After besting the past two sessions, the DOW and the S&P 500 ran out of steam at the closing bell. These indexes traded mostly sideways, just below the previous high record marks. The S&P 500 went negative during the first hour and again at noon. Both indexes ended up mixed, with the DOW closing up 90 points and the S&P 500 0.1% in the red. The DOW made its all-time high on a boost from retailers Home Depot and Nike.
The question now is this the Santa Clause rally we were hoping to see? There are two more trading days this week, and we may see more action of the positive kind. However, more than likely, this is all the fireworks the markets have in store for 2021. In addition, traders might be surprised they won’t be getting vacation time on Friday for New Year’s this year due to an obscure regulation called NYSE Rule 7.2.
Gold ends lower, but an intraday rally shrunk the losses and pushed the metal back above $1,804.
Western Digital’s stock surges to pace the S&P 500’s winners after rival Samsung has to ‘adjust.’ U.S. oil ends back at a 5-week high $76.47 as EIA data show a weekly crude drop of 3.6 million barrels
This Bull market heads into New Year on a shaky foundation and Investors need to be braced for the test of nerves in 2022, and a lot needs to fall into place for equities to post double-digit returns for the fourth year in a row.
The Market in Perspective
| Here are the headlines moving the markets. | |
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Top Automakers Are Fueling A Battery Plant Boom In The U.S.In August, President Biden signed an executive order that set a target to make 50 percent of all new vehicles sold in the United States in 2030 zero-emission vehiclesand ironically garnering the support of some of the biggest names in auto. And now, there is a new push to build a slew of battery plants in the United States. In America, Joe Biden said back in August, The future of the auto industry is electric, adding the point that those vehicles will be made in America. To that end, the Department of Energys Read more at: https://oilprice.com/Energy/Energy-General/Top-Automakers-Are-Fueling-A-Battery-Plant-Boom-In-The-US.html |
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High Energy Prices To Persist In Europe Despite Arrival Of U.S. GasEurope’s energy crunch is far from over, but a flotilla of liquefied natural gas (LNG) tankers from the U.S. are set to resupply the fuel-starved continent. European gas prices fell for the sixth day, the longest decline in more than a year. Even though natural gas prices are retreating from record highs, household power bills, especially in Great Britain, are likely to remain high until 2023. This year, Dutch TTF natural gas prices surged more than 400% on low supplies ahead of the Northern Hemisphere winter and Russia reducing flows. The Read more at: https://oilprice.com/Energy/Natural-Gas/High-Energy-Prices-To-Persist-In-Europe-Despite-Arrival-Of-US-Gas.html |
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Tesla Remains Above $1000 Despite Musks $15 Billion Selling SpreeJust hours after Wedbush’s Dan Ives raised his price target on Tesla to $1,400, we found out that Elon Musk has offloaded yet another $1 billion in stock. The Tesla CEO sold the 934,090 shares, according to filings published late on Tuesday night. Additionally, Musk exercised a grant to buy 1.6 million shares at a strike price of just $6.24 per share from a compensation plan dating back to 2012, CNBC reported. Musk’s total holdings have gone from about 170.5 million shares to over 177 million shares, due to exercising options, the same report says. Read more at: https://oilprice.com/Energy/Energy-General/Tesla-Remains-Above-1000-Despite-Musks-15-Billion-Selling-Spree.html |
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Mexico To End Oil Exports In 2023Mexico will suspend crude oil exports in two years in a bid to focus on domestic self-sufficiency, Bloomberg has reported. The move is part of President Andres Manuel Lopez Obradors plan to increase local fuel production to reduce dependence on imported fuels. The export phase-out announcement was made by the chief executive of Pemex, Octavio Romero, who also said that Mexico would reduce oil exports from next year by more than 50 percent, to 435,000 bpd. Currently, Mexico is the third-largest oil exporter in the Americas, after the United Read more at: https://oilprice.com/Latest-Energy-News/World-News/Mexico-To-End-Oil-Exports-In-2023.html |
