Market don’t seem to know the meaning of down these days.
Even with threats of inflation, higher oil prices, poor Q3 2021 GDP numbers, and bad earnings from Apple and Amazon, markets are pushing to higher highs. At the moment, Dow futures are up 147 points, as the NASDAQ tacks on about 56. The S&P 500 is up 18.
However, the rally could be tested this week.
The Federal Reserve starts its two-day November meeting on Tuesday, where we could hear more about tapering.
“The Fed is part of a global move to remove accommodation, and the market drives right past that,” Bleakley Advisory Group CIO Peter Boockvar said, as quoted by CNBC. “In a way, the stock market is playing a game of chicken, with this inflation move and interest rates and the response from central banks.”
Plus, the House is expected to vote on the infrastructure, social and climate spending packages later this week. Friday also brings the October employment report.
Also, keep an eye on green stocks.
President Biden is in Europe, with plans to discuss the global climate change issue at the United Nations Climate Change Conference of the Parties, or COP26. That could be a major boon for solar stocks, like First Solar (FSLR) and Sunrun Inc. (RUN), wind, hydrogen, and even electric vehicle stocks, like Tesla (TSLA).
“COP26, which was originally due to take place in 2020 but was pushed back due to the pandemic, will see world leaders come together to discuss more ambitious climate action as U.N. researchers warn that global warming is dangerously close to spiraling out of control,” as reported by CNBC.
That’s just some of what we’re watching at the moment. Stay tuned for more.
The post Market Don’t Seem To Know the Meaning of Down These Days appeared first on Morningology.
