Wall Street Today | Biden finally admits Tesla's EV leadership
Asia stocks to track U.S. gains; Treasuries drop
Stocks in Asia may get a boost Wednesday after broad-based gains on Wall Street on expectations economic growth will withstand higher interest rates. Treasuries extended declines.
Futures rose in Japan, Australia and Hong Kong. The $S&P 500 Index (.SPX.US)$ closed near session highs amid gains in financials and materials sectors. Dip-buying in some big tech names like $Apple (AAPL.US)$ and $Microsoft (MSFT.US)$ helped lift the $NASDAQ 100 Index (.NDX.US)$. The $Vanguard Russell 2000 ETF (VTWO.US)$ of small-caps outperformed.
Oil gets another big tailwind as refiners go all out in India
Oil refiners in the world's third-biggest crude importer are stepping up purchases as they strive to meet annual production goals, giving prices another tailwind as they march toward $100 a barrel.
At least 18 of India's 23 refineries operated at more than 100% of nameplate capacity last month, up from just eight in August, according to several refinery officials with knowledge of the matter. Average run rates across the plants were 101% in December, compared with 87% in August, they said.
JPMorgan strategists see sure-fire sign it's time to buy stocks
The buy signal is triggered when the $CBOE Volatility S&P 500 Index (.VIX.US)$ rises by more than 50% of its 1-month moving average, which it last did Jan. 25, according to the strategists led by Mislav Matejka. The indicator has proven 100% accurate outside of recessions over the last three decades.
Data show the VIX signal has been triggered 21 times since 1990, with the S&P 500 Index gaining an average 9% in the six months afterwards.
Mounting risks for S&P 500 are under the surface, BofA analysts say
This year's extreme intraday market swings and fluctuations in single stocks' value show there's "turbulence" under the surface, equity derivatives analysts led by Gonzalo Asis said in a note on Tuesday.
"A tug of war is taking place in U.S. equities, with strong earnings and economic growth facing the least market-friendly Fed in decades," wrote Asis. "Shockwaves from the ongoing tug of war are being felt strongly in intraday and single stock vol."
U.S.-listed China firms get boost as state funds buy stocks
American depositary receipts of large-cap technology stocks surged, with $Alibaba (BABA.US)$ and $PDD Holdings (PDD.US)$ gaining 6.2% and 13% respectively. Nasdaq Golden Dragon China Index jumps 3.9% on Tuesday.
The buying by China's so-called "national team" comes as the domestic stock market reopened for trading after being closed for a week for its annual Lunar New Year holiday.
Facebook market cap falls below $600 billion — which could actually help it dodge new antitrust scrutiny
Facebook owner $Meta Platforms (FB.US)$ closed with a market cap below $600 billion on Tuesday for the first time since May 2020. That also happens to be the number House legislators picked as the threshold for a "covered platform" in a package of competition bills aimed at Big Tech.
The milestone points to one of the challenges of crafting laws that target the tech industry.
Biden finally acknowledges Tesla's EV leadership after a year of silence
President Joe Biden on Tuesday acknowledged $Tesla (TSLA.US)$'s status as the nation's largest producer of electric vehicles for the first time in his presidency.
Biden's recognition of Tesla comes after Tesla and SpaceX CEO Elon Musk spent months insulting and criticizing the president, his policies and other elected officials in the Democratic party. White House aides have said Biden's antipathy towards Tesla stems from his belief that the company is anti-union.
Crypto exchanges make their Super Bowl debut at critical time
FTX, Crypto.com will run ads during Sunday's football game. Some 30-second Super Bowl ads sold for $7 million this year.
A Super Bowl ad can catapult a brand into the mainstream consciousness, which could help the exchanges boost crypto adoption coming off a painful downturn that's made even some of the biggest advocates skittish about a potential bear market. A jump in new users after the game would help keep the platforms -- dependent on trading volumes -- growing.
FTX, Crypto.com will run ads during Sunday's football game. Some 30-second Super Bowl ads sold for $7 million this year.
A Super Bowl ad can catapult a brand into the mainstream consciousness, which could help the exchanges boost crypto adoption coming off a painful downturn that's made even some of the biggest advocates skittish about a potential bear market. A jump in new users after the game would help keep the platforms -- dependent on trading volumes -- growing.
Source: Bloomberg, CNBC
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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Sam 哥哥 : This guy has Alzheimer's!
hongkongnoob : Biden is so pitiful lol
71068725 : The man only been presidents for less than a year and EV cars are terribly made safety wise and more. Elon is a multibillionaire that just want to keep eating money
Sexy guy Sam 哥哥 : Let’s go Brandon!
Sam 哥哥 : Poor or abominable!
102564541 : Sleepy Joe just woke up.
stonks 30000 : you can only stay a corrupt president for so long until it comes back to bite you in the butt
GM 1 Sexy guy : Then who will be president?
GM 1 71068725 : How is Musk corrupted? Or you mean he makes a lot of money off his imperfect EVs lol
Scott Swanson stonks 30000 :
Yeah, just ask Trump
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