Wealth Daily 30 December 2021

WEALTH DAILY 2021-12-30
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Both the Dow Jones Industrial Average and the S&P 500 Index closed at record highs on Wed. The S&P 500 index ticked up 0.1% to 4,793.06. The Dow added 90.42 points, or 0.3%, to reach 36,488.63. The tech-heavy Nasdaq Composite bucked the trend and ticked down 0.1% to 15,766.22.

High growth tech stocks again underperformed when US Treasury yields rose. The yield on the benchmark 10-year Treasury note surged 7.2 basis points at 1.553%

Shares of Biogen (BIIB US) jumped 9.5%. after a Korea Economic Daily report that the company is in talks to sell itself to Samsung Group. In Seoul, Samsung Biologics (207940 KS) has surged as much as 7.8% this morning (Thurs).

The Nasdaq Golden Dragon China ETF (PGJ US), which tracks Chinese companies listed on US exchanges, fell 3.2%. Didi (DIDI US, -8.2%) led the decliners after Reuters reported about its HK listing plans.

Oil futures settled higher on Wed. The US Energy Information Administration (EIA) showed a massive drawdown from nationwide petroleum stockpiles amid surging gasoline and diesel consumption. Brent and WTI futures closed up 29 cents at US$79.23/bbl and 58 cents at US$76.56/bbl respectively.

The most actively traded US gold futures (Feb) contracts settled down $5.10, or 0.3%, at US$1,805.80/oz. March silver, which is the most actively traded silver futures, fell 26.3 cents, or 1.14%, to end at US$22.858/oz.

The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.3% to 95.898

US soybean futures for March delivery settled up 0.1% to $13.6875 per bushel, Soybeans are up 12% in Dec, fueled by dryness in parts of Brazil and Argentina.

London opened for trading for the first time since last Friday. The UK FTSE 100 closed up 0.7% at 7,420.69, a 22 month high. Shares were mostly lower elsewhere in Europe on Wed. Germany’s DAX index closed down 0.7% while the CAC 40 in Paris ended the day 0.4% lower.