In today's episode of compounding lifestyle, Oil slips as Suez Canal ship re-floated, The Market Recovery, and Joe Biden's Unveiling Infrastructure Program.
The stranded ship is holding up an estimated $9.6bn of trade along the waterway each day. That equates to $400m and 3.3 million tonnes of cargo an hour, or $6.7m a minute. The true damage and cost are difficult to evaluate until the ship is freed and trade resumes, but many firms will have to make critical decisions if the blockage continues for another week.
On Friday, all three major benchmarks rallied to their session highs into the close with the blue-chip Dow closing about 450 points higher. The S&P 500 eventually climbed 1.7% to hit a record closing high. The Nasdaq Composite wiped out a 0.8% loss and ended Friday 1.2% higher. Traders are bracing for heightened volatility during this holiday-shortened week with quarter-end rebalancing among pension funds and other big investors. The recent swift advance in bond yields could set up money managers for big adjustments in their portfolios.
Investors are awaiting updates from President Joe Biden about his infrastructure plan which could cost north of $3 trillion. The president is expected to unveil his plan when he travels to Pittsburgh on Wednesday. White House press secretary Jen Psaki said Sunday Biden plans to roll out two packages in the coming months, the first covering infrastructure and the second covering health and family care.
Some key events to watch this week: President Biden is expected to unveil his infrastructure program Wednesday. EIA crude inventory report Wednesday. OPEC+ meets to discuss production levels for May on Thursday. China Caixin PMI due Thursday. U.S. employment report for March on Friday. Good Friday starts the Easter weekend in countries including the U.S., U.K., France, Germany, Australia, and Canada.
These are some of the main moves in financial markets: Stocks S&P 500 futures slipped 0.7% as of 7:02 a.m. in London. The S&P 500 Index climbed 1.7% Friday. Japan’s Topix Index added 0.5%. Australia’s S&P/ASX 200 Index fell 0.4%. Hong Kong’s Hang Seng Index lost 0.3%. China’s Shanghai Composite Index added 0.4%. Euro Stoxx 50 futures rose 0.1%. Currencies The yen was at 109.48 per dollar, up 0.1%. The offshore yuan was at 6.5591 per dollar, down 0.3%. The Bloomberg Dollar Spot Index edged up 0.2%. The euro traded at $1.1775, down 0.2%. Bonds The yield on 10-year Treasuries dipped about four basis points 1.64%. Australia’s 10-year bond yield climbed about three basis points to 1.69%. Commodities West Texas Intermediate crude shed 2.3% to reach $59.60 a barrel. Gold was at $1,727.40 an ounce, down 0.3%.
$XOM $TSLA $AAL $BNGO $MARA $O $CRWD $FB $AAPL $FCEL $MGM $GOOGL $EZGO $SHOP $MTCH $DIS $PDD $ $TWTR $MVIS $PLTR $BFLY $ENZC $GM $ABNB $BUZZ $PTON $TDOC $DDD $U check for Coin Base IPO share prices are $200 estimated release date is late February or early April 2021 Control the Cash balance today and position yourself accordingly. Let's GO!!!!!
Research Links: www.Finviz.com www.Nasdaq.com Learn more about options: https://tinyurl.com/Compounding-Lifestyle Music-Bob Ross goes to Hollywood- Boratic
Voice Mail link, show us some love, call in to ask questions: https://anchor.fm/compounding-lifestyle/message (copy/paste the URL)
Robinhood link: https://join.robinhood.com/arristw
DISCLAIMER: These Podcasts are for educational purposes only. Nothing in this podcast should be construed as financial advice or a recommendation to buy or sell any sort of security or investment. Consult with a professional financial advisor before making any financial decisions. Do your research and due diligence.