“Tuesday, the DJIA marked a record closing as financial and industrial shares rallied, while techs fell”–Paul Ebeling
The S&P 500 was flat, with declines in shares of big growth names weighed on the index and the NAS Comp, while the S&P 500 bank index was also up sharply.
Energy, financials and industrials were among sectors leading gainers in the S&P 500. Helping sentiment, the WHO cited increasing evidence that the Omicron variant caused milder symptoms than previous variants.
I believe that financials and other value-oriented stocks now lead markets’ next Bull leg North as investors prepare for interest rate hikes from the Fed by mid-year to curb high inflation.
DJIA +214.59 at 36799.65, NAS Comp -210.08 to 15622.71, S&P 500 -3.02 to 4793.54
Both the S&P 500 and DJIA set intraday record highs, while the DJIA set a closing record high.
- DIA +1.3% YTD
- Russell 2000 +1.1% YTD
- S&P 500 +0.6% YTD
- NAS Comp -0.1% YTD
WTI Crude Oil futures settled higher by 1.3%, or $1.00 at $77.00/bbl, Gold futures settled $14.50 higher (+0.8%) to at $1,814.60/oz, and the US Dollar Index is at $96.29.
Reliance Global (RELI) shares traded up almost 23% at $9.32, in a 52-wk range of $1.83 to $9.95. The average daily trading volume is around 3.7-M/shares, and more than 52-M/shares changed hands on the day.
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Despite Bitcoin’s ups and downs, the #1 cryptocurrency could reach $100,000 according to analysts at Goldman Sachs Group, it is steadily pushing out gold’s place in the store of value market. After nearly topping $70,000 in November, bitcoin has been declining steadily and fell by nearly 30% in the last month. Goldman Sachs, puts bitcoin’s float-adjusted market capitalization at just below $700-B or 20% of store of value market.
Goldie raised the possibility of, in the next 5yrs, bitcoin making up as much as 50% of the entire store of value market. This would put its value at around $100,000 and an annualized return of between 17% and 18%.
The US Economy
- The December ISM Manufacturing Index checked in at 58.7% Vs 61.1% in November. A number above 50.0% is indicative of expansion. December marked the 19th month running of expansion for the manufacturing sector.
- The Key takeaway from the report is the recognition that price pressures softened some, presumably due to improved supply chain conditions and global staffing challenges.
- Job openings decreased to 10.562-M in November from a revised 11.091-M in October.
Looking Ahead: Investors will receive the ADP Employment Change report for December, the FOMC Minutes from the December meeting, the preliminary IHS Markit Services PMI for December, and the weekly MBA Mortgage Applications Index Wednesday.
President Trump (45) to host a Y 2022 midterm election fundraiser on 23 February at his Mar-a-Lago resort in Florida
The event, hosted by the super PAC Make America Great Again, Again, will boost support and money for candidates he has endorsed in the current cycle, featuring a ‘select group who will be attending.
Tickets to the dinner portion of the fundraiser start at $3,000/person or $5,000/ couple. Those who donate $125,000 will be able to attend all of the day’s events, including a photo and a private dinner with President Trump.
Have a prosperous day, Keep the Faith!