U.S Stocks rallied higher at the most recent trading session, led by big tech brands (Apple & Oracle), as positive macros on the COVID-19 vaccine prompted long bets on U.S stocks.
Oracle Corporation stock price gained 4.32%, as the tech firm appeared to be the chosen partner for TikTok business in the U.S. ByteDance. The owners of TikTok, had earlier disclosed that it preferred to partner, rather than sell, TikTok’s U.S. business, rejecting an offer for outright sale from Microsoft.
Microsoft’s stock price ended slightly higher at 0.68%. Apple Inc was up by more 3%, while the stock price of Facebook; Alphabet, owners of Google; and Amazon.com ended the trading session bearish.
The Dow Jones Industrial Average gained 1.18%, and the S&P 500 was up by 1.27%, while the Nasdaq Composite (comprising of tech heavy-weights) gained 1.87%.
The tech-heavy Nasdaq ended its two-day losing streak, as deal activity lifted sentiment on the sector.
Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to our source, spoke on the fundamentals that keeps stock traders hopeful.
“Even though the Feds are unlikely to go full tilt, there is sufficient policy juice in the tank, not to mention what’s in reserve to keep the market humming along quite well,”
“Despite the sharp sell-off last week, investors remain optimistic about the US equity market’s path in the coming months,”
“Economic data points to a continued recovery, while further reopening and vaccine progress will likely set the wheels in motion for another move higher in stocks.”
Investors should expect markets to remain volatile in the short-term, but the recent setback is hardly a cause for panic, especially since some of the tech giants have recently reached dizzying heights.
Nigerian stocks slightly bullish as ETERNA and UPL soar
The stock exchange market made a bullish trend at the end of today’s trading session posting gains that increased the index by +5.47 points. The All-Share Index increased by +0.01% closing at 37,952.65 from 37,947.18 index points.
• The stock exchange market value currently stands at N19.78 trillion. Its Year-to-Date (YTD) returns currently stand at -5.76%.
• The market breadth closed positive as ETERNA led 22 Gainers, and 10 Losers topped by FTNCOCOA at the end of today’s session.
• The stock market has declined -2,318.07 basepoints since the start of the year.
NGX ASI top gainers
1. ETERNA up +10.00% to close at N7.13
2. UPL up +9.93% to close at N1.55
3. CUTIX up +9.92to close at N3.99
4. REGALINS up +8.89% to close at N0.49
5. LEARNAFRCA up +8.76% to close at N1.49
NGX ASI top losers
1. FTNCOCOA down -7.32% to close at N0.38
2. SOVRENINS down -6.06% to close at N0.31
3. ETI down -3.77% to close at N5.10
4. STERLNBANK down -3.21% to close at N1.51
5. UBN down -2.68% to close at N5.45
• Market sentiments trend towards the bulls as 22 gainers outweighed 10 losers.
US stock market dips amid rise in Moderna, BioNTech
As inflation fears overshadowed solid retail sales statistics and better-than-expected earnings reports, US markets dipped on Friday, sending the Dow Jones Industrial Average into the red for the week.
After Treasury Secretary, Janet Yellen issued an inflation warning, the Dow Jones Industrial Average fell. Meanwhile, Virgin Galactic (SPCE) fell once again, putting it on course for a huge weekly loss. AMC Entertainment (AMC), a meme stock, is also down this week.
Moderna (MRNA) soared on news of its inclusion in the S&P 500, while BioNTech (BNTX) remained on the rise.
Inflation fears kept the market back all week, but the S&P 500 and the Dow did briefly reach fresh all-time highs. The consumer price index rose 5.4 % in June from a year ago, the quickest rate in nearly 13 years, according to data released on Tuesday.
Quick market analysis
Among the main indices, the Nasdaq fared the best, although it still declined approximately 0.6 %. Cintas (CTAS) was the best performer, gaining more than 4%, while Trip.com (TCOM) was the worst performer, losing just over 4%.
The S&P 500 lost 0.6%, closely matching the Nasdaq. Teleflex (TFX) was a standout performer, rising more than 3%. However, the stock dropped over 10% on Thursday. Norwegian Cruise Line (NCLH) was the worst performer in the S&P 500, falling nearly 5%.
Sectors in the S&P 500 were mixed, with utilities and real estate leading the way. The worst were energy and materials. The Russell 2000 index was down roughly 0.6%, indicating that small caps were sliding again.
The Dow Jones Industrial Average fell by about 8%, Amgen (AMGN) and Procter & Gamble (PG) were the best-performing stocks, with Amgen up 0.7% and Procter & Gamble up 1.1%.
Nigeria’s stock market soars amid plunge in CWG and IKEJAHOTEL
Nigeria’s stock exchange market ended today’s trading session bullish, posting a profit at the end of the trading session. The All-Share Index increased by +0.18% to close at 38,482.52.
• The Nigerian Stock Exchange market value currently stands at N20.3Trillion. Its Year-to-Date (YTD) returns currently stands at -4.44%.
• The market breadth closed positive today as UPL led 15 Gainers, and 20 Losers were topped by CWG at the end of the session showing a consolidation as movement is not certain.
1. UPL up +9.38% to close at N1.40
2. REGALINS up +8.16% to close at N0.53
3. VERITASKAP up +5.00% to close at N0.21
4. CHIPLC up +4.17% to close at N0.75
5. ROYALEX up +3.90% to close at N0.80
1. CWG down -9.66% to close at N1.87
2. IKEJAHOTEL down -9.09% to close at N1.00
3. NASCON down -8.78% to close at N13.50
4. JOHNHOLT down -8.62% to close at N0.53
5. LINKASSURE down -8.33% to close at N0.55
• Market sentiments trend towards the bulls as 15 gainers outweighed 20 losers.