Warner Music posts solid session with 1.58% gain; upside capped at $36.52

Published: January 26 2023, 02:31 GMT+0

Warner Music posts solid session with 1.58% gain; upside capped at $36.52

A quick look at yesterday: pronounced bullish sentiment in the market helped the world's 3rd largest recording company to make a notable 1.58% gain yesterday, rising 56 cents and ultimately closing at $36.03.

Nevertheless, data from United States concerning Crude Oil Inventories was released yesterday at 15:30 UTC. Newly published figures emphasized continued decline from last month's figure of 8.41 million to 533,000 this month.

At the same time, 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 communication services stocks also showed bullish price action as AT&T gained 6.58%, as it traded at $20.42. T-Mobile traded at $148.07 after closing yesterday's trading day at $145.81 (up 1.55%).

Warner Music went up yesterday, yet these communication services stocks did not follow — Alphabet drops 2.5% yesterday to close at $99.21.

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%.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

Warner Music hit a significant low of $22.35 around 3 months ago, but has since recovered 58.7%.