Premarket: Apple is green

From the wsj's "U.S. Stock Futures Rise as Election Uncertainty Ebbs" posted early Tuesday:

U.S. stock futures climbed Tuesday after President Trump said his aides would cooperate with President-elect Joe Biden’s transition to the White House, easing investors’ concerns about a drawn-out period of uncertainty.

Futures tied to the S&P 500 rose 0.8%, pointing to a second day of gainsin U.S. stocks after the opening bell. Contracts linked to the tech-heavy Nasdaq-100 index edged up 0.3%.

Investors are cheering signs that a protracted fight over control of the White House is potentially drawing to a close, reducing political risks over the winter months. The General Services Administration chief said Monday that her agency would provide Mr. Biden federal resources meant to assist in a smooth transfer of power. Mr. Trump also said he has instructed aides to help with the transition.

“This is very positive: it means that we finally might get an orderly transition process,” said Luc Filip, head of private banking investments at SYZ Private Banking. “That would relieve some of the uncertainties that have been weighing on the market over the past two to three weeks.”

Stocks also grew more buoyant Monday after The Wall Street Journal reported that Mr. Biden plans to select former Federal Reserve Chairwoman Janet Yellen as Treasury secretary. Ms. Yellen has said recently the recovery will be uneven and lackluster if Congress doesn’t spend more to fight unemployment and keep small businesses afloat.

My take: Apple has underperformed the S&P 500 for 10 days in a row, yesterday quite sharply.

One Comment

  1. Gregg Thurman said:
    The green did not last.

    0
    November 24, 2020

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