DJIA -90.55 to 36398.08, NAS Comp -24.65 to 15741.55, S&P 500 -14.33 to 4778.73
Thursday, the S&P 500 (-0.3%) and DJIA (-0.3%) set intraday record highs early in in the session and faded a bit into the close. The NAS Comp (-0.2%) and Russell 2000 (-0.02%) also finished a bit lower. The record-setting start was a carryover from Wednesday.
The last 30 mins of Thursday’s action saw some participants taking profits before they ankled for the New Year’s festivities.
7 of the 11 S&P 500 sectors closed lower, including information technology (-0.7%) and energy (-0.7%) as laggards. The real estate (+0.4%), utilities (+0.3%), health care (+0.2%), and communication services (+0.1%) sectors closed higher.
- S&P 500 +27.2% YTD
- NAS Comp +22.1% YTD
- DJIA +18.9% YTD
- Russell 2000 +13.9% YTD
WTI Crude Oil futures settled higher by 0.4%, or $0.28 at $76.85/bbl, Gold futures settled $8.30 (+0.5%) higher at $1,814.10/oz, and the US Dollar Index is up +0.2% at $96.15.
Electric vehicle maker Nio Inc. (NYSE:NIO) was the Top gainer and the most actively traded as of noon Thursday. Nio, along with Xpeng and Li Auto, is expected to report December’s new car sales either over the weekend or Monday morning.
GameStop Corp. (NYSE:GME) added more than 5% to its share price on Wednesday and traded up more than 2% in the Noon hr Thursday. The company had no specific news.
Robinhood Markets Inc. (NASDAQ:HOOD) traded higher following a report that the company is working on a feature for its mobile trading app that would give people the ability to roll options contracts, and options activity accounted for 61% of Robinhood’s Q-3 trading revenue.
Vaccine maker Ocugen Inc. (NASDAQ:OCGN) announced Thursday morning that a Phase 2/3 trial of its Covaxin coronavirus vaccine in children between the ages of 2 and 18 “demonstrated a greater than 93% reduction in severe disease.” The company used the data to support its November application to the US FDA for emergency use authorization for that age group.
Mayor Adam’s public position has quickly affirmed his position as the East Coast’s Cynthia Lummis. Miami has already brought in millions of new city revenue based on the success of MiamiCoin. On paper, it is a super move for the newly elected mayor of a major tech-centric city, giving new meaning to I Love New York!
There is no question that developing and implementing a CityCoin can help build a crypto culture. It can also provide economic benefits and stimulation. It makes the news and creates a buzz.
The new Mayor is a visionary who understand the long-term potential of blockchain technologies.
He is a leader utilizing the natural advantages available to him. CityCoins are built upon the ability of the city to come together and support an initiative. It is a quality, which ties the city together.
The Knightsbridge DAO is the 1st-of-its-kind, a DAO with a Broker, Exchange, Chain, Consultancy, Service Provider, NFT Hub and an extensive and growing portfolio of Tech, DeFi and real world assets. The Knightsbridge DAO (Decentralized Autonomous Organization) as an organization represented by rules encoded as a transparent computer program, controlled by the organization members, and not influenced by a central government. As the rules are embedded into the code, no managers are needed, thus removing any bureaucracy or hierarchy hurdles. Taking the very best technology from a cross-section of industries to deliver the next step change in decentralization for financial services.
Governments around the world have been looking at adopting, regulating cryptocurrencies since the inception of Bitcoin. Ever since, the crypto ecosystem has been a super ride North. And more people than ever have hopped on for the ride.
We have also seen a massive shift toward digital platforms across all industries as a result of the VirusCasedemic. Political leaders globally have followed suit by taking steps to move their economies in the same direction.
The US Economy
- Initial jobless claims for the wk ending 25 December decreased by 8,000 to 198,000, while continuing claims for the wk ending 18 December decreased by 140,000 to 1.716 million.
- The Key takeaway from the report is the recognition that the 4-Wk MA for initial claims (199,250) is the lowest it has been since 25 October 1969, which reflects the tightness of the labor market.
- The Chicago PMI increased to 63.1 in December from 61.8 in November.
There is no economic data scheduled for Friday, which will be a full day of trading for the US stock market. The bond market will close early.
Representative Ted Budd (R-NC) told us Thursday that Russia would not be threatening to invade Ukraine if President Trump (45) was still in the Oval Office, attributing reports of their offensive to “weakness in the way that Biden has led.”
“What we need is American strength like the way Trump led,” said Mr. Budd, a candidate for the 2022 US Senate election in North Carolina. “This certainly wouldn’t have this problem with the Ukraine and the potential Russian invasion if he was still the president.”
Have a healthy, Happy New Year’s weekend, Keep the Faith!