Bullish mood lifts Uber to session high of $30.4

Published: January 26 2023, 03:36 GMT+0

Bullish mood lifts Uber to session high of $30.4

A quick look at yesterday: after dipping down to $28.8, Uber regained earlier losses, closing higher at $30.29.

Uber's uptick comes amid disappointing United States macroeconomic data released during the session – United States Crude Oil Inventories fell short of the 971,000 projections, with new data 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.

A look at other technology stocks also showed bullish price action as ASML Holding traded at $681.53 after closing yesterday's trading day at $670 (up 1.72%).

While Uber was bullish yesterday, the following technology stocks underperformed: TSM draws back 2.27% yesterday to close at $94.56. Texas Instruments went down 1.13%, closed at $177.04.

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%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

Also worthy of note, United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

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

The stock has been trending positively for about 29 days. This year has been a bright one for the ride-sharing heavyweight after trading as low as $20.46 and going on to appreciate by 18% year to date.