As fears of rising inflation get real, Fed Chairman Jerome Powell admits that it is no more transitory. While the Dollar Index (DXY) surged, everything including Gold, stocks, Bitcoin, and commodities corrected.
The market has shown a healthy bounceback in the early trading hours on Monday. Apart from COVID variant fears, economists are expecting a healthy bounce back in the economic data.
The general performance of the Asia-Pacific markets was subpar as the region is experiencing the impact of new Covid variant B.1.1.529.
There was a mixture of growth and suppression amongst various company’s stocks on Wednesday.
Seeing the inflation data, investors appear to take capital away from some sectors of the stock market like tech and pump it into other sectors.
As the US government passed the $1 trillion infrastructure bill, stocks from the materials and industrials sectors, likely to benefit the most, registered major gains on Monday.
The surge of the Nasdaq Composite to its ATH was also supported by the impressive job data that was better than analysts’ projections.
US stock indices continue to rally further amid strong earnings reports. A staggering 83% of the S&P 500 companies have reported earnings beating Street estimates.
US stock market kickstarted November with record gains. Tesla continued to rally to new all-time highs surging past $1200 levels on Monday.
The surge to the record high as seen in the S&P 500 was undeterred by inflation fears.
With better-than-expected earnings reports from over 70 of the S&P 500 companies, the stock market continued to rally with the index registering a six-day winning streak. Analysts are hopeful of a further rally by the year-end.
Expectations of the strong earnings reports from top giants ahead this week are driving the US market higher despite a drop in industrial production for the last month of September.
Strong earnings reports help US stocks make major gains on Thursday. Stocks across the banking and tech sector registered major gains. Falling jobless numbers added fuel to the rally.
The US stock registered a relief rally on Thursday as lawmakers agreed to raise the debt ceiling by an additional $480 billion. Tech stocks gained after staying under pressure for a while.
Rising bond yields continue to pressure on tech stocks with Nasdaq Composite correcting another 2%. On the other hand, energy stocks gained momentum amid optimism of economic reopening.