Michael Lee of Michael Lee Strategy, UBS VP of Wealth Management, Mark Smith, and Belpointe Chief Strategist David Nelson, cover the recent boom and how headlines like earnings, short tightening and government stimulus are impacting the markets.
Nasdaq took the lead at the start of negotiations on Wednesday, with investors looking at another batch of big tech gains and the possibility for Democrats to move forward with their relief package COVID-19 without Republican support.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I: DJI | DOW JONES AVERAGE | 30621.93 | -65.55 | -0.21% |
| SP500 | S&P 500 | 3828.27 | +1.96 | + 0.05% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13621.350379 | +8.57 | + 0.06% |
The Dow Jones Industrial Average fell 82 points, or 0.27%, while the S&P 500 and Nasdaq Composite gained 0.18% and 0.58%, respectively. The initial advance made the high-tech Nasdaq break records.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 3,364.75 | -15.25 | -0.45% |
| GOOGL | ALPHABET INC. | 2,069.62 | +150.50 | + 7.84% |
| QQQ | INVESCO QQQ NASDAQ 100 | 327.41 | -0.27 | -0.08% |
Amazon Inc. announced that CEO Jeff Bezos will step down in the third quarter in favor of an executive chair position. He will be replaced by Andy Jassy, the company’s current head of cloud computing business. The e-commerce giant on Tuesday night reported record annual revenue, fueled by an online shopping boom amid the COVID-19 pandemic.
Alphabet Inc., the parent company of Google, reported a second consecutive quarterly revenue record as its advertising and cloud units boosted sales. Both businesses accounted for 88% of the company’s total revenue.
In coronavirus stimulus news, President Biden’s $ 1.9 trillion COVID-19 aid plan gained traction on Tuesday after Democrats said they would move forward with a budget resolution that would allow them to draft parts of a bill reconciliation that could be approved without Republican support.
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A measure normally needs a 60-vote majority to pass, but the reconciliation process, which can be used once a year and only needs a simple majority to pass, would allow Democrats to submit the bill to the controlled House by the Democrats with a tie. revocation vote cast by Vice President Kamala Harris in the 50-50 Senate, as long as all Democrats approve.
However, moderate West Virginia Democratic senator Joe Manchin told Fox News on Tuesday night that Republicans would have their voices heard, but did not say whether to block the reconciliation attempt.
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| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP | 92.80 | +2.46 | + 2.73% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 8.39 | +0.55 | + 7.02% |
| KOSS | KOSS | 25.49 | +5.49 | + 27.45% |
Elsewhere, the shares of GameStop Corp. skyrocketed after the company appointed Amazon Web Services engineer Matt Francis as chief technology officer. Other recent highly volatile stocks, such as the AMC Entertainment Holdings film network and headphone maker Koss Corp, were also in focus.
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In the meantime, Freeport-McMoRan Inc. appointed CEO Richard Adkerson as chairman of the board and reinstated its dividends that had been suspended in April due to the pandemic. The company’s quarterly payment will be 30 cents per share, up from 20 cents before the outbreak.
In commodities, silver volatility continued with the precious metal rising 64.8 cents, or 2.45%, to $ 27.05 an ounce. Elsewhere, gold rose $ 5.90 to $ 1,839.30 an ounce and West Texas Intermediate crude rose 58 cents to $ 55.34 a barrel.
Foreign markets were traded mixed.
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In Europe, Germany’s DAX 30 rose 0.27%, France’s CAC 40 rose 0.03% and Britain’s FTSE 100 fell 0.15%.
Asian markets also ended up divided, with China’s Shanghai Composite index falling 0.46%, Hong Kong’s Hang Seng index up 0.2% and Japan’s Nikkei 225 up 1%.