Stock Market Today Mid-Morning Updates
On Tuesday, the Dow Jones Industrial Average was up by 100 points. Tesla stock continues to climb as well, as it looks to top an early buy point. Furthermore, the S&P 500 opened to another record high today. This is the second consecutive trading session for the index to soar past its previous peak, marking its 69th record high of the year along in the last leg of 2021. This jump-started the anticipated year-end bull run known to investors as the Santa Claus Rally.
Stocks tend to rise in light trading during the final days of the year, so it is often called the Santa Claus Rally. Some analysts however, predict relatively small gains for stocks in 2022 after two strong years.
The Centers for Disease Control and Prevention announced on Monday that it will be shortening its isolation recommendation for people who test positive to five days from ten, if those people do not have symptoms. Also, research out of South Africa has suggested that the Omicron variant can help boost immunity to the earlier Delta strain of the coronavirus.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) is down by 0.19% on Tuesday while Microsoft (NASDAQ: MSFT) is up by 0.34%. Home Depot (NYSE: HD) continues to rebound from support while Nike (NYSE: NKE) is up by 0.19%.
EV companies like Rivian (NASDAQ: RIVN) are down by 1.86% today while Lucid Group (NASDAQ: LCID) is also down by 1.49%. Shares of EV leader Tesla (NASDAQ: TSLA) are up by 0.21% on Tuesday morning. Also, Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) were mixed ahead of next week’s December sales numbers.
Dow Jones Today: Housing Data
Following the stock market open on Tuesday, the Dow and S&P 500 are trading higher by 0.47% and 0.12% respectively. Nasdaq was down 0.16%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.16% Tuesday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) rose 0.14%.
Investors received a fresh round of housing data at 9:00 a.m. ET when the Case-Shiller Home Price Index was released. The index posted a 19.1% annual gain in October, down from a 19.7% annual rate the prior month. The 20-City Composite posted a 18.4% annual gain, down from 19.1% a month earlier.
“Unfortunately, the rate of home price growth will be limiting for many young buyers who have yet to accumulate sufficient equity gains, and an expected increase in mortgage rates next year will present further challenges,“- CoreLogic Deputy Chief Economist Selma Hepp.
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Apple Nears $3 Trillion Market Cap Point Heading Into 2022
In other tech-related news, Apple seems to be trading towards a $3 trillion market cap this week. Sure, it may be trading down by 0.23% at $179.98 a share as of today’s opening bell. However, some would argue that the company’s shares still have space to grow moving forward. Now, to achieve this feat, AAPL stock would need to hit a value of $182.86 and above. By and large, the company is riding several tailwinds across its consumer tech focused portfolio. After all, we are amidst the holiday season where the company’s products often receive more attention from consumers.
Not to mention, even analysts across the board are bullish on the company’s shares going into the new year. Namely, Wedbush analyst Dan Ives provided a rosy update on AAPL stock just last week. According to Ives, Apple’s push towards the $3 trillion mark is inevitable. He cites the current hype around the launch of the expected augmented reality (AR)/ virtual reality (VR) headset. The analyst believes that this will be “another major growth catalyst for the stock”. All in all, I could see AAPL stock turning heads in the stock market today because of this.
Source: TD Ameritrade TOS
Zoom Gains On Acquisition Of Event Management Solutions From Liminal
Zoom (NASDAQ: ZM) appears to be among the tech stocks taking center stage in the stock market today. Notably, the teleconferencing giant is acquiring several broadcasting assets created by communication tech startup Liminal. These are Liminal’s Zoom-based add-ons, ZoomOSC and ZoomISO. In essence, these software add-ons serve to enable the hosting of professional events virtually.
For Zoom, the current play bolsters its events management and productions portfolio, for the most part. The company also adds that this will help it “continue to be the leading comprehensive, one-stop, hybrid events management platform in the market”. By refining its current video communication offerings, Zoom appears to be appealing to its growing professional user base.
Source: TD Ameritrade TOS
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