Bullish mood lifts Goldman Sachs to session high of $349.95

Published: January 26 2023, 05:31 GMT+0

Bullish mood lifts Goldman Sachs to session high of $349.95

Yesterday at a glance: after closing at $348.33 on Tuesday, Goldman Sachs maintained a strong bullish bias that helped the stock close higher at $349.63 yesterday. However, market bears ensured the the investment banking giant topped out at $349.95 and that by the end of the session, the market had marked out a distinct $343.94 to $349.95 range.

Goldman Sachs's uptick comes amid disappointing United States macroeconomic data released during the session – highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

Meanwhile, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in Goldman Sachs's share price coincided with other financials stocks as Wells Fargo & Company was up 2%. HSBC Holdings added 1.06% to its value, and traded at $37.08.

While Goldman Sachs was bullish yesterday, the following financials stocks underperformed: HDFC Bank Limited closed at $66.93 (down 6.31%).

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, the market is looking at today at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

Approximately 2 months ago, the investment banking giant reached a significant high of $388.86 but has struggled to hold onto its gains and declined 10.42% since then.