 34,058 (+2.51%)

Technically, SPX 500 CFDs are trading near 4,300. Price action rebounded sharply off the 4,100 support level, which buyers are strenuously defending. At the same time, the medium-term downward trend has not been broken. If the bulls manage to break out of the trendline, we could see a shift in sentiment. However, under the current conditions, the benchmark will likely continue to drop towards 4,200 (see below the CFD chart on the SPX 500 from MT4).

Macro data

US income last month remained unchanged compared to December. Meanwhile, spending climbed 2.1%, which was the highest increase since March 2021.

The US consumer confidence index fell less than expected to 62.8, and not to 61.7 as previously projected. In January, the indicator stood at 67.2.

Corporate news

Developer Papers Dell Technologies Inc. plunged 7.8% as the company posted a net loss in Q4 2021, and also completely limited the export of equipment to Russia. Nevertheless, the BoD decided to pay out dividends.

Sportswear and footwear retailer Foot Locker Inc. recorded a 16.3% decrease in net profit in Q4 and issued negative guidance for 2022. The company’s market cap declined by 30%.

Online trading platform Etsy Inc. reported Q4 net profit and revenue that exceeded market expectations. The company's share price soared by up to 16.2%.


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