Like any hangover, this market needs some patience. More corrections are needed at this stage. The Fed warned more stimulus is needed to push US equities and therefore we experienced 8 weeks low; erasing earlier gains and ending an advance that began on Tuesday. Jobless claims comes more than expected. This time of the month is week and I think Fed will have to jump in again which we'll see the bullish trend.
Apple Inc dropped more than 4% in the afternoon, dragging the S&P 500, Dow Jones Industrial Average, and NASDAQ Composite along with it. Tech-heavy Nasdaq is down nearly 10% for the month.
Dollar is now testing resistance at its 50-day moving average as investors seek a haven from the recent volatility in risk assets. A close above the key level could point the way toward further gains, especially in the options market.
Johnson & Johnson begins the biggest U.S. trial of a one-shot Covid-19 vaccine as global deaths close in on 1 million.
TikTok faces a deadline this weekend to get its sale approved or get banned from app stores (reason behind all the fuss was that, a weaknesses in the algorithm would have allowed attackers to send TikTok users messages that carried malicious links).
Jack Ma's Ant is eying the world’s largest IPO, seeking to raise about $35 billion in the dual listing at a valuation of about $250 billion.
Costco Wholesale Corp prospects look bright for the quarter earnings. Restaurant chain operator Darden Restaurants Inc is expected to feel the pinch of reduced service. CarMax Inc is expected to report good news due to used call sale increase during the pandemic.
Although we are 40 days away from voting, a lot os news are preparing the investors for either case.
Trump’s allegations that postal voting is more susceptible to fraud, Normand and his team do not expect election night to present a clear winner. After 2000 election, the S&P 500 declined 7% from election night until Al Gore’s concession. Although this happened only once but the last contested election came during the post-tech bubble market environment, and we’re currently in the midst of a once-in-a-century pandemic.
Funds overseen by east asian groups (i.e. Anatole Investment , Aspex Management, CloudAlpha Capital and Franchise Capital) returned more than 50% this year due to proximity to China and having an upper hand in foreseeing the future.
Millenials moving to suberbs, further impacting the businesses and condo prices in downtown areas.
Let me know what you think.
Keep smiling and stay charitable.
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