US Stock Market Today: Another week, another record high, Superbowl effect in play for 2021?
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UNLOCK OFFERHere is what you need to know on Monday, February 8:
European indices started the week in positive territory with the FTSE up 1%, EuroStoxx up 0.7%, and Dax up 0.5%.
Overnight, Asian stocks closed in the green with the Nikkei ending 2.1% higher and the Hang Seng closing a more modest 0.1% higher.
US markets were pointing towards another higher open with Nasdaq up 0.4%, Dow futures up 0.5%, and S&P futures showing a gain of 0.4%.
See FXStreet New Equities homepage.
EuroStoxx 50
Asian markets were positive on Monday with the Nikkei powering to a 30 year high. Asian shares pushed on from US markets strong week. Steel stocks helped Japanese markets higher with Nippon and Kobe Steel both sharply higher.
European markets were also boosted by the strong performance on Wall Street with investors citing renewed confidence for a sharp recovery in Q2 2021. German industrial output was weak in December, “we suspect that factory output declined in January... the recovery has been losing momentum”, according to a Capital Economics client note.
US Stock futures looked set for further record highs on Monday. Thankfully the NFC champions, Tampa Bay won the Super Bowl, setting the scene for a bullish stock market for the remainder of the year. It is a statistical oddity but the US stock market rallies 80% of the time if the NFC champions win the super bowl!
US Treasury Secretary Yellen says the US stimulus plan could result in full employment being reached in 2022.
Inflation concerns could be about to resurface, “It will be hard not to see inflation in something when we get what is likely to be a short-term stimulus boost,” Deutsche Bank’s Jim Reid said.
Tesla (TSLA) announces it has bought $1.5 billion in Bitcoin, sending bitcoin higher.
South Africa decides to no longer use AstraZeneca’s vaccine as the country worries over the effectiveness of the drug against the South African variant of Covid-19.
Up’s and downs!
RBC raised its price target on Apple (AAPL) to $171, Stiefel upgraded Target (TGT) to a buy, RBC upgrades Hershey (HSY) to outperform, Jefferies increased Estee Lauder (EL) and Morgan Stanley increased its price target for SNAP.
Stocks covered at FXStreet:
Gamestop (GME) Stock Price and News: Trading short-circuited after 55% surge (fxstreet.com)
Nokia (NOK) Stock Price and News: Connecting with people and Reddit! (fxstreet.com)
Gamestop (GME) Stock Price and News: Trading short-circuited after 55% surge (fxstreet.com)
Alibaba (BABA) Stock Price Forecast: EPS and Sales beat expectations (fxstreet.com)
VXRT Stock Price and News: Vaxart Inc set to bounce after the crash on T-Cell hopes (fxstreet.com)
Blackberry (BB) Stock Price & News: BlackBerry pares early losses, trades above $12 (fxstreet.com)
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Here is what you need to know on Monday, February 8:
European indices started the week in positive territory with the FTSE up 1%, EuroStoxx up 0.7%, and Dax up 0.5%.
Overnight, Asian stocks closed in the green with the Nikkei ending 2.1% higher and the Hang Seng closing a more modest 0.1% higher.
US markets were pointing towards another higher open with Nasdaq up 0.4%, Dow futures up 0.5%, and S&P futures showing a gain of 0.4%.
See FXStreet New Equities homepage.
EuroStoxx 50
Asian markets were positive on Monday with the Nikkei powering to a 30 year high. Asian shares pushed on from US markets strong week. Steel stocks helped Japanese markets higher with Nippon and Kobe Steel both sharply higher.
European markets were also boosted by the strong performance on Wall Street with investors citing renewed confidence for a sharp recovery in Q2 2021. German industrial output was weak in December, “we suspect that factory output declined in January... the recovery has been losing momentum”, according to a Capital Economics client note.
US Stock futures looked set for further record highs on Monday. Thankfully the NFC champions, Tampa Bay won the Super Bowl, setting the scene for a bullish stock market for the remainder of the year. It is a statistical oddity but the US stock market rallies 80% of the time if the NFC champions win the super bowl!
US Treasury Secretary Yellen says the US stimulus plan could result in full employment being reached in 2022.
Inflation concerns could be about to resurface, “It will be hard not to see inflation in something when we get what is likely to be a short-term stimulus boost,” Deutsche Bank’s Jim Reid said.
Tesla (TSLA) announces it has bought $1.5 billion in Bitcoin, sending bitcoin higher.
South Africa decides to no longer use AstraZeneca’s vaccine as the country worries over the effectiveness of the drug against the South African variant of Covid-19.
Up’s and downs!
RBC raised its price target on Apple (AAPL) to $171, Stiefel upgraded Target (TGT) to a buy, RBC upgrades Hershey (HSY) to outperform, Jefferies increased Estee Lauder (EL) and Morgan Stanley increased its price target for SNAP.
Stocks covered at FXStreet:
Gamestop (GME) Stock Price and News: Trading short-circuited after 55% surge (fxstreet.com)
Nokia (NOK) Stock Price and News: Connecting with people and Reddit! (fxstreet.com)
Gamestop (GME) Stock Price and News: Trading short-circuited after 55% surge (fxstreet.com)
Alibaba (BABA) Stock Price Forecast: EPS and Sales beat expectations (fxstreet.com)
VXRT Stock Price and News: Vaxart Inc set to bounce after the crash on T-Cell hopes (fxstreet.com)
Blackberry (BB) Stock Price & News: BlackBerry pares early losses, trades above $12 (fxstreet.com)
The author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
This article is for information purposes only. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. It is important to perform your own research before making any investment and take independent advice from a registered investment advisor.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to accuracy, completeness, or the suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author will not be held responsible for information that is found at the end of links posted on this page.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.