Tuesday, June 22, 2021

Daily Outlook for June 22nd 2021

Notable Events

  • Dow up ~0.1%, S&P up ~0.4%, Nasdaq up ~0.5% ahead of today’s congressional testimony from Fed Chair Powell.
  • No notable companies to report earnings today after market close, $WGO to report earnings tomorrow morning before market open.
  • - Fed Chair Powell is scheduled to speak before a subcommittee of the House regarding the Fed's response to the coronavirus pandemic, starting at 2:00pm EST. Interest will lie in how the Fed Chair responds to questions about inflation, monetary policy, and the economy, although it appears unlikely Mr. Powell's responses will differ from last week's post-FOMC conference. There has been very little economic data released since Powell spoke last Wednesday, though he could clarify recent Fed comments related to the pace of asset purchases.
  • China’s renewed crackdown on the cryptocurrency industry has wiped nearly $300 billion in value off the total digital currency market since Friday. While Beijing expanded its closures of bitcoin mining operations, China’s central bank urged financial institutions not to provide services related to crypto activities. Bitcoin has plunged more than 50% from its all-time high in April near $65,000 per coin.
  • Long-term Treasuries: 10yr at 1.50%, 20yr at 2.07% and 30yr at 2.14%.
  • Cryptocurrencies: $BTC ~$29,750, $ETH ~$1,750, $DOGE ~$0.17.

Tradable Opportunity Watchlist

  • CRWD – up from upgrade by Stifel, with PT of $300.
  • MVIS – down after announcing that it will sell up to $140 million of stock “from time to time” and use the funds for general corporate purposes.
  • RIOT, MARA, MSTR – down significantly again after China’s crackdown on crypto-mining.

No comments:

Post a Comment