Sunday, June 13, 2021

U.S. Indices Rising With Speculation Deflating Now

On Tuesday, the New York Stock Exchange rose for the second day, backed in particular by industrial and financial companies, while two internet giants, Amazon and Alphabet (the parent company of Google), released their accounts after the close. Speculation has deflated further on the prices that had surged last week, with Gamestop dropping by 60 percent and more than 10 percent falling in currency. Markets are counting on the implementation of the stimulus plan by Joe Biden, and are appreciating the success of the United States’ Covid-19 vaccine program, as well as the ebb and flow of the outbreak. Oil prices have risen more than 2 percent, returning in a year to their peak level.


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The Dow Jones index rose 1.57% to 30,687 points at the close, while the large S&P 500 index gained 1.39% to 3,826 points, and the Nasdaq Composite, heavy in electronics and biotech companies, soared 1.56% to 13,612 points.


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In the S&P 500, all 11 business sectors rose, beginning with finance (up 2.4 percent), consumer durable products (up 2 percent), telecom services (up 1.6 percent), electricity (up 1.1 percent), industrials (up 2.1 percent) and technology (up 1.3 percent ). Among the leaders of the day were Apple (up 0.6 percent), Amazon (up 1.1 percent), Alphabet (up 1.38 percent), Facebook (up 1.9 percent), and Tesla (up 3.9 percent).

Pending the publication of jobs figures on Friday in January, markets are once again focused on business performance, with a disappointment for parcel carrier United Parcel Service (UPS, up 2.58 percent) and relief for Exxonmobil (up 1.58 percent), which, amid severe losses in 2020, will continue to distribute a dividend.

For the second consecutive session on Tuesday, stocks that were the target of a speculative panic last week started to deflate. After a plunge of more than 30 percent on Monday, GameStop, which had soared 400 percent last week, lost another 60 percent. AMC Entertainment (up 277% last week) plummeted 41% and Koss (up 1.816% last week) fell 42.8%, following Monday’s -45%.

Last week, these stocks, short-selling fund targets, were massively acquired directly or via options by smallholders mobilized through stock market social networks, like Reddit’s WallStreetBets forum (‘WSB’). Day traders had better costs, prompting hedge funds to buy back their high-loss selling bets. The funds were also pressured to sell stocks of leading firms, such as Apple or other major technology companies, to pay for these declines and respond to margin calls, which contributed to the downturn of the markets last week. Fear of a more extreme contagion effect on all stocks, however, now seems to be receding.

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