James Brodie
Head of Learning & Development, Flux
NASDAQ, S&P Make All-Time Highs, SpaceX, Secondary US Data
Stocks hit records on risk appetite as SpaceX soars, while yields rise, China weakens and the SPR hits a 42-year low.
Nasdaq and S&P futures make all-time highs with cash equities just off the peaks, precious metals and crypto also enjoy the risk on sentiment but despite the sell-off in crude, and the resulting calls for lower inflation, the 30-year yield closed higher on the day.
On its second day of trading SpaceX stock climbed 20%, extending Friday’s 19% rally, to add $412 billion in market value. Shares closed at $192.46 on Monday, more than 42% above their $135 IPO price. The move boosts the company’s market value to more than $2.5 trillion, putting it among the top six largest companies in the world. At its current market capitalization, it’s less than $135 billion away from overtaking Amazon, which is close to $2.7 trillion value.
Mixed Chinese data with fixed asset investment falling 4.1% YoY (estimate -2%), retail sales -0.6% YoY (est 0%), while industrial production rose 4.5% (est +4.3) and unemployment fell from 5.2% to 5.1%.
Secondary US data came in weaker, industrial production +0.1% MoM (est +0.3%), NY Empire State manufacturing index +5.7 (est 14, prior 19).
The Bank of Japan officially hikes interest rates to 1%, the highest level since 1995 amid rising inflation.
The Strategic Petroleum Reserve has just fallen to its lowest level since August 1983- 340.3mb. That's a 42-yr low.
SanDisk is officially the most overbought stock in history as its RSI breaks above 99.
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