The markets were positive yesterday for the first time in the last 2 weeks in the lead-up to tomorrows FOMC announcement, US indices recovered but still has a fair amount of ground to make up to get back to this month’s open. Investors might very well be positioning themselves for the tapering announcement, which may be announced tomorrow night during Powell’s speech and press conference.
Precious metals remain negative however, yesterday we saw an increase in both Gold and silver as some stability was found, the commodities will be set for big movements if the Fed’s plan to implement tapering sooner rather than later.
- Tilray Inc (TLRY) was down 7.72% as investors approved the issue of additional common stocks
- Palantir Technologies (PLTR) was down 7.52%
- Li Auto Inc (LI) was down 7.49% as regulation concerns caused a selloff for the EV market
- Pinduoduo Inc (PDD) was down 6.50%
- Virgin Galactic (SPCE) was down 6.63%
Stocks to look out for:
Netflix beat revenue expectations during the last quarterly earnings report, which saw the share price break to make new all-time highs despite missing earring expectations.
ProShares has is preparing to launch a new On-Demand EFT that will be tracking the FactSet On-Demand Index. The index tracks lifestyle news like digital media, eGaming, food delivery as well as streaming services. The launch of the EFT should increase demand for the streaming platform’s shares.
Outer Banks has been a hit on the streaming platform as it pulls in viewership holding the top streaming show for the third week in a row.
Technically the chart is setting up well with the break of the range it was trading in for a major part of the year, there could still possibly be downside to the $550 mark before we see more potential upside unless the falling trend line is broken to take it higher.