Stocks fight back from losing streak
Time to rotate back into stocks hit hard by COVID-19?
Travel, leisure and hospitality stocks expected to jump with vaccine distribution; insight from Belpointe chief market strategist David Nelson.
U.S. equity markets battled higher Friday, attempting to shake off downward momentum that has resulted in losses over four of the past five days.
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The Dow Jones Industrial Average gained 180 points, or 0.66%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose by 0.76% and 1%, respectively.
Looking at stocks, mega-cap tech stocks remain in focus after steering the market in recent days. Alphabet Inc., Amazon Inc. Apple Inc. and Microsoft Corp. were all trading higher
Tesla Inc. shares were on track for a third straight day of gains after announcing Model 3 Sedans made in China would be exported to other parts of Asia and Europe. The stock has gained 12% over the previous two sessions following a 33% plunge from its Aug 31. peak.
Electric-truck maker Nikola Corp. was in focus a day after short-seller Hindenburg Research accused the company of conning General Motors into a partnership. Nikola CEO Trevor Milton said the company had retained law firm Kirkland & Ellis to address the matter and would take its concerns to the SEC.
Elsewhere, JPMorgan Chase & Co. ordered senior employees who work in sales and trading to return to the office beginning Sept. 21, winning a complimentary tweet from President Trump.
Looking at earnings, Oracle Corp. returned to growth as both earnings and revenue outpaced Wall Street estimates.
Peloton Interactive Inc. reported quarterly sales tripled and the company gave revenue guidance for fiscal year 2021 that was well above estimates.
Online pet food supplier Chewy Inc.’s quarterly loss narrowed as both top- and bottom-line results topped expectations amid a surge in demand amid the COVID-19 pandemic.
Looking at commodities, West Texas Intermediate crude oil was trading up 8 cents at $37.38 per barrel and gold was down $11.20 at $1,953.10 per barrel.
U.S. Treasurys ticked lower, pushing the yield on the 10-year note up 1 basis point to 0.694%.
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In Europe, Britain’s FTSE climbed 0.31%, France’s CAC edged up 0.14% and Germany’s DAX was down 0.01%.
Asian markets were higher across the board with China’s Shanghai Composite gaining 0.79%, Hong Kong’s Hang Seng advancing 0.78% and Japan’s Nikkei adding 0.74%.
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