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Transition, Vaccines and Retail Sales Make for a Good Week
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Tuesday, November 24, 2020
Market indexes are picking up right where they left off at yesterday’s closing bell: cruising through the Thanksgiving-shortened holiday week (Thursday markets are closed; Friday closes after a half-day), up strongly between a half-point and a full point before the opening bell. Of course, the Covid vaccine candidates are giving investors a glimpse of a world beyond the pandemic next year, and retail sales take off beginning this week, but there are other considerations, as well.
President-elect Biden’s transition now looks like nothing so much as a simple two-week delay, and cabinet-member announcements are bringing us to a return to normalcy. In particular, Biden’s selection of ex-Fed Chair Janet Yellen appears to set market participants’ minds at ease; Biden looks to be building an administration more centrist that some had feared. Also, Chinese stocks look to have been given a boost on the transition, as President Trump’s trade-war tariffs may be a thing of the past. Tesla (TSLA - Free Report) is up another 5% this morning on a Biden administration’s positive sentiment for green energy and electric vehicles, but Chinese EV maker Nio (NIO - Free Report) leaves Tesla’s returns in the dust.
Meanwhile, the Case-Shiller Home Price Index has come out with its September report this morning, with a headline figure of 7% well ahead of the previous month’s upwardly revised 5.8%. It’s the highest single-month growth figure in more than six years, going back to May of 2014. Led by the usual cities — Phoenix (for the 16th straight month), Seattle and San Diego, which put up 11.4%, 10.1% and 9.5%, respectively — all 19 of the 20-cities in the survey (minus Detroit, which has not been included for a while now) went up in value. Housing remains a very strong market.
After today’s opening bell, we’ll get a new print on Consumer Confidence for November. Expectations are for a read of 97.3, down a bit from last month’s 100.9.
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
Image: Bigstock
Transition, Vaccines and Retail Sales Make for a Good Week
Tuesday, November 24, 2020
Market indexes are picking up right where they left off at yesterday’s closing bell: cruising through the Thanksgiving-shortened holiday week (Thursday markets are closed; Friday closes after a half-day), up strongly between a half-point and a full point before the opening bell. Of course, the Covid vaccine candidates are giving investors a glimpse of a world beyond the pandemic next year, and retail sales take off beginning this week, but there are other considerations, as well.
President-elect Biden’s transition now looks like nothing so much as a simple two-week delay, and cabinet-member announcements are bringing us to a return to normalcy. In particular, Biden’s selection of ex-Fed Chair Janet Yellen appears to set market participants’ minds at ease; Biden looks to be building an administration more centrist that some had feared. Also, Chinese stocks look to have been given a boost on the transition, as President Trump’s trade-war tariffs may be a thing of the past. Tesla (TSLA - Free Report) is up another 5% this morning on a Biden administration’s positive sentiment for green energy and electric vehicles, but Chinese EV maker Nio (NIO - Free Report) leaves Tesla’s returns in the dust.
Meanwhile, the Case-Shiller Home Price Index has come out with its September report this morning, with a headline figure of 7% well ahead of the previous month’s upwardly revised 5.8%. It’s the highest single-month growth figure in more than six years, going back to May of 2014. Led by the usual cities — Phoenix (for the 16th straight month), Seattle and San Diego, which put up 11.4%, 10.1% and 9.5%, respectively — all 19 of the 20-cities in the survey (minus Detroit, which has not been included for a while now) went up in value. Housing remains a very strong market.
After today’s opening bell, we’ll get a new print on Consumer Confidence for November. Expectations are for a read of 97.3, down a bit from last month’s 100.9.
Questions or comments about this article and/or its author? Click here>>
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>