Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
british airways
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Markets

$2 trillion economic recovery plan pushes S&P 500 to record high

The S&P 500 increased by 0.4% to place a new record intra-day high.

Published

on

U.S Stock Futures Soar High, as Investors Await Earning Results

As we approach the last day of the week and the end of the first quarter, Wall Street made a recovery to hit new highs. Nasdaq is set for its first monthly loss since November due to the recent upsurge in yields, as investors shift their attention away from growth stocks to value stocks.

The S&P 500 increased by 0.4% to place a new record intra-day high; also month-to-date profit was above 4%, marking its best performing month since November. The Nasdaq posted gains of +1.54% at the end of the trading session. The Dow hovered near the flat line to make a loss of 0.26%.

READ: Bank sell-off triggers bearish move in the S&P 500 index  

  • President Joe Biden’s $2 trillion economic recovery plan has a positive causal relationship with the rise in wall street
  • President Joe Biden also includes raising the corporate tax rate from 21% to 28% to help pay for a massive overhaul of America’s infrastructure.
  • 10-year Treasury increased +2 basepoints to yield 1.7460%

Top gainers

  1. Harley Davidson up 6.85% to close at $40.10.
  2. PVH up 5.57% to close at $105.70
  3. Applied Materials up 5.40% % to close at $133.60
  4. Teasla up 5.08% to close at $667.93
  5. Cadence Design up 4.68%to close at $136.99

READ: Tesla hit a lifetime high, market value now $659 billion

Top losers

  1. Kroger down 5.49% to close at $35.99
  2. ViacomCBS down 3.24% to close at $45.10
  3. SL Green down 3.05% to close at $69.99
  4. Jefferies Financials down 3.03% to close at $30.10
  5. FleetCor down 2.90% to close at $268.63

READ: U.S Stocks tick up on gains from Oil & Gas, Health

Outlook

Technology stocks recovered losses from Tuesday’s session. Largely due to President Joe Biden’s infrastructure proposal.

  • Treasury Bills are still trending upwards which may be seen as a threat to the Wall Street bull run.
  • Traders have been fretfully looking for signs that the stimulus that aided post-pandemic recovery is bringing with it an unwelcome hasty rise in inflation.

Nairametrics advises cautious buying in this era of growing uncertainties.

british airways

0

Ubah,Jeremiah ifeanyi is a PhD candidate of Economics in Covenant university. He has held positions as the financial manager in Opera and is also a research ambassador in M&S research Hub. Ifeanyi is currently the financial market analyst for Nairametrics. Follow Ifeanyi on Twitter @ubahjc

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Markets

Tesla plunges as GameStop posts gains   

Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session.

Published

on

Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.

The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.

The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.

READ: Elon Musk gains $19bn in 3 days, gap with Jeff Bezos shrinks to $4bn

  • The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
  • Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.

Top gainers  

  1. Harley-Davidson up 9.68% to close at $44.29
  2. Albemarle up 3.60% to close at $157.50
  3. Morgan Stanley up 1.83% to close at $80.03
  4. Charles Schwab up 1.76% to close at $65.88
  5. Bank of NY Mellon up 1.61% to close at $46.81

READ: S&P 500 sets record highs on the back of tech stocks

Top losers

  1. Altria down -6.17% to close at $49.08
  2. Arconic down -6.07% to close at $26.02
  3. Synopsys down -3.88% to close at $250.64
  4. Cadence Design down -3.61% to close at $141.94
  5. Broadcom down -3.51% to close at $462.00

READ: Wall Street dips in expectation of inflation report

Outlook

  • As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
  • Speculators are expecting a recovery as the market opens today.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

british airways
+1
Continue Reading

Cryptocurrency

Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse

The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.

Published

on

doge

In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.

Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.

The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.

Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.

READ: SEC ban on foreign stocks denies Nigerian investors of generational wealth

At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.

Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”

british airways
+1
Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.