Premarket: Apple is green

apple premarket green 11-4From the wsj’s “Tech Stocks Lead Volatile Overnight Trading as Election Results Come In” posted early Wednesday:

Investors doubled down on bets on the market’s most enduring winners as tallies showed President Trump and Democrat Joe Biden are locked in a tight race in a few key states.

Markets were choppy early Wednesday as election results showed that it will be a close contest. With uncertainty hanging high, traders appeared to be reverting to some of the most trusted trades of the past few years: betting on technology stocks rising, currencies in emerging markets falling and bond yields, which move inversely to prices, tumbled.

Futures linked to the Nasdaq-100, which heavily weights shares of big tech companies, advanced 2.3%, after earlier darting higher so quickly that trading was briefly halted. S&P 500 futures ticked up 0.3%, while Dow Jones Industrial Average futures edged down 0.4%…

“We’re in for a long haul here,” said Jon Jonsson, a fixed-income portfolio manager at Neuberger Berman Group. “The market is not going to like the uncertainty.”

My take: Patience young grasshopper.

4 Comments

  1. Gregg Thurman said:
    AAPL is up another dollar since you posted PED.

    Between WS having digested Apple’s conference call and potential boost from completion of the election (Who won? He’s on First Base) I think we’re going to see a slow relatively steady rally back to the upper $120s by January earnings.

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    November 4, 2020
  2. David Emery said:
    I’m not sure I understand why the pre-Markets are up, and NASDAQ is WAY up (almost 4% at 09:00 as I write this.) One explanation I’ve heard is a Trump win likely relieves Big Tech of more oversight. But we’ve been told in general the Markets have decided Biden will win and they’re OK with that result. Today, before the Markets open, all we have is uncertainty…

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    November 4, 2020
  3. Jerry Doyle said:
    My take: The markets being up have to do with the fact no party controls both Houses of Congress. The markets always prefer one party to control one House and the other party to control the other House. That way, it matters less who sits in the Oval Office, Biden or Trump.

    3
    November 4, 2020

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