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Markets Race Toward the Green in Thursday Trading

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Market indexes made a race to positive territory in the last hour of trading today, with both the S&P 500 and Russell 2000 crossing just a hair into the green. The Nasdaq had kept on the plus-side most of the day, keeping its strength among indexes as it stays positive for the ninth trading day in the last 10 — led by big-cap tech, as per usual.

Nasdaq superstar Tesla (TSLA - Free Report) finished above $1000 per share today on upward guidance, growing 1.23% during regular trading hours. The stock has been on a tear, now up 140% year to date. Which is extraordinary for a good stock in a great industry, let alone one expected to deliver 50% fewer automobiles over the course of Q2. Tesla has no delivery guidance, as pandemic conditions have wreaked havoc on auto manufacturers’ expectations.

Also demonstrating strength today were Energy stocks, including HollyFrontier (HFC - Free Report) , up nearly 5% today, and Phillips 66 (PSX - Free Report) , up 4.6%. A meeting today of OPEC+ heads recommitted their commitment to production cuts going forward, in order to work down the global supply glut and bring about price increases. The gradual reopening of economies around the world with bring about more fossil fuel energy use, and unless everyone goes out and buys a Tesla — which some people clearly expect to happen (see above) — more motorists on the roads will help bring about more oil usage.

We have fewer than two weeks before the end of calendar Q2. By all accounts, it will be a rough one. But when earnings reports begin to filter in a month from now, along with monthly and quarterly economic data, the bad news we’re certain to absorb will come with one comforting thought: it was a condition of the recent past. As long as the path forward is filled with reopenings — and especially re-hirings — we might expect a far better Q3.


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