Tuesday, May 11, 2021

After a rally for the record books on grand opening day, what’s next for stocks?

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Hello. It may have been a somewhat subdued and socially distant affair in Washington yesterday – THE LOWEST. INAUGURATION.TURNOUT. IN. MEMORY !, someone may have tweeted somewhere – but investors were there popping champagne corks.

US stocks hit record highs on Wednesday and global stocks continue to rally today. Sadly, Bitcoin continues to collapse.

Let’s see where investors are putting their money.

Market update

Asia

  • The main Asia Index are mainly higher in afternoon trading with the Shanghai Composite high 1.1%.
  • Ali Baba investors are making some profit today, sending shares in e-commerce giant 2.7% inferior. It is after the company $ 58.2 billion surge wednesday.
  • Chinese tech stocks have been on a tear for a month. The Market Ear blog Notes, the heavily watched KraneShares CSI China Internet ETF (KWEB) is up closely 25% since Christmas as we see the global technology trade pick up.

Europe

  • theEuropean scholarshipswere higher outside the doors with theStoxx Europe 600 high 0.75%. led by auto and banking stocks.
  • The real estate market for LondonUpscale neighborhoods of Mayfair and Knightsbridge, hit all manner of COVID turmoil, forcing homeowners and landlords to reduce rents and offer prices.
  • the Bitcoin the market may be down at the moment, Black rock, the world’s largest asset manager, is going for the first time offer futures in digital currency to customers.

WE

  • American Futureswin again this morning. That’s after all three trades, plus the Russell 2000, closed in the green on Wednesday, with a series of new all-time highs.
  • The big winner was Netflix, who jumped 16%. (It’s flat this morning). Like FOrtúnby Aaron Pressman Explain, perhaps overlooked in all the glee over new subscriber registrations is even more important news – that “the business would be positive cash flow this year despite spending close to $ 20 billionon new programming. “
  • Optimal corporate earnings have proven a huge tailwind for equities this week. Here’s who’s on the bridge today: CostCo, Intel, IBM and Kimberly-Clark, to name a few.

Somewhere else

  • Gold is rising, trading above $ 1,860 / ounce.
  • the dollar is down a mustache.
  • Gross is out of a ribbon [help, I’m running out of tiny metaphors], with Brent trading below $ 56 / barrel.
  • Bitcoin East down 5.3%. A cool three thousand has been shaved off its worth in the last 24 hours, for $ 32,700. [No metaphor problem here.]

***

Buzzworthy

Bitcoin bulls are unimpressed

Biden> Trump, Obama

The inauguration party is over; Who has the tab?

For victory

Source: WallStreetBets / Wall St Memes

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Have a very good day everyone. I’ll see you here tomorrow… Until then, there’s more news below.

Bernhard Warner
@BernhardWarner
Bernhard.Warner@Fortune.com

As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.



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