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Oil Perks Up With Another Crude Inventory DrawCrude oil prices recovered on Wednesday morning despite word from the Energy Information Administration of an inventory draw of 3.6 million barrels for the week to December 24. At 420 million barrels, crude oil inventories remain 7% below the five-year averagecompared to 8% below the five-year average last week. On Tuesday, the American Petroleum Instituteestimateda crude oil inventory draw of 3.09 million barrels for the week to December 24. In gasoline, the API reported a draw of 319,000 barrels, with a decline of 716,000 in Read more at: https://oilprice.com/Energy/Crude-Oil/Oil-Perks-Up-With-Another-Crude-Inventory-Draw.html |
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Saudi Arabia May Cut Oil Prices For AsiaSaudi Arabia could cut the official selling price for oil to Asian buyers in February after raising them substantially this month. According to a Reuters report citing industry insiders and poll data, the Kingdom could slash the prices for all its export grades by as much as $1 per barrel and more, which would push these prices to their lowest in three to four months. Earlier this month, Saudi Arabia raised its official selling prices for oil to Asia by $0.60 per barrel, which brought them $3.30 per barrel above the Oman/Dubai benchmark. The price Read more at: https://oilprice.com/Latest-Energy-News/World-News/Saudi-Arabia-May-Cut-Oil-Prices-For-Asia.html |
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Millennials lead shift away from organized religion as pandemic tests Americans’ faithIt’s not uncommon for people to seek God during times of hardship. However, the opposite appears to have happened during the coronavirus pandemic. Read more at: https://www.cnbc.com/2021/12/29/millennials-lead-shift-away-from-organized-religion-as-pandemic-tests-faith.html |
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Fauci warns against large New Year’s Eve parties as Covid cases hit pandemic highFauci said small gatherings with family and close friends are low risk if everyone at the gathering is vaccinated and boosted. Read more at: https://www.cnbc.com/2021/12/29/fauci-warns-against-large-new-years-eve-parties-as-covid-cases-hit-pandemic-high.html |
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WHO warns new Covid variants could emerge that are fully resistant to vaccines as pandemic drags onReactionary political movements fostered vaccine inequity and “created the ideal conditions for the emergence of new variants,” WHO’s leader said. Read more at: https://www.cnbc.com/2021/12/29/who-warns-vaccine-resistant-covid-variants-could-emerge-amid-pandemic.html |
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More than half of U.S. states will raise their minimum wage in 2022, but employers are hiking pay fasterTwenty-six U.S. states will raise their minimum wage in 2022. Activists have pushed for $15 an hour, but some are setting their sights on an $18-per-hour rate. Read more at: https://www.cnbc.com/2021/12/29/minimum-wage-employers-moving-faster-than-states-to-raise-hourly-pay.html |
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Fauci says all indications suggest omicron is less severe than delta, but warns against complacency“All indications point to a lesser severity of omicron versus delta,” said Fauci, President Joe Biden’s top health advisor, of the early Covid variant data. Read more at: https://www.cnbc.com/2021/12/29/covid-variant-fauci-says-data-suggest-omicron-less-severe-than-delta-.html |
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Wealthy millennial investors plan to sell stocks in 2022. Here’s whySome of the wealthiest millennials are expecting to sell stocks in 2022 for tax reasons, a vastly different approach than baby boomer or Gen X millionaires. Read more at: https://www.cnbc.com/2021/12/29/millennial-millionaires-plan-to-sell-stocks-in-2022-heres-why.html |
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U.S. Covid cases rise to pandemic high as delta and omicron circulate at same timeU.S. Covid cases are at a record seven-day average of more than 265,000 per day as of Tuesday as the delta and omicron variants circulate simultaneously. Read more at: https://www.cnbc.com/2021/12/29/us-covid-cases-rise-to-pandemic-high-as-delta-and-omicron-circulate.html |
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There are partial outages at Vanguard. What to do if you can’t make a required minimum distribution by Dec. 31Vanguard investors have been grappling with partial website outages, which may interfere with last-minute required minimum distributions. Here’s what to know Read more at: https://www.cnbc.com/2021/12/29/what-to-do-if-you-cant-make-a-required-minimum-distribution-at-your-broker.html |
