US Stock Market update Thursday
Fears of U.S. stock investors are being allayed as the frenzy over retail trading is beginning to ease. Most retail interest shares began to fall seriously on Tuesday as the power of retail began to wane and lose ground but thankfully it’s being restored.
The U.S. Secretary Janet Yellen is set to meet with officials from the Securities and Exchange Commission, the Federal Reserve Board, the Federal Reserve Bank of New York, and the Commodity Futures Trading Commission, according to a statement from her department to discuss recent developments
The U.S stimulus bill proposed by President Joe Biden seems to be gaining a lot of ground even despite Republican opposition.
Meanwhile, tech stocks seem to be of high focus with Amazon and Google taking in healthy earnings.
Amazon’s CEO Jeff Bezos announced today that he would be stepping down as CEO and Amazon Web Services head would be taking over in the third quarter of 2021.
Amazon trumped investor’s expectations by reporting fourth-quarter revenue of 125.6 billion dollars while Google sent shares surging at nearly 9%.
Amazon’s (AMZN) shares were up over 2% in the pre-market as investors‘ initial fears over the news of CEO Jeff Bezos stepping down were tempered by the realization he would still be heavily involved in Amazon (AMZN). Amazon reported record results after the close on Tuesday.
On the other hand, in Italy, stocks increased rapidly after Mario Draghi, the former European Central Bank president, was said to be the country’s next prime minister.
Spotify shares are lower in pre-market trading as revenue beat forecasts but a worse than expected loss hit.
Alibaba shares were significantly higher as ANT was rumored to have reached a deal with Chinese regulators.
Stocks were also lifted by signs that the worst stage of the coronavirus pandemic is abating. Daily new cases have fallen to their lowest since early November, and hospitalizations have trended lower in recent weeks. Vaccinations have accelerated, suggesting the country could be on its way to a reopening.
Here is a summary of recent moves in the market;
- Futures on the S&P 500 Index climbed A bit at 0.5%
- The Stoxx Europe 600 Index gained at 0.8%.
- The Euro hardly changed at $1.2039.
- The British pound hardly changed at $1.3669.
- The onshore yuan hardly changed at 6.458 per dollar.
- The Japanese yen weakened 0.1% to 105.05 per dollar.