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[Platinum Insights] 12.29.22 Amazon at 2020 March levels!

[Platinum Insights] 12.29.22 Amazon at 2020 March levels!
August 21, 2023

Stock futures for the blue-chip Dow were up 0.2% on Thursday, and those linked to the S&P 500 and Nasdaq added 0.4% and 0.7%, respectively, buoyed by bargain hunting for beaten-down technology stocks. 

Tesla rose almost 5% in premarket trading while other tech titans, including Amazon.com, also enjoyed gains. Still, the reopening of the Chinese economy has kept investors in a cautious mood. 

On the one hand, the reopening is seen as boosting global growth, but on the other, it led to renewed coronavirus outbreaks and fears of further inflationary pressures. 

On top of that were persistent concerns about the negative impact of rate hikes, including poor economic growth, job losses, and downward earnings revisions. 

For December, the Dow is currently down 5%, while the S&P 500 and Nasdaq 100 lost 7.2% and 11.3%, respectively, setting the three benchmarks up for their worst annual performances since 2008. 

The pattern for the markets has been for the futures to be in the green, only to fade to red by market close. We will see if this pattern continues today.  

Weekly jobless claims are due today before the bell. Economists surveyed by Dow Jones are forecasting initial jobless claims to total 223,000 for the week ended Dec. 24, a rise from 216,000 during the previous period.  

Oil prices declined as COVID-19 cases in China dimmed hopes of a recovery in fuel demand. The yield on the 10-year Treasury, which influences mortgage rates, was at 3.86%. 

Just a note: Amazon – AMZN is now trading at the same level as it was in March of 2020 which was the start of the pandemic in the U.S.  Have a Great Day!

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