Wealth Daily 09 February 2022



WEALTH DAILY 2022-02-09
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Shares on Wall Street rose on Tue. Investors did not seem to be bothered by rising bond yields. The Dow Jones Industrial Average gained 371.65 pts, or 1.06%, to close at 35,462.78. The S&P 500 index rose 0.84%. The Nasdaq Composite advanced 1.28%. The small cap Russell 2000 gained 1.63%. 


Harley-Davidson (HOG US, +15.53%), Amgen (AMGN US, +7.82%) and Chegg (CHGG US, +15.99%) pleased investors with their earnings reports.  Most of “Big Tech” had a good day. Shares of Apple (AAPL US, +1.85%), Microsoft (MSFT US, +1.2%) and Amazon (AMZN US, +2.2%) gained. However, Meta Platforms (FB US, -2.1%) is still in the doghouse. 


A shake-up at Peloton Interactive (PTON US, +25.28%) sent the shares soaring. The new CEO will likely try to streamline the company for a takeover bid. 


Chipotle shares (CMG US, +0.51%) are up 6.6% after the bell, after reporting quarterly earnings that topped analyst expectations. 


The yield on the 10-year Treasury note notched up 4.73 basis points (bps) to 1.9632%, to levels last seen in 2019 with some investors betting it’s heading for 3% this year. The SPDR S&P Bank ETF (KBE US) rose 2.56% on Tue. 


Shares of vaccine makers fell on Tue, losing about US$15b in market value after Pfizer’s (PFE US, -2.84%) forecast for 2022 sales and profit fell short of expectations. 


The most actively traded US gold futures (Apr) contracts settled up $6.10, or 0.3%, at US$1,827.90/oz. March silver, which is the most actively traded silver futures, rose 12.4 cents, or 0.5%, to end at US$23.20/oz. 


The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, rose 0.26% to 95.643. 


Aluminium prices reached their highest since 2008 on Tue. Benchmark aluminium on the London Metal Exchange (LME) was up 1.6% at $3,183.50 


Oil fell sharply as traders weighed ongoing tensions in Eastern Europe and the resumption of Iran nuclear talks. The front-month Brent and WTI futures closed down $1.91 at US$90.78/bbl and $1.96 at US$89.36/bbl respectively. 


European equity markets finished mixed on Tue. The UK FTSE lost 0.08%, France's CAC 40 rose 0.27%, while the German DAX advanced 0.23%.