US stock market rose parabolically yesterday (NASDAQ soared 3.8%, best session since Apr) as the signs of a Biden presidency with a Republican senate became more evident. The reason why investors are enjoying this combination is because foreign policies and negotiations with China will get a major chance under Biden. Although we might get a smaller stimulus package under him, but that is less significant. Also, a Republican senate means Biden may not be able to tighten the regulations and increase taxes on corporations. Bitcoin is up by 5%, however banks and treasury yield tumbled because there would be no change in spending. We expect no major monetary policy changes when Federal Reserve will announce their decision at 2pm.
US recorded over 80k job cuts in Oct which was 32% lower compared to Sep and the lowest in seven month.
Apple is aiming to drop Intel from its MacBook line and replace them with its in house built CPU by 2022.
Biden is very close to claim the presidency, holding 264 electoral out of 270. He basically needs one more outstanding state. Trump on the other hand needs to win every other outstanding state to continue his term, but he has already requested a recount in Wisconsin and attempting to stop the counting in the states where he is ahead, and encouraging vote count in states where he is behind (literally, this is not a joke). If he looses there is a chance of instability in the market because he might continue the push back against leaving the oval office.
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