The US indices continue to rally as the economy recovers, positive third quarterly earnings across the board, as well as declining COVID infections, continue to keep the vitals of the American economy in a healthy state. Given that the Fed will manage to keep inflation under control and keep sticking to their goal of a strong labour market the US will be well on track to get back to its Pre-COVID strength.
Earnings are set to be released Post-Market for Visa (V), Twitter Inc (TWTR), Microsoft Corporation (MSFT) and Alphabet Inc (GOOG).
- Pinterest Inc (PINS) was down 12.71% as PayPal announced it’s not pursuing an acquisition of Pinterest at this time.
- Tesla Inc (TSLA) was up 12.66% as a deal was reached with rental car company Hertz for 100 000 electric vehicles
- XPeng Inc (XPEV) was up 11.47% following a showcase event held over the weekend
- Coinbase (COIN) was up 8.21%
Stocks to watch:
Yandex N.V. (YNDX)
The technology company was up 1.78% yesterday in the leadup to tomorrows third quarter’s earnings that are set for release. Earnings per share is expected to decline slightly with the expectation that Revenue should increase with an estimate of about $140M for the previous quarter.
As Yandex diversifies its offering not just in its search engine for Russia but launching its on-demand delivery and fintech businesