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Market Brief
Investors have yet to react to the news that the Biden administration signed the US infrastructure bill into law after it was finally passed by US Senate after the Wall Street Closing bell on Friday.
Logic would dictate that stock will rise on the news, however, the notion that the bullish news may already be priced-in should also be considered. Additionally, indices such as the Dow Jones Industrial Average and the Russell 2000 are probably going to benefit the most.
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Thus far, European stocks have yet to stage much of a reaction, and Asian stocks remain rather muted, even after last Friday’s US monthly jobs report came in much better than economists expected.
Futures markets in the United States are not looking as healthy as expected, and particularly the Nasdaq. Elon Mush released a controversial Tweet of the weekend, which is probably why the Nasdaq is soft today.
Tesla CEO Elon Musk Tweeted that he would sell “$10 billion of his stock” to avoid a particular US year-end tax, which could impact his massive profits from the world’s largest electric car maker.
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Musk held a poll over the weekend asking Twitter users what to do, and the Tesla CEO indicated that he would act upon his stock, depending on which way the Twitter users voted. The vote saw the majority of users voting for Musk to sell his stock.
Elsewhere, the US dollar index is slightly weaker after last Friday’s confusing reaction the US Non-farm payrolls job. The buck strengthened initially, and then started to drift lower into the weekly close.
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Traders look towards United Kingdom GDP data this week and also the release of the US CPI inflation release, which is almost certainly going to be the main event for market participants this week.
The price of WTI crude and Brent crude is up sharply this morning after traders went on a buying spree, following the news about US infrastructure bill. It remains to be seen if crude can hold onto these lofty levels above $82.00.
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Cryptocurrencies have also started the new trading week with a bang, with Bitcoin moving towards the $66,000 level after the $60,000 support level acted as rock-solid price support over the weekend.
