Trish Regan’s Market Notes: Tech Stocks Jump Higher (Again!)

Tech moved higher in early Monday trading as investors remain encouraged by dovish remarks made by Fed Chair Jerome Powell on Friday. 

On Friday, Jerome Powell reassured investors that the stimulus will be phased out gradually and cautiously and that he intends to begin that process (known as ‘tapering’) this year. (Story continues below.)

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Though Chairman Powell stated that the Fed is set to begin its $120 billion in bond purchases, interest rate hikes may come much later and will be highly dependent on overall economic health.

For now, the Fed seems quite content to ignore inflation as well as any asset bubbles it may be inflating. 

Equities

U.S. stock futures were steady in premarket trading after the Fed’s announcements. 

Level Chg. Chg. %
DOW  35,423.57  -35 – 0.11%
S&P 500  4,520.60 +11.14 +0.25%
Nasdaq COMP 15,205.62 +72 +0.51%

U.S. Dollar and Treasuries

U.S. Treasury yields were mixed. The yield on the 10-year Treasury was stable. The dollar strengthened against a basket of major currencies.

 

Price Chg. Chg. %
U.S. Dollar Index (DXY): 92.67 -0.02 -0.02%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.070% 0.003 0.068%
U.S. 2 Year Treasury Note 0.219% -0.012 0.231%
U.S. 5 Year Treasury Note 0.798% -0.008 0.806%
U.S. 10 Year Treasury Note 1.303% -0.001 1.314%
U.S. 20 Year Treasury Bond 1.855% 0.010 1.845%
U.S. 30 Year Treasury Bond 1.928% 0.010 1.918%

Stocks To Watch

Investment company Vinco Ventures was up in premarket trading after being targeted for a short squeeze last week. The company is surging on retail investor interest, bolstered by the announcement that it is expanding into NFT’s and the crypto space. 

Globalstar, an American satellite communications company, is up again after announcing a partnership with Apple. The company will provide low-earth-orbit satellite communications services. Recent reports show that the company could bring satellite communication connectivity to the upcoming iPhone 13. 

Chinese ed-tech firm New Oriental Education rallied over the weekend, together with other Chinese tech stocks, as investors are bargain hunting.

Symbol Price Chg. Chg. % Volume
Vinco Ventures Inc BBIG $8.25 +2.950 +55.66% 24.55M
Globalstar Inc GSAT $1.95 +0.5200 +36.36% 9.93M
New Oriental Education EDU $2.16 +0.160 +8.00% 4.45M

 

Commodities To Watch

Oil dropped as Hurricane Ida weakened, after forcing shutdowns of the U.S. Gulf production. Gold was steady. 

Price Chg. %
WTI Crude Oil $68.62 -0.17%
Brent Crude Oil $71.85 0.21%
Natural Gas $4.39 0.11%
Gold $1,820.10 0.03%
Silver $24.19 0.53%
Copper $4.38 1.19%
Soybeans $1,323.00 -0.02%

Crypto

The global crypto market cap is $2.06T, a 1.43% decrease over the last 24 hours. Bitcoin’s dominance is currently 43.58%, a decrease of 0.04% in the same period.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $47,864.89 -0.78% $899.94b
Etherium ETH $3,185.92 -0.09% $372.39b
Cardano ADA $2.81 -2.79% $87.36b
Ripple XRP $1.13 -0.98% $49.75b
Dogecoin DOGE $0.2778 -0.50% $36.40b

 

 

 

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