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Morning Briefing: Big stock-market rotation is underway, with Tech on top

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Moomoo Breakfast US wrote a column · Jul 12, 2021 04:55
By Chloe
Hey moomooers! Here are things you need to know before the opening bell:
- Major indexes closed at record high last Friday.
- Economy week ahead: US consumers, Fed testimony, China GDP
Market snapshot
Stock futures were mixed in early morning trading on Monday as earnings season kicks off on Wall Street this week.
Futures on the Dow Jones Industrial Average fell 177 points. S&P 500 futures and Nasdaq 100 futures both traded around the flatline.
Source: Bloomberg
Source: Bloomberg
Crypto
$Bitcoin(BTC.CC)$, the leading cryptocurrency, was trading at $33,693 at the time of writing, dipping 2.31% and$Ethereum(ETH.CC)$ was trading at 2,102, dipping 2.91%.
Morning Briefing: Big stock-market rotation is underway, with Tech on top
Top news
Economy week ahead: U.S. consumers, Fed testimony, China GDP
Inflation pressures, both recorded and anticipated, take center stage in the coming week's economic calendar.
Earnings kick off with sky-high forecasts, record stock market
Observers will be watching to see whether companies trounce Wall Street's expectations and, with stock valuations sitting above long-term norms, seeking clues on what the future holds for company profits.
Biden stakes out position in debate over power of big companies
A body of academic research shows the U.S. economy has become less competitive as power swells in large firms, but not everyone agrees.
China Central Bank official expects growth to slow
China's economic growth likely slowed to about 8.0% in the second quarter from a year earlier, said Wang Yiming, a member of the People's Bank of China's monetary policy committee, in an interview with state media.
Biden order opens new front in battle with big Tech
The president's sweeping new executive order to spur competition targets big tech companies in ways that could fundamentally alter how they do business.
Major indexes close at record highs
A Friday rally in the Dow put the index in positive territory for the week along with the S&P and Nasdaq.
Lawmakers to determine the fate of infrastructure, antipoverty plans
Senators return to Washington this week with trillions of dollars of spending proposals on the line.
Higher inflation is here to stay for years, economists forecast
Americans should brace themselves for several years of higher inflation than they've seen in decades, according to economists who expect the robust post-pandemic economic recovery to fuel brisk price increases for a while.
Global tax deal heads down perilous path in Congress
The Biden administration negotiated a global tax agreement with 130 countries. Getting it through Congress will be tricky.
Big stock-market rotation is underway, with Tech on top
After languishing for months, the group has staged a resurgence with several tech behemoths hitting records in recent sessions.
Key events this week
Morning Briefing: Big stock-market rotation is underway, with Tech on top
Morning Briefing: Big stock-market rotation is underway, with Tech on top
Source: CNBC, Dow Jones Newswires, Bloomberg
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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