UiPath (NYSE: PATH) shares closed higher for the second consecutive day. The Automation software company raised $1.34 billion in its initial public offering Wednesday. $PATH shares rose more than 20% on its first day of trading Wednesday and ended the day with a market cap of approximately $35.6 billion. UiPath provides complete automation tools including cloud deployment and the company's revenues are growing at an average annual rate of 86%.
Wall Street ended lower on Thursday after Senate Republicans unveiled a $568 billion infrastructure plan, much lower than President Biden's more than $2 trillion proposals.
On the earnings front, American Express (NYSE: AXP) and Honeywell (NYSE: HON) reporting earnings today before the bell.
Crude oil prices slightly rebounded on Thursday while the overall momentum remains bearish throughout this week driven by the surging global COVID-19 infections and weaker-than-expected oil inventory data.
In the currency market, the EUR/USD recovered from the previous session losses. On Thursday, the Euro dropped to below the 1.20 psychological level after the ECB president said the possibility of easing the bank’s bond purchase program anytime soon.
The Safe-haven metal slips lower on Thursday from the fresh weekly highs after the US weekly jobless claims fell to their lowest for over a year.
On the data front, the UK retail sales jumped 5.4% in March following a 2.2% rise in February. On annually the retail sales grew 7.2% in March from a 3.6% drop in Feb. Both the figures beat the market forecast.
Moving ahead today, the important events to watch:
US – Manufacturing and Services PMI: GMT – 13.45
US – New home sales: GMT – 14.00
Worldwide, more than 144 million people have been confirmed infected and more than 3 million have died. The United States has confirmed over 31.9 million cases and has had more than 570,000 deaths from COVID-19, the highest totals in the world. India reports 332,730 cases for the past 24 hours, the highest-ever daily total anywhere in the world for a second straight day, bringing the country total to 16.26 million.
EUR/USD: The currency pair trading steady above 1.2050 supported by better-than-expected PMI data from Germany and Eurozone.
The important levels to watch for today: Support- 1.1990 and 1.1960 Resistance- 1.2080 and 1.2110.
GOLD: The yellow metal retreats back to near the short-term support area of $1780 after it failed to break above the psychological level of $1800.
The important levels to watch for today: Support- 1780 and 1774 Resistance- 1794 and 1800.
Quote of the day: Losses are necessary, as long as they are associated with a technique to help you learn from them David Sikhosana.