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Major U.S. stock indexes higher; Nasdaq up more than 1%
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Comm svcs leads S&P sector gainers; industrials down most
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Euro STOXX 600 index up ~0.3%
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Dollar, crude dip; gold, bitcoin gain
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U.S. 10-Year Treasury yield dips to ~3.40%
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US STOCKS RIPE FOR A SHORT SQUEEZE (1022 EDT/1422 GMT)
As U.S. stocks have climbed 7% from their March lows, some
stocks have become "more crowded and more squeezable," said S3
Partners.
On top of the list of S3's most squeezable U.S. stocks were
Coinbase , used car retailer CarMax Inc ,
videogame retailer and meme stock GameStop , bitcoin
investors and software company MicroStrategy and
theater chain AMC Entertainment .
Recent unrealized losses are the primary driver for a stock
to be squeezed, the analytics firm said.
Top 10 stocks on S3 Partners' list are:
Most squeezable US Short interest YTD %
stocks change
Coinbase $2.71 billion 91.7%
CarMax $1.80 billion 12.6%
GameStop $1.31 billion 20.6%
MicroStrategy $1.12 billion 128% AMC Entertainment $749.0 million 31.2% TG Therapeutics $591.7 million 69.7% Upstart Holdings $500 million 24% Carvana $485 million 95%
Marathon Digital $439 million 191% Riot Platforms $439 million 264% (Medha Singh)
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WALL STREET MOSTLY EDGES UP EARLY, LED BY NASDAQ (0950 EDT/1350 GMT) Major U.S. stock indexes are mostly higher in early trading Thursday, with Nasdaq leading the way up along with tech-related shares. The Dow is roughly flat. Investors are digesting the morning's economic data including a report showing the number of Americans filing new claims for unemployment benefits increased more than expected last week. A separate report showed moderating producer prices in March. Stocks ended lower on Wednesday after minutes from the last Federal Reserve meeting underscored concern about banks and liquidity. The S&P 500 communication services sector is up 1.5%, while S&P tech is up 0.6%. Here is the early U.S. market snapshot:
(Caroline Valetkevitch)
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S&P 500 INDEX: TRENDLINE MORE LIKE FLY PAPER (0900 EDT/1300 GMT) On Friday March 31, the S&P 500 ended slightly above the resistance line from its January 2022 record high. However, since then, that line has been acting more like flypaper:
The S&P 500 has ended seven of the past eight sessions above this line. However, the benchmark index has been unable to decisively pull away from it, one way or the other. On April 4, the SPX stalled and reversed upon pushing to a high of 4,133.13, which was just over 0.8% above the line. On April 6, after dipping to a low of 4,069.84, or just a bit more than 0.6% below the line, the index then recovered. On Wednesday, the SPX hit an intraday high of 4,134.37, putting it about 1.2% above the line. However, once again, the index stalled and reversed. After flirting with this line as support around 4,087, and hitting a low of 4,086.94, the SPX edged up to finish at 4,091.95. Thus, traders are watching closely for a more decisive thrust above or below this sticky line, which will be around 4,085 on Thursday, for clues into what direction more sustained momentum may kick in. Major resistance resides in the 4,195.44-4,203.04 area. This includes the Feb. 2 high and Aug. 26 (Jackson Hole) high. The 23.6% Fibonacci retracement of the March 2020-January 2022 advance is at 4,198.70. On a break of the April 6 low at 4,069.84, the next support is in the 4,050-4,030 area. This includes short-term channel support, the March 22 high (4,039.49), and the 50-day moving average, which ended Wednesday just shy of 4,032.
(Terence Gabriel)
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
