U.S. markets traded higher amid another week of earnings and a potential bombshell Fed announcement.
At midday, the Dow was up 54 points, the S&P 500 traded flat and the Nasdaq gained 47 points.
The Fed will hold its monetary policy meeting on Tuesday. Analysts predict that this is when the Fed will formally start to ‘taper’ or, slow down its pace of monthly bond purchases.
Whether the Fed will in fact do that, however, is still somewhat debatable. At present, there are concerns about slowing growth that have some investors questioning the Fed’s strategy. Nonetheless, inflation is increasing and thus, the Fed should be incentivized to pull back on its money-printing strategies.
U.S. Dollar and Treasuries
The yield on the 10-year Treasury rose to 1.582%. The dollar weakened against a basket of major currencies.
|U.S. Dollar Index (DXY):||93.95||-0.17||-0.19%|
Stocks To Watch
Tesla (TSLA) continues its last week’s surge. Trading up 6% to $1,180.02. Ganfeng Lithium announced it has signed a contract with Tesla to supply it with batteries.
Plug Power (PLUG), a hydrogen fuel cell company gained nearly 8%, after last week’s rally. Investors expect that the focus on clean energy and infrastructure will boost the company’s business.
Shares of Novavax (NVAX) surged nearly 13% after the company announced it has completed its submission to Canada’s authorities for its COVID-19 vaccine candidate.
Shares of Meta Platforms (FB) formerly known as Facebook rose, up 3.7%, amid the company’s rebranding effort. Investors are optimistic about the company’s focus on the ‘Metaverse.’
Commodities To Watch
Oil prices rose on demand outlook, despite a rise in Chinese fuel reserves. Gold rose.
|WTI Crude Oil||$84.06||0.59%|
|Brent Crude Oil||$84.26||0.65%|
The global crypto market cap is $2.65T, a 2.62% increase over the last 24 hours. Bitcoin’s dominance is currently 44.05%, a decrease of 0.24% in the same period.
|Currency||Symbol||Price||Chg. %||Market Cap.|