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Stocks making the biggest moves midday: Victoria’s Secret, Tesla, Didi and moreThese are the stocks posting the largest moves in midday trading. Read more at: https://www.cnbc.com/2021/12/29/stocks-making-the-biggest-moves-midday-victorias-secret-tesla-didi-and-more.html |
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Here are the 10 best cities, from costs to safety, for ringing in 2022Personal finance site WalletHub ranked the 100 largest U.S. cities for their New Year’s Eve fun factor. Here’s where to get the most bang for your party buck. Read more at: https://www.cnbc.com/2021/12/29/here-are-the-10-best-cities-from-costs-to-safety-for-ringing-in-2022.html |
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Victoria’s Secret shares rise after retailer touts strong holiday season, unveils stock buyback planThe company is trying to stage a comeback and regain relevance among customers with plus-size mannequins, maternity bras and more. Read more at: https://www.cnbc.com/2021/12/29/victorias-secret-shares-rise-on-share-buyback-plans-holiday-sales-growth.html |
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Omicron is ‘not the same disease’ as previous Covid variants, Oxford University scientist saysHorrific scenes seen in previous Covid-19 waves are “now history,” according to John Bell, a regius professor of medicine at the University of Oxford. Read more at: https://www.cnbc.com/2021/12/29/omicron-not-the-same-disease-as-earlier-covid-strains-oxford-scientist.html |
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More Americans took on holiday debt this season, owing an average $1,249Despite omicron fears and higher prices, holiday shoppers shelled out big bucks this season on gifts, travel and entertainment. Read more at: https://www.cnbc.com/2021/12/29/more-americans-took-on-holiday-debt-this-year-owing-an-average-1249.html |
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Dow Gains For 6th Straight Day As ‘Omicold’-Pivot Erases 30Y Bond BidDow Gains For 6th Straight Day As ‘Omicold’-Pivot Erases 30Y Bond BidCases are soaring and deaths and hospitalizations…refuse to play along with the fearmongering tsunami narrative…
Source: Bloomberg And so as ‘omicold’ continues to ravage peoples’ nose-blowing tissues, stocks continue to melt-up as optimistic investors dump bonds into year-end.
The Dow managed to keep the dream alive and rallied for the 6th straight day to close at a record high. Thanks to a late-day panic-bid surge, everything ended green (except Nasdaq which lost it in the last seconds)… Read more at: https://www.zerohedge.com/markets/dow-gains-6th-straight-day-omicold-pivot-erases-30y-bond-bid |
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Global New Cases Top 1 Million For 2nd Day, Paris Requires Masks OutsideGlobal New Cases Top 1 Million For 2nd Day, Paris Requires Masks OutsideUpdate (1545ET): The French government has continued to tighten restrictions on the public, driven by the rising wave of infections. In Paris, the people will need to wear masks in public even when they are outdoors. The new restriction will start Dec. 31. The decision comes after the government reported more than 200K new cases, following roughly 180K the prior day. The information was attributed to French Health Minister Olivier Veran. * * * Update (0845ET): CDC chief Dr. Rochelle Walensky said during an interview on Wednesday that the agency is making progress on providing boosters for children. The FDA is currently looking at boosters for children between 12 and 15, and the CDC will “act swiftly” once the FDA approval is granted. Boosters for minors in the 12-15 age group likely won’t be approved within the next month. But the scientists are “getting there.” As for all this talk about requiring vaccines for domestic travel? It’s not going to happen, she said. Confused? Well, let’s clear things up: Fauci: travel vax mandate is on the table… Fauci next day: no travel vax mandate Biden day after that: travel vax mandate will happen when docs say Yesterday late CDC Walensky: no travel vax mandate being discussed Walensky also claimed the US is seeing a growing number of kids in hospitals. She also provided some clarity on the latest CDC guidelines. Those who are exiting quarantine no longer need a PCR test showing they are neg … Read more at: https://www.zerohedge.com/covid-19/global-new-cases-top-1-million-2nd-day-omicron-wave-intensifies |
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“Tornadic Supercells” Possible In South As Storms Intensify“Tornadic Supercells” Possible In South As Storms IntensifyNorthern portions of Alabama and Mississippi and parts of Tennessee are at risk of tornadoes, damaging hail, and high winds on Wednesday afternoon and evening, according to the National Weather Service (NWS).
