U.S. markets rose in early trading Friday as investors backed away from concerns about a slowdown in global growth, the Fed’s expected tapering and the Chinese tech crackdown.
Traders ignored news that yet another investment bank’s research department is joining others in urging caution. Deutsche Bank joined the ranks of Goldman Sachs, Morgan Stanley, and Citigroup in issuing a warning about a potential “correction” in overvalued U.S. stocks. Strategists at Deutsche Bank wrote that the risk that “correction is hard” is growing. “Valuation corrections don’t always require market pullbacks, but they do constrain returns.”
Meanwhile, Hong Kong-listed Chinese tech companies rose after China clarified it would slow rather than stop all approvals of new video games.
President Joe Biden and China’s Xi Jinping had a 90-minute call on Friday, which boosted U.S. and Asian stocks.
Not even a record 8.3% annualized increase in the prices that producers pay for goods was enough to deter investors on Friday morning. The dollar traded slightly lower while the yield on the 10 year treasury bond rose slightly.
Stocks To Watch
Oil and gas company Camber Energy was up in premarket trading, after gaining more than 31% during Thursday’s regular trading hours. The popular meme stock was up on renewed retail investor interest.
Biopharmaceutical company IVERIC bio rose nearly 71% to $14.93 after the investment banking firm Stifel recommended it as a buy at a target price of $22.00. Investors call the company a leader in the treatment of Geographic Atrophy, age-related degeneration of eyesight.
T2 Biosystems announced its T2SARS-CoV-2 rapid detection diagnostic test is capable of detecting the Mu B.1.621 and Iota B.1.526 Variants of the novel coronavirus.
The stock of Sonim Technologies jumped after the company introduced waterproof headsets from Klein Electronics.
Commodities To Watch
Oil rose on the improving economic outlook and the ongoing disruption due to Hurricane Ida. Gold fell slightly.
|WTI Crude Oil||$69.44||1.91%|
|Brent Crude Oil||$72.77||1.85%|
The cryptocurrency world is gearing for a fight with the Securities and Exchange Commission (SEC) after the regulator issued a warning against Coinbase against offering a 4% annual yield on customers’ deposits.
The global crypto market cap is $2.06T, a 9.71% decrease over the last 24 hours. Bitcoin’s dominance is currently 42.55%, an increase of 0.44% in the same period.
|The global crypto market cap is $2.10T, a 1.06% decrease over the last 24 hours. Bitcoin’s dominance is currently 41.34%, an increase of 0.35% in the same period.|
|Symbol||Price||Chg. %||Market Cap.|