(DAILY NOTION): A Much Better Closing For SPX500, NAS100, US30, But Can This Sustain? Next Mover: FOMC Meeting Minutes, Nonfarm Payrolls
NASDAQ 100 (as of Jan 6, 2021 at 3 p.m.)
Source: Yahoo Finance
SPX 500 (as of Jan 6, 2021 at 3 p.m.)
Source: Yahoo Finance
US30 (as of Jan 6, 2021 at 3 p.m.)
Source: Yahoo Finance
It was a better closing on for the major Wall Street indices as the NAS100 rose 0.80%, the SPX500 was up 0.69% and the US30 moved up 0.61%. This was contributed by gains in the basic materials, industrials, and particularly, the oil and gas sectors. The energy stocks received a boost as oil prices moved above $50 for the first time since February. This was led by Saudi Arabia’s pledge to cut output by 1 million barrels per day.
The CBOE Volatility Index was down 5.38%. The index, which is also known as VIX, measures the market expectations of SPX500 options volatility over the next 30 days.
Yasen Ibrahim from Investing.com has reported that Goldman Sachs is projecting a U.S. Gross Domestic Product (GDP) growth of 5.9% and continued interest rate. He also reports that the consensus in the market projects that the rally will continue as earnings grow. The Sun Malaysia has also reported that U.S. corporate earnings are forecasted to rebound by 22.1% in 2021.
Zachs Investment Research believes that NAS100 has potential to grow in 2021. Among tailwind factors are the increased dependency on digitalization, which would benefit the technology-heavy NAS100. However, would be blue sweep victory in the U.S. Georgia Runoff Elections limit these gains?
There continue to be jitters in the market over the outcome of the U.S. Georgia Runoff Elections. Another important event this week would be the release of the Federal Open Market Committee (FOMC) December meeting minutes as well as the nonfarm payrolls data this Friday. The ADP December jobs report is forecasted to increase by 88,000, so let’s keep watch.
FOLLOWME User Sentiment (as of Jan 6, 2021 at 3 p.m.)
SPX500
Short – 73.58%
Long – 26.42%
NAS100
Short – 65.38%
Long – 34.62%
US30
Short – 71.76%
Long – 28.24%
Edited 06 Jan 2021, 15:19
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.