January 19, 2021

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Green start on Wall Street in the making

Green start on Wall Street in the making

Source: ABMfn

American stock markets are expected to start profitable on Monday.

Futures on the S&P 500 index rose 0.8 percent half an hour before the opening bell, and the Nasdaq appears to be opening slightly better.

Due to the upcoming New Year, it will be a short week. Many traders will have been on vacation and the big institutional investors have already closed their books. This means that volatility can increase significantly.

US President Donald Trump signed the $ 900 billion corona support package last night despite the president’s earlier criticism of this package.

“An estimated 14 million unemployed receive their benefits with the aid package,” says chief economist Luc Aben from Van Lanschot Kempen.

Not unimportant, according to Aben, Trump also signed an amount of 1.4 billion dollars to provide the federal authorities with money through September. “Otherwise, there is a risk of shutdown or closure of various government agencies and a delay in the introduction of the corona vaccine.”

“President-elect Joe Biden has pledged to provide more support while sitting on the plush of the White House,” added Aben.

American consumer confidence is still on the agenda this afternoon.

The euro / dollar was trading at 1.2216 and oil became a little more expensive.

Corporate news

There wasn’t much company news on Monday. Chinese social media giant Weibo, listed on the Nasdaq, released quarterly figures. Both sales and profits were under pressure. Still, Weibo is positive for the current quarter. The stock appears to open 1.5 percent lower.

Chinese tech giants like Alibaba and Tencent have had problems in recent trading days. Beijing seems to want to curtail the power of these internet giants. Previously, the IPO of Ant from Alibaba was stopped. Alibaba fell 8 percent and Tencent fell nearly 7 percent in Hong Kong.

AstraZeneca stock is likely to have the wind on its back with UK regulatory approval for its corona vaccine pending. The opening announcement for the listing on the Nasdaq is plus 4 percent.


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