Elon is Moving to Taxes | Markets Like Stimulus
Good Sunday Evening. In case you missed it, here's what happened in the market this week. Oh, and Elon Musk is moving to Taxes Texas.
MARKETS (close on 12/4)
NASDAQ: + 170.02 (1.03%) S&P 500: + 68.37 (1.67%)
DOW: + 235.48 (2.12%)
GOLD: + 49.50 (2.86%)
OIL: + 1.01 (1.25%)
SnowFlake CEO Doesn't Need Stimulus
- Stocks hit record levels on Friday as traders shook off a disappointing print on job creation in November. In a week where Joe Biden says he’ll ask all Americans to wear a mask for his first 100 days in office, and an America where COVID deaths are spiking while the Bureau of Labor Statistics reported awful job numbers (the US economy lost 245,000 jobs in November), there was actually plenty of good news to balance the Debbie Downers. - The markets were up this week on news of more stimulus. Stimulus is a funny euphemism for "Fed pumps more $$$ into the economy". But a good portion of those dollars flow into the stock market. That is, if Republicans and Democrats can finally agree to terms. The market’s betting a deal does in fact get done. - Earnings season is upon us and revenues are up almost 120% Q3 year-over-year, but that’s never a good reason for a public company CEO to make $100 million a month. Seriously. Check out Snowflake (NYSE:SNOW), the cloud-based data warehousing company. - December is traditionally the third best performing month for the market (at +1.11%) behind only April (+1.51%) and November (+1.48%). Although we expect choppy waters as the inauguration approaches, an overwhelming sense we won’t have a constitutional crisis calms the market. Markets like calm political winds.
In 2021, we have a market that will move higher, but with different leadership that reflects more broad economy growth. Think the rotation that we’ve been talking about … it’s underway right now and it will continue into 2021. Think value, think small-cap, think emerging markets. - And that’s your one minute weekly market scoop.