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Oil, Steel, EV Companies and Even Cryptos Rise On $1 Trillion Infrastructure Spending

A $1 trillion infrastructure spending bill is signaling good times head in some industries, though economists worry it may continue adding to inflationary pressures.

Furthermore, investors were focusing on U.S. CPI numbers coming out later this week. Specifically to gauge whether rising wages will impact consumer inflation.

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Meanwhile, Friday’s payroll numbers showing a 4.9% increase in hourly earnings.

U.S. Dollar and Treasuries

Price Chg. Chg. %
U.S. Dollar Index (DXY): 94.16 -0.16 -0.17%

 

Yield
U.S. 1 Year Treasury Bill 0.150%
U.S. 5 Year Treasury Note 1.089%
U.S. 10 Year Treasury Note 1.482%

 

Stocks To Watch

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Shares of ChargePoint Holdings strengthened further after gaining 24% in October. The company that makes EV charging stations is expected to benefit from Biden’s massive infrastructure bill.

Steel companies benefited from the infrastructure bill as well. As the House passed the $1 trillion bill, shares of U.S. Steel Corp and flat-rolled steel producer Cleveland-Cliffs jumped more than 4%.  

Shares of Tesla dropped after Musk hosted a Twitter poll asking his followers whether he should sell 10% of his holdings. The poll came as a result of the proposed tax on unrealized capital gains. Musk owns a substantial share of the company, and the sale would be worth $25 billion.

Symbol Company Name Price Chg. % Volume
TSLA Tesla Inc. $1,173.42 -3.98% 1.18M
CHPT ChargePoint Holdings Inc. $27.48 11.30% 488K
COTY Coty Inc. Cl A $9.84 5.92% 460.02K
X United States Steel Corp. $27.36 4.55% 229.95K
CLF Cleveland-Cliffs Inc. $23.35 4.43% 203.47K

 

Commodities To Watch

Oil rose as the U.S. infrastructure bill will likely boost demand. Gold was stable. 

Resource Price Chg. %
WTI Crude Oil $81.80 0.65%
Brent Crude Oil $83.26 0.63%
Natural Gas $5.54 0.51%
Gold $1,818.50 0.09%
Silver $24.32 0.67%
Copper $4.36 0.47%

Crypto

The global crypto market cap is $2.87T, a 3.75% increase over the last 24 hours. Bitcoin’s dominance is currently 43.41%, an increase of 1.06% in the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $65,972.76 +6.35% 1.24t
Etherium ETH $4,738.39 +2.82% 558.46b
Cardano ADA $2.04 +2.37% 63.37b
Ripple XRP $1.26 +5.94% 55.60b
Dogecoin DOGE $0.2805 +6.83% 37.03b

 

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