Thursday , May 13 2021

US stocks are getting closer as retailers have gathered on Cyber ​​Monday

US stocks closed higher Monday as retail stocks rose with expectations of strong sales as buyers went looking for deals at Cyber ​​Monday. Stable oil prices and global stocks also mitigate the mood after a week of losses.

How are the criteria compared?

Dow Jones Industrial Average

DJIA, + 1.46%

climbed 354.29 points, or 1.5% to 24,640.24, and the S & P 500

SPX, + 1,55%

rose by 40.89 points, or 1.6%, to 2,673.45. The Nasdaq Composite Index

COMP, + 2.06%

increased by 142.87 points, or 2.1%, to 7 081.85.

Nasdaq fell 4.3 percent last week, Dow dropped 4.4 percent, and S & P 500 declined 3.8 percent, marking the worst 2011 gratitude week for the three indices.

What was driving the market?

Losses for oil prices have dwindled stocks last week, and the opposite was true on Monday. After losing 7.7% only in the Friday session, US crude futures

CLF9, + 2.34%

gained more than 2% to trade over 51 dollars a barrel, while Brent crude

LCOF9, + 2.91%

also rose above $ 60.

The commercial industry was at the center of attention as investors learned the initial data on consumer readiness to spend this holiday season after buyers began seriously hunting deals before the holidays.

Traffic in stores fell 9% compared to last year's Black Friday, according to the closely watched indicators of RetailNext and ShopperTrak. Consumers, however, did this by spending more money online, as online sales increased 26.4% compared to last Wednesday through Friday, according to Adobe Systems Inc. Merchants will continue to focus on Cyber ​​Monday's cost input data from retailers and external analysts.

World developments also affected trade. Signals that Italy's coalition government is ready to cut its budget deficit target – a move that could dispel the tension between Rome and the European Union – has helped too much to calm the nerves. UK Prime Minister Theresa may also withdraw from the EU summit with his approval for his deal with Brexit and now wants the approval of his parliament.

Read: Stock market investors cheer Italy, Braxton's headlines for change – but perhaps it will not continue

At the same time, tensions in trade between the US and China continued to outpacing the market before the Group of 20, which begins on Friday when President Donald Trump and Chinese President Sin Zhing are expected to meet and discuss issues related with trade.

Opinion: El-Erian: Brexit ignores the warnings to the rest of the world

What did the strategists say?

"Today we see a market rebound in the market," Larry Benedict, Chief Executive Officer of the Opportunistic Trader, told MarketWatch.

"The market is basically flat this year, and we do not see this changing," he said before the end of December. "The [bull] the market is long in the tooth and there is no more free money, "he said, referring to rising interest rates.

Paul Hickey, co-founder of Bespoke Market Intelligence, warned investors to put their early earnings on Monday. "Last Friday, the S & P 500 is approaching a further cut for the current adjustment, and even with the current 1% gain in the open, the S & P 500 will only return to levels traded half an hour before Wednesday's end," he said. he said.

"Traders are alert for signs that new concessions will be made before President Trump and Chinese President Jin Geing sit down later this week," said David Lutz, Head of ETF at Jones Trading. the market "hopes that this" Cyber ​​Monday "will be shown by online retailers."

Which stocks were in focus?

Shares from Inc.

widget, + 5.28%

rose 5.3% against a background of forecasts that Cyber ​​Monday's sales will increase by doubles to $ 7.8 billion this year, the largest online shopping day in the US, according to Adobe Analytics.

Other retailers also closed higher GameStop Corp.,

GME, + 8.00%

to 8%, American Eagle Outfitters Inc.,

AEO, + 5.53%

increasing by 5.5% Best Buy Co.

BBY, + 2.86%

2.9% higher and Target Corp.,

TGT, + 2.82%

which is 2.8%. Inc,

OSTK, -16,10%

is an online retailer who does not see its shares after The Wall Street Journal reported that Chief Executive Officer Patrick Byrne expects to complete the sale of the retail business to the company by February to fund the smart trading platform. This news led to stock growth by more than 20% on Friday, but shares fell 16% due to the widespread use of crypto components such as bitcoin.

Shares from General Motors Co.

GM, + 4.79%

advanced 4.8% after the carmaker announced cost-cutting measures involving cutbacks, a reduced range of cars, and shutting down American and Canadian factories.

Financial shares were among the biggest winners, with the sector backing Dow's advance. Goldman Sachs Group Inc.,

GS, + 2.77%

shares rose 2.8% JPMorgan Chase & Co,

JPM, + 2.45%

and shares rose by 2.5%.

How were other markets traded?

Asian markets were higher at Japan's Nikkei

NIC, + 0.76%

a growth of 0.7% and the Hang Seng Index in Hong Kong

HSI, + 1.73%

closing 1.7%. Chinese markets were more muted, with Shanghai

SHCOMP, -0.14%

but earlier with 0.1%.

European markets grew with Stoxx Europe 600

SXXP, + 1.23%

and FTSE 100

UKX, + 1,20%

in positive territory.


GCZ8, -0.07%

multiplied lower and the US dollar

DXY, + 0.14%

the week started a bit higher.

-Barbarra Colmeyer contributed to this report

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