U.S. equities rally as earnings season is set to kick-off
As the market prepares for the beginning of Q2 earnings seasons, Monday saw huge rallies across the board for U.S. stock indices.
Starting with big tech, the NASDAQ broke above 11,000 for the first time today, continuing its recent rally. The Dow jumped around 1.6%, whilst the S&P 500 gained 1.3%.
Markets seemed to have looked past the ever growing rate of new COVID-19 cases in the U.S.
More than 60,000 new cases have once again been reported, with Florida now becoming the epicenter of new cases.
Tesla reaches new high, as Musk surpasses Buffet
As stated by Jason Calacanis, “never bet against Elon Musk”. Monday saw the tech titan lead Tesla into the list of top 10 most valuable American companies.
Shares in the company jumped close to 14% on Monday to record a new high of over $1,733 which has put Musk ahead of Buffet in the Forbes list.
After being heavily shorted in the Fall of 2019, share prices have been up by close to 200% this year.
Many now expect the company to join the U.S. benchmark S&P 500 index.
Alibaba stocks falls as Jack Ma liquidates shares
Jack Ma liquidated 1.4% of his stake in the company he founded, cashing out around $8.2 billion. Prior to the sale Ma held 6.2% of Alibaba.
The move comes as Jack Ma has stepped away from his position as Chairman of the board.
Shares in the company were down on the news, however with earnings season commencing this week, many may be looking at this as an opportune time to buy BABA
Quote of the day: “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”Warren Buffet
NDX (Futures): Today’s rally on the NASDAQ saw the index set yet another all time high, crossing over 11,000. With earnings season set to begin, could we see further rallies here?
Source: Tradeview MT4
GBPUSD: After starting the day trading close to $1.27, cable dropped to a low of $1.259 before bouncing back up to $1.261 where it is currently consolidating.