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Markets laying in wait for Powell’s address at Jackson Hole

Authored by ZanderVanDerMerwe
30.08.2021
Market Overview
0
3 min

Day two of the Jackson Hole Symposium kicks off today as Fed Chair Powell is set to address the committee in a panel discussion around topics such as Monetary Policy, Fiscal Policy and the Covid Shock and uneven Labour Market. It should be a high volatility day today as the discussions are set to take place throughout the day and the Fed plan out their actions for the coming year. The key word in focus will be “Tapering”, the expectation now based on day one was that no real action would be taken until October’s FOMC, but how the Fed structures the tapering should be expected in the recent future with next months FOMC where the announcement should be made.

The uncertainty in the markets is quite evident as investors sit on the side-line waiting for a clear indication of when the Fed will decide to implement the scaling back of the asset purchasing as well as how they will scale back.

Yesterday’s Market Movers:

  • Vipshop Holdings (VIPS) was down 5.01% as the Chinese stocks were under fire
  • Snap Inc (SNAP) was down 4.12%
  • Tencent Music Entertainment (TME) was down 3.55% as the Chinese stocks were under fire
  • Illumina Inc (ILMN) was down 3.41%
  • Li Auto (LI) was down 3.33% as the Chinese stocks were under fire

Stocks to Watch:

Johnson & Johnson (JNJ)

During Johnson & Johnson’s second quarterly report was very positive as earnings and revenue beat expectations as EPS came in $0.2 higher and Revenue beat the estimate by $802.29 million.

The number of Americans hospitalised with COVID-19 hit a peak of 100 000 for the first time since January yesterday as the Delta variant continues to push back against the unvaccinated states in the greater American regions. Currently ICU beds are at 95% capacity in Alabama, Florida and Georgia raising cause for concern, 30% of all ICU beds across the country is currently in use for COVID-19 patients.

Over the past couple of days their price retraced lower, sliding to $173, with a decline in share price, it might very well be poised for a continuation higher given the continued infection rates. From a technical point of view price broke through the 50EMA on the 4-hour timeframe, a break and close above the 50EMA as well as price trading above $175 should signify a continuation higher. Johnson & Johnson is currently up 0.38% in the pre-market trading at $173.96.

Authored by ZanderVanDerMerwe
30.08.2021
Market Overview
0
3 min

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