US Stock Market Today: Another week, another record high, Superbowl effect in play for 2021?
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%.Â
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%.
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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.Â
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.Â
Tesla (TSLA) announces it has bought $1.5 billion in Bitcoin, sending bitcoin higher.Â
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.
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
