Analyst Views
U.S Markets, U.S. stocks gained momentum as investors' sentiments are positive as they digest President Biden's proposed budget plan and ahead of a big week for economic data, including the monthly jobs report. All the bourses are positive across the board. The Dow Jones Industrial Average rose 94 points or 0.3%, while the S&P 500 and Nasdaq Composite gained 0.7% and 1.3%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34955.89 | +94.65 | +0.27% |
| SP500 | S&P 500 | 4575.52 | +32.46 | +0.71% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14354.901872 | +185.60 | +1.31% |
Tax Regime, President Biden on Monday unveiled a new minimum tax targeting billionaires as part of his 2023 budget request, proposing a 20% rate that would hit both the income and unrealized capital gains of the wealthiest Americans.
Fintech Stocks, Tesla shares rose 8% after the company announced it will ask shareholders for additional stock to enact a split and a possible dividend.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 1,091.84 | +81.20 | +8.03% |
Apple and Netflix are in focus after the Academy Awards ceremony. Apple's "CODA" marked the first Oscar win for a streaming company, while Netflix's "Power of the Dog" took home best director honors.
Separately, Apple may be cutting iPhone and Airpod production, according to a Japanese newspaper.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 175.60 | +0.88 | +0.50% |
| NFLX | NETFLIX INC. | 378.51 | +4.66 | +1.25% |
AMC shares rose after CEO Adam Aron suggested he is ready to do more deals after buying Hycroft Mining. Other meme names jumped, including GameStop and Bed Bath & Beyond.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 29.35 | +9.11 | +45.01% |
| GME | GAMESTOP CORP. | 189.98 | +38.21 | +25.17% |
| BBBY | BED BATH & BEYOND INC. | 26.32 | +3.73 | +16.51% |
Beyond Meat shares were under pressure after the team at Piper Jaffray cut the stock to underweight, citing more competition in the plant-based meat world.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BYND | BEYOND MEAT INC. | 49.14 | +0.51 | +1.05% |
Commodities, Crude prices fell about 7% with U.S. oil settling at $105.96 per barrel, while Brent, the global benchmark, slid to $112.48. Oil majors fell in sympathy, with ExxonMobil, Chevron and Halliburton all down.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 74.55 | -6.22 | -7.70% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 30.39 | -2.76 | -8.33% |
| XOM | EXXON MOBIL CORP. | 82.81 | -2.39 | -2.81% |
| CVX | CHEVRON CORP. | 166.35 | -2.96 | -1.75% |
| HAL | HALLIBURTON CO. | 37.32 | -1.58 | -4.06% |
Gas prices remained below the $4.30-per-gallon level.
In cryptocurrencies, Bitcoin inched closer to the $50,000 level and is now positive for the 2022 year with a gain of about 2%.
