President Putin Ignored Mr. Biden, So Did the Financial Markets

#markets #financial #Putin #Biden #stocks #commodities #memes #cryptocurrencies #economy #politics

$DIA $QQQ $SPY $RUT $VXX $USO $GLD $USD $ETHUSD $KNIGHTSUSD

“Mr. Putin’s Key message; Western military activity is a threat to Russia, and that the United States was raising tensions in the region by increasing its “military potential near our borders.””— Paul Ebeling

Meanwhile, the rally accelerated!

DJIA +492.40 at 35719.43, NAS Comp +461.76 at 15686.91, S&P 500 +95.08 at 4686.75

The major averages built on Monday’s gainers with the S&P 500 (+2.1%) jumping to within 60 pts of its record high from 2 wks ago. The NAS Comp (+3.0%) outperformed, while the DJIA (+1.4%) lagged the benchmark index after showing relative strength Monday.

  • S&P 500 +24.8% YTD
  • NAS Comp +21.7% YTD 
  • DJIA +16.7% YTD
  • Russell 2000 +14.1% YTD

The Key Commodities

Crude Oil rallied $2.36, or 3.4%, at $71.95/bbl, Gold futures settled $5.20 higher (+0.3%) at $1,784.70/oz, and the US Dollar Index is trading at $96.43.

Cryptocurrencies

Lane Rettig, 1 of Etherium’s (ETHUSD) former core developers, says crypto could change everything from the way businesses are formed and run, to how tickets are purchased for sporting events and concerts, and how salaries are paid.

“It’s the beginning of a new economy that creates value for people everywhere” he declared.

Adding, Crypto could spur a whole new generation of entrepreneurs and start-ups by making it drastically cheaper and easier to start a company. If small businesses are the backbone of the US economy, crypto could cause them to rocket, fueling growth.

Meanwhile, KNIGHTS is trading comfortably above $700 on its way to $1,000.

Memes

Cybersecurity provider IronNet (NYSE:IRNT) added more than 16% to its share price Tuesday. The company had no specific news, but a more intense federal focus on cybersecurity attacks against businesses, governmental agencies and critical infrastructure may be lifting the shares.

Gaming technology platform maker Skillz (NASDAQ:SKLZ) added about 15% in morning trading Tuesday. Two of Cathie Wood’s ARK Invest ETFs together hold about 20.3 million shares of Skillz stock.

Shares of Greenidge (NASDAQ:GREE) traded up 15.84% at 17.55 within a 52-wk range of $12.70 to $519.04 (split-adjusted) on 1.1-M/shares The average daily trading volume is around 3-M shares.

The US economic data

  • The October Trade Balance Report showed a narrowing in the deficit to $67.1-B from a downwardly revised $81.4-B in September, with exports up $16.8-B and imports up $2.5-B from September marks.
    • The Key takeaway from the report is the uptick in both exports and imports, which is a good sign of increased economic activity on a global basis.
  • The revised Q-3 Productivity and Unit Labor Costs report showed productivity being revised down to -5.2% from the advance estimate of -5.0%. That is the largest decline in productivity since Q-2 of Y 1960. Unit labor costs were revised up to 9.6% from 8.3%.
  • Consumer credit increased by $16.9-B in October after increasing a downwardly revised $27.8-B in September.

Looking Ahead: Wednesday, the wkly MBA Mortgage Index will be released at 7:00a EST, followed by JOLTS Job Openings at 10:00a EST.

Politics

Mr. Biden spoke with President Putin, warning that the US and allies would “respond with strong economic and other measures in the event of military escalation” in Ukraine, according to a statement from the White House.

Have a prosperous day, Keep the Faith!

#Biden#commodities#cryptocurrencies#econ#economy#financial#markets#memes#military#politics#Putin#Russia#stocks#Ukraine#US