Daily Market Comments(20210722)-Waiting
- Stock posting modest gains with higher than expected Initial jobless claims and Exissting home sales numbers..
- Many companies reported stronger than expected earnings.
- Biden might consider to replace Powell.
Winners and Losers (in my watching list): YOU+3.18%, SNOW+3.09%, RBLX+2.65%, UVXY+2.41%; DIDI-11.30%, SPCE-7.64%, TSP-7.42%, BILI-5.99%, MVIS-5.66%.
Bond Market: 10Y dipped to 1.28, and 30Y to 1.919
Equity Market: NASDAQ closing at 14684.60, +0.36%; DJI 34823.35, +0.07%; S&P500 4367.48, +0.20%.
Econ Calendar: Existing home sales rose 1.4% in June from previous month. Initial jobless claims recorded at 419K from 51K unexpectedly, highest since early June. But continuing unemployment payment fell by 29K, lowest since March 2020, reflecting a better Econ as well as the ending of pandemic payment.
Big News: Democrats want more diversity among the government, not Powell, a white Republican male, they also want some more stern stance on big banks and bold actions on climate change. The candidate list rans from Leo Breinord. Powell is popular with law makers, so Biden may consider the obstacles to replace him. Biden issued new sanctions on Cuba leaders.
Guess On Next Move: End of rebound?