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The NASDAQ vuilding, nasdaq and S&P 500 reached record highs as GDP data came in

Tech Stocks Rebound as Meta and Amazon Get Ready to Release Earnings Report, Sanctions for Russia & Spotify Surges

NASDAQ higher, as tech stocks rebound

The NASDAQ was trading higher to end January, as tech stocks rallied to start the new week.

Following strong earnings from Tesla and Apple last week, investors once again flocked to tech companies, which had their worst month since March 2020, to start the year.

After selling off on comments from Elon Musk, shares in Tesla were up by as much as 10% on Monday following a Credit Suisse upgrade, with Apple up over 2%.

This comes as the likes of Meta, formerly Facebook, and Amazon both get set to release their own quarterly earnings, which many expect to show growth.

As of writing, the NASDAQ was up 3.41%, with the S&P 500 1.89% higher.

Gold climbs, with U.S. preparing to sanction Russia over Ukraine

Gold prices rose sharply on Monday, as the United States was preparing sanctions on Russian associates, in the event an invasion of Ukraine takes place.

The United States, and its allies which include Britain, have warned Putin to “step back from the brink”, as tensions in the region continue to rise.

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The U.S. ambassador repeated that Russia has assembled a force of more than 100,000 troops along Ukraine’s border, including special forces, adding that it is the largest mobilization of troops in Europe in decades. As of late last week, there were at least 130,000 Russian troops near Ukraine’s border, according to Ukrainian Minister of Defense Oleksiy Reznikov.

A spokesman for Whitehouse stated that “The individuals we have identified are in or near the inner circles of the Kremlin and play a role in government decision making or are at a minimum complicit in the Kremlin’s destabilizing behavior”.

Biden has prepared the possibility for around 8,500 troops to be deployed should the situation worsens; however, many believe economic sanctions should be the preferred course of action.

XAUUSD was trading $14 higher on Monday, from its earlier low of $1,785.

Spotify stock surges, after Joe Rogan apology

Shares in music and podcast streaming giant Spotify were higher today, as Joe Rogan issued an apology following recent controversies.

The podcast host who in the last 2-years signed an exclusive deal with Spotify, came under pressure for his views on the COVID-19 pandemic. 

As a result, Spotify saw $2 billion wiped from its value last week, which led to Rogan coming out to issue an apology.

In comments on his Instagram, Rogan stated that, “If I pissed you off, I’m sorry,” Rogan said. “I will do my best to try to balance out these more controversial viewpoints with other people’s perspectives so we can maybe find a better point of view”.

$SPOT was up close to 13% as of writing.

“Invest for the long haul. Don’t get too greedy and don’t get too scared.”

– Shelby M.C. Davis.

Eliman Dambell

Senior Market Analyst