Monday saw last week's pullback continue in the S&P 500 as COVID headlines continue to spread fear, but the NASDAQ ended slightly up.
Fed Chair Jerome Powell said the economy is expanding at its fastest pace in many years and the labor market is strong despite the pandemic. He also confirmed the Fed will work to prevent higher inflation from becoming entrenched.
Meanwhile, JP Morgan's Marko Kolanovic says it's time to Buy the Dip in anticipation of a strong cyclical recovery.
Oil up. Gold firmer. Industrial metals higher. Bitcoin down.
| NASDAQ | S&P 500 | BITCOIN |
|---|---|---|
| 14,942.83 (+0.05%) | 4,670.29 (-0.14%) | 41,790.54 (+0.29%) |
Here are some trending stocks:
Yesterday's biggest news was Take-Two Interactive Software (NASDAQ: TTWO) to acquire Zynga (NASDAQ: ZNGA) for $9.86 a share in cash and stock, or a 64% premium to Friday's close. This gives a total enterprise value of around $12.7bn. Take-Two's share price fell 13.13% on the news, while ZNGA stock rallied over 40%. Take-Two is a video game company, and Zynga is a mobile game developer with a suite of popular titles, including FarmVille.
Apria (NASDAQ: APR) shares gained 26% as it agreed to be acquired by Owens & Minor (NYSE: OMI) for $37.50 in cash per share. This gives an equity value of around $1.45bn. Apria makes sleep apnea devices and home respiratory equipment, while Owens & Minor is a medical products supplier.
Apple (NASDAQ: AAPL) is reportedly in talks to broadcast Major League Baseball games.
Alphabet (NASDAQ: GOOGL) is reportedly increasing its lobbying of European officials to change the EU's Digital Markets Act.
Canadian cannabis company Tilray (NASDAQ: TLRY) reported upbeat earnings yesterday, and its share price climbed 13%.
Bank of America downgraded Devon Energy (NYSE: DVN) yesterday, but its share price slipped less than 1% as most analysts still rate it a strong buy.
Biotechnology company Zymergen (NASDAQ: ZY) today announced a new automation business and updated portfolio to improve lab automation throughout the industry. Its shares are up 7% in pre-market trading.
Alphamin Resources Corp. (CVE: AFM, OTCMKTS: AFMJF), a producer of 4% of the world's mined tin from its high-grade operation in the Democratic Republic of Congo, is pleased to announce record production volumes in Q4 2021, with record EBITDA guidance of $74m, up 38% from the prior quarter and a FY2021 dividend.
WSJ reported Rivian's (NASDAQ: RIVN) CEO departed last month as the firm was ramping up production of its first three models.
In Asia:
Asian markets were mostly lower overnight, with Japan and Hong Kong the laggards while Taiwan outperformed.
Cathie Wood's ARK Invest continued to cut its stake in JD.com (NASDAQ: JD) following Tencent Holdings Ltd.'s (OTCMKTS: TCEHY) move out of the Chinese online retailer.
In cryptocurrency news:
Most cryptos are in the red today.
Bitcoin briefly dipped below $40k yesterday, with a 'Death Cross' looming on technical price charts.
Investors are noticeably nervous, with many transferring their cold storage funds onto exchanges to prepare for withdrawal. One anonymous wallet reportedly transferred over $40m worth of BTC onto Coinbase (NASDAQ: COIN).