December 7, 2021
Stocks rise as Biden taps Fed’s Powell for second term

Stocks rise as Biden taps Fed’s Powell for second term

The S&P 500 and Nasdaq Composite jumped to new all-time highs on Monday after buyers welcomed President Biden’s re-nomination of Federal Reserve Chair Jerome Powell for a second term. The Dow Jones can be climbing, up roughly 0.7%. 

Ticker Safety Final Change Change %
I:DJI DOW JONES AVERAGES 35821.27 +219.29 +0.62%
SP500 S&P 500 4717.96 +20.00 +0.43%
I:COMP NASDAQ COMPOSITE INDEX 15988.526581 -68.91 -0.43%

With Powell on the helm for a second term, he additionally tapped Fed governor Lael Brainard as vice-chair. Buyers took their nominations in stride as their prior working expertise will probably characterize continuity with financial coverage.  

President Biden will converse on the appointments this afternoon. 

FED’S LAEL BRAINARD: WHAT TO KNOW

Oil can be buying and selling above the $75-per-barrel degree as stories prompt international locations together with China and maybe the U.S. could faucet the Strategic Petroleum Reserves. 

Ticker Safety Final Change Change %
USO UNITED STATES OIL FUND L.P. 54.70 +0.93 +1.73%

Present dwelling gross sales elevated 0.8% in October to a seasonally adjusted annual fee of 6.34 million, the quickest tempo since January, and the Chicago Fed’s nationwide exercise index rose to 0.76, up from -0.18 in September. Sturdy items, GDP and inflation are among the many stories slated for launch on Tuesday and Wednesday. 

Ticker Safety Final Change Change %
VG VONAGE HOLDINGS CORP. 20.59 +4.22 +25.81%

In deal information, Swedish telecom gear maker Ericsson is shopping for U.S. cloud communications firm Vonage in a $6.2 billion deal that can assist it increase wi-fi providers for enterprise prospects.

Ticker Safety Final Change Change %
URBN URBAN OUTFITTERS, INC. 37.09 +0.92 +2.54%
ZM ZOOM VIDEO COMMUNICATIONS, INC. 241.57 -9.72 -3.87%

Elsewhere, shares of Rivian fell following information that the corporate has deserted plans with Ford to develop electrical automobiles collectively. Amazon stays a backer within the newly public electrical car maker. 

Ticker Safety Final Change Change %
RIVN RIVIAN AUTOMOTIVE INC. 112.36 -16.24 -12.63%
F FORD MOTOR CO. 20.48 +1.09 +5.62%
AMZN AMAZON.COM, INC. 3,597.51 -79.06 -2.15%

In different auto information, Tesla rose after CEO Elon Musk indicated the Mannequin S Plaid might go on sale in China round March. The car retails for round $129,000.

Ticker Safety Final Change Change %
TSLA TESLA, INC. 1,182.80 +45.74 +4.02%

Retailers are additionally in focus with many Black Friday vacation gross sales already underway. 

Ticker Safety Final Change Change %
TGT TARGET CORP. 244.66 -6.07 -2.42%
WMT WALMART, INC. 144.35 +1.96 +1.38%
M MACY’S, INC. 33.81 -0.88 -2.52%
KSS KOHL’S CORP. 57.68 +0.68 +1.19%

In earnings information, Zoom and retailer City Outfitters will report outcomes after the bell. 

Ticker Safety Final Change Change %
ZM ZOOM VIDEO COMMUNICATIONS, INC. 241.33 -9.97 -3.97%
URBN URBAN OUTFITTERS, INC. 37.05 +0.88 +2.42%

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