US close, nos etc,11 Dec 2020 05:05
A surprise rise in new jobless claims sent equities lower at the bell. Analysts had expected 725,000 but the nos jumped 137,000 to a seasonally adjusted 853,000. Investors pulled out of the mrkt sending the 30 down nearly 200 in the first hour.
Buyers returned when talks on the stimulus package were said to be progressing well as the spikes of covid infections, the rise in jobless puts pressure on the policy makers to come up with a deal. Pfizers vaccine will be given clearance by the FDA for immediate use today. The Dow tracked sideways in a 200 point range for the rest of the session with little news to excite traders.
Airbnb Inc's shares opened at $146 far above the IPO $68. Under pricing IPOs seems to be a feature of the euphoric US IPO mrkt. Doordash which debuted yesterday at $110 slipped $6 to $184 on profit taking. Its mrkt value has doubled to $71bn. That valuation puts DoorDash in the top 10 of the the UKs most valuable Companies.
Energy stocks were in demand
Chevron ($93) topped the big board as crude surged to $50 its highest since March and up 36% this Q. Economies re-opening and vaccines now in use has been the catalyst for the re-rate. Airlines & Cruise companies have benefited as pent up demand is seen surging in H2 2021. United has risen $12 to $51 this month and Carnival ($23) has jumped 50%. Only Apple & Netflix gained on the FAANG index.
Nothing stops Tesla, shares up another $20 to $625 as it expects to complete its $5bn raise today. Stock up 650% ytd trades in the 'exosphere'.... where others fear to venture.....
At close 10•3bn shares were traded on the NYSE risers 1•27:1 over fallers and 10 new 52 wk highs, 11 new lows. The 500 is up 14% ytd.
DJ -70 (29,999)
SP -5 (3668)
NS +67 (12,466)R
R2 +21 (1923)R
WTI $46•81
10y/tb 0•911%
Nos: Oil $50•34. Vix 23.
Gold $1840. Copper $3•55.
Palm $911. $1•332. €1•095.
IDR 14,097. MSCI(W) 632.
FF -6. DF u/c.
Morning all.
Sign In
Follow the stocks
