Markets React to New Inflation Numbers

U.S. stock futures rose despite a serious increase in inflation, as investors shrugged off the threat of the Omicron variant.

Year over year, inflation rose 6.8%, meeting expectations, after a 6.2% spike in October. Core CPI jumped by 4.9%, vs 4.6% in October.

The markets expect that the impact of the new variant will be relatively modest. So far, research suggests that the Omicron variant is less lethal than the Delta variant. Even so, it is far more communicable.

Level Chg. Chg. %
DOW Futures 35,761.00 99 0.28%
S&P 500 Futures 4,675.75 16 0.34%
Nasdaq Futures 16,192.25 41 0.25%

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury rose one basis point. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 96.36 +0.09 +0.09%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.285% 0.017 0.268%
U.S. 5 Year Treasury Note 1.299% 0.028 1.271%
U.S. 10 Year Treasury Note 1.516% 0.013 1.503%

 

Stocks To Watch

Shares of Moderna dropped 9% after the company posted positive results of its flu shot study. The company is developing a seasonal mRNA-1010 flu vaccine. While the results of the study were positive, they matched those of Novavax. That means that Moderna will not have the competitive edge in the flu vaccine market, which is what some traders expected.

Oracle, a cloud computing software group, beat expectations on Q2 earnings. Revenues were at $7.5 billion with a profit of $1.12 per share.

Everbridge, a company designing public warning and crisis management software, saw its shares collapse in premarket trading. The shares dropped after CEO David Meredith unexpectedly resigned from his position and from the board. Everbridge did not provide any details about his resignation.

Shares AMC Entertainment, a popular meme stock, dropped after news of insider selling. SEC filings showed that CEO Adam Aron sold $9.65 million in shares. In November, Aron, who played into AMC’s meme stock status, sold an additional $25 million in shares. In June, at the height of the meme-stock mania, AMC traded at an all-time high of $59 per share. It is now trading at about half of that value.

Symbol Company Name Price Chg. % Volume
MRNA Moderna Inc. $249.86 -8.21% 323.96K
AMC AMC Entertainment $29.13 -1.12% 267.7K
ORCL Oracle Corp. $99.50 12.09% 98.46K
EVBG Everbridge Inc. $74.68 -35.27% 71.59K
NVAX Novavax Inc. $175.50 -1.06% 46.78K

Commodities To Watch

Oil was up on good pandemic news. Gold dropped against the dollar. 

Resource Price Chg. %
WTI Crude Oil $71.67 1.03%
Brent Crude Oil $75.15 0.98%
Natural Gas $3.87 1.42%
Gold $1,773.10 -0.20%
Silver $21.87 -0.65%
Copper $4.33 -0.05%

Crypto

Bitcoin continues to waiver around $48,000 as the crypto bear market continues.  The global crypto market cap is $2.29T, a 2.1% decrease over the last day. Bitcoin’s dominance is currently 40.44%, an increase of 0.58% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $48,976.26 -1.06% 925.51b
Etherium ETH $4,159.16 +0.00% 492.04b
Binance coin BNB $584.68 -1.50% 87.90b
Solana SOL $179.38 -4.80% 55.13b
Cardano ADA $ 1.314 -3.75% 40.89b

 

 

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