A tornado watch has been issued for Arkansas, Louisiana, Mississippi, and Tennessee until late Wednesday evening.
Read more at: https://www.zerohedge.com/weather/tornadic-supercells-possible-south-storms-intensify |
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Mexican Government Allowing Cruise Ships With COVID-19 To DisembarkMexican Government Allowing Cruise Ships With COVID-19 To DisembarkAuthored by Katabella Roberts via The Epoch Times, Mexico will allow cruise ships carrying people infected with COVID-19 to dock, the country’s government announced on Tuesday.
In a news release, the government said it will allow passengers who show symptoms of the virus, also known as SARS-CoV-2, to disembark but they must quarantine. Those who test positive will be provided with medical assistance.
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Households face £1,200 hit in 2022, says think tankThe Resolution Foundation says households face a £1,200 hit due to higher taxes and energy bills. Read more at: https://www.bbc.co.uk/news/uk-59814598?at_medium=RSS&at_campaign=KARANGA |
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Adnams brewery boss says sector lost 50% of Christmas tradeDark months are ahead for the hospitality industry, the chief executive of Adnams says. Read more at: https://www.bbc.co.uk/news/uk-england-suffolk-59818723?at_medium=RSS&at_campaign=KARANGA |
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UK air travel sees huge slump in 2021 due to CovidInternational flights to and from the UK fell to just 400,000 this year, says analytics firm Cirium. Read more at: https://www.bbc.co.uk/news/business-59813143?at_medium=RSS&at_campaign=KARANGA |
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How you should rebalance your portfolio in a rising interest rate scenarioRate reversal will, of course, have an impact on all sectors but the intensity of impact will be different across sectors. Banking and NBFCs, real estate, capital goods and auto may get impacted more as they are driven by interest rate setting. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/how-you-should-rebalance-your-portfolio-in-a-rising-interest-rate-scenario/articleshow/88571232.cms |
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Bitcoin slips below $50,000 again. Should you buy the dip?Investors have retreated from the most speculative corners of global markets of late, worried central banks’ rolling back stimulus could spell trouble. A series of events has also put the top-notch digital token in a downward slide for a month now. Most recently, comments from US Treasury Secretary Janet Yellen and Tesla CEO Elon Musk weighed in on it. Read more at: https://economictimes.indiatimes.com/markets/cryptocurrency/bitcoin-slips-below-50000-again-should-you-buy-the-dips/articleshow/88566302.cms |
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Is Nifty in expensive zone? Prashant Jain explains why valuations are reasonable“Market valuations are fine, 10 per cent higher than long-term averages,” Prashant Jain said. Read more at: https://economictimes.indiatimes.com/markets/stocks/news/is-nifty-in-the-expensive-zone-prashant-jain-explains-why-valuations-are-reasonable/articleshow/88558963.cms |
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Tax Guy: I want to sell my vacation home. It has appreciated in value. How can I minimize the taxes?A vacation home will sometimes qualify for the federal income tax gain exclusion break. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-77E2-6F6781B29277%7D&siteid=rss&rss=1 |
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Tax Guy: 7 strategies for maximizing tax-free incomeFrom 529 account withdrawals to small business stock gains, tax-free income opportunities are widely available. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-780B-E9F0E99BECE6%7D&siteid=rss&rss=1 |
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: Vanguard confirms website outage that’s preventing clients from accessing certain statementsVanguard customers have experienced website outages since Christmas, according to reports. Read more at: http://www.marketwatch.com/news/story.asp?guid=%7B20C05575-04D4-B545-7824-48ED926CDEAD%7D&siteid=rss&rss=1 |
