Daily Market Comments(20211013)-Not Concerning About Inflation
- NASDAQ outperformed DJI and SP500 much, as a result of Fed remaining dovish faced with inflation challenge.
- EDU, PDD and several other China related shares rose much.
- 10 YR bonds remained almost flat.
Winners and Losers (in my watching list): EDU+8.33%, SNOW+4.76%, GME+4.69%, PDD+4.34%; UAL-3.60%, AAL-3.35%, UVXY-2.85%.
Bond Market: 10Y dipped to 1.539, and 30Y to 2.031
Equity Market: NASDAQ closing at 14571.64, +0.73%; DJI 34377.81, -0.00%%; S&P500 4363.80, +0.30%.
Econ Calendar: CPI 0.4% in September, and CORE CPI 0.2%. Higher than expected.
Big News: Biden administration held a summit with many business leaders to tackle the supply chain issues. JP Morgan’s profit rose for nearly 24% as the bank set aside the reserved for bad loan during the pandemic, while revenue only rose 1%.
Guess On Next Move: Just read an article about the bubble, saying that almost all the people who were aliens to stocks began to trade and spend several hours in stock trading chat rooms, definitely a sign for stock bubble bursting.