Wall Street remains optimistic about the earnings reports of top tech companies coming next week. While tech leads Nasdaq, the market maintains caution on the hope of approval of the next stimulus bill. Unemployment insurance claims drop for the week ending January 16.
Investors have been waiting on the sidelines with the impeachment developments of President Donald Trump as well as on the hope of the next stimulus package announcement by upcoming President Joe Biden.
As more clarity emerges about the Democrats taking control of both chambers, Wall Street focuses more on the arrival of the next fiscal stimulus ahead as Biden takes the chair on January 20.
The US market remained choppy on the first trading day of 2021 as the rising COVID-19 and the Georgia state Senate runoff elections have kept Wall Street on the edge.
While the growth of economies is tied to these vaccines’ timely distributions, the markets will attempt to trail and break new territories with this headstart into the year.
Economists from Goldman Sachs Group have revised their Q1 GDP forecast to see a growth of 5% though earlier they expected a 3% increase.
Just as expected, the market has reacted to this news. The S&P futures (INDEXSP: INX) recorded a surge of 0.62% right after the Christmas holiday.
As the year comes to an end and the final trading week of 2020 begins, Asia markets were mixed on Monday as some firms pulled in gains and others declined. Alibaba stock is in the red.
The uncertainty about the relief measures puts the market on the edge. President Trump has noted that the $900 billion package isn’t suitable and has called for increasing direct payments from $600 to $2000.
Tech giant Tesla Inc made its S&P 500 debut. This comes at a time when a new, more infectious strain of the coronavirus is shaking markets globally.
The Dow Jones has gained 5.8% this year while the S&P 500 has rallied 14.8% and the Nasdaq Composite comes off with the biggest pump with a 42.2% surge.
Its daily peak users surged significantly with a report showing an unprecedented growth from 10 million users in December 2019 to 100 million users in April 2020.
As Tesla prepares to make an entry to the S&P 500 index later today, here’s how it will impact the index movements.
Many market analysts believe that the addition of Tesla to the S&P 500 may signal the beginning of the end of the TSLA bubble.
Nasdaq 100 will include stocks of Marvell Technology, Okta, and Atlassian. Besides, it will add American Electric Power, Match Group, and Peloton Interactive stocks.