Data released today in the U.S. showed that Retail Sales increased less than expected, as an increase in COVID-19 cases impacted consumer spending.
The figures which were released by the Commerce Department, showed that Retail sales rose by 0.3% in October, which is the smallest gain since the economic recovery began in May.
Markets had expected sales to increase by 0.5% last month, after increasing by 1.6% in September. Many believe that falling sales are also due to a lack of a new Federal Stimulus, which is impacting American households.
Tesla finally gets S&P 500 listing
Tesla shares rallied by over 9% in today’s session, as the company was finally invited to join the S&P 500 index.
The news comes after the Elon Musk led company was not added to America’s benchmark index earlier this year.
In a statement confirming the news, the index stated, “Tesla will be one of the largest weight additions to the S&P 500 in the last decade, and consequently will generate one of the largest funding trades in S&P 500 history”.
With a current market value of over $400 billion, Tesla will be more valuable than 95% of the companies currently listed on the index. Given Tesla’s market cap there are on going discussions as to whether the stock should be added to the index in one tranche or two, with S&P Dow Jones seeking input from the investment community on the best way to rebalance the index.
Bitcoin hits 2-year high as HODL works
Since failing below $3,000 in March, Bitcoin prices have been on a tear, and have now reached their highest level since January 2018.
The price of the cryptocurrency was up over 4% since yesterday, resulting in it trading at over $17,000. Today’s intraday high saw BTCUSD quote $17,877, a level it last quoted on its way down from its current record high.
Many now believe that we could be set to see new all-time highs in BTCUSD, with the potential for it to surpass the $20,000 handle.
TradeGateHub.com – #WallStreetWord For November 17th
Quote of the day – “You will never find fulfilment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.”Yvan Byeajee
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Senior Market Analyst