US Markets: Rising Trend Remain To Continue

On Wednesday, US stock markets were trading in various directions and without any pronounced dynamics.

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Only the high-tech NASDAQ Composite index managed to display substantial growth, which increased by 2.01%, the DJIA decreased by 0.08%, and the S&P 500 grew by 0.77%. Currently, investors are now thinking about not making hasty choices.

Yesterday, the amount of macroeconomic data and corporate reporting was incredibly limited, and investors just took a break for a while, apparently. Experts are now trying to forecast the future situation based on the complexities of the occurrence of COVID and the vaccine produced by different countries, as well as the implementation by individual states of strict quarantine restrictions and the actions of the new US leadership on monetary policy. The counting of votes is far from done, even if the results of the recount are in favor of Donald Trump in some contested states of Georgia, Arizona and North Carolina, it will still not take him to the lead.

The growth leaders yesterday were Coty Inc (+8.18%), News Corp (+5.72%), Qualcomm Corp (+5.41%), Qorvo Inc (+5.41%) and Invesco (+5.16%). On the other end, Kohls Corp (-10.06 percent), Air Goods (-9.40 percent), Nordstrom (-8.52 percent), Alliance Data Systems Corp (-6.97 percent) and Simon Property (-6.89 percent) registered the highest declines.

In recent days, some investors suspect that markets have overreacted slightly to anti-Covid vaccine and economic recovery expectations. The U.S. presidential election and reports by Pfizer and BioNTech regarding their vaccine candidate’s high efficacy have somewhat overshadowed the dramatic rise in the number of cases of Covid-19 across the Atlantic, where on Tuesday a new milestone was reached of more than 200,000 new cases detected in 24 hours. More than 1,500 deaths in one day were also recorded in the United States, which recently passed the 10 million Covid-19 case mark, taking the pandemic death toll to more than 240,000.

At the same time, it is currently difficult to single out any sector that would genuinely look better than the rest. The dynamics of the valuation of such stocks are calculated to a greater degree by the context of the general information and reports released for the third quarter by the companies.

But the “black gold” that grew in price delighted the American oil industry. Since yesterday afternoon, the price of hydrocarbons, which has risen dramatically in the previous days, has turned into a technical correction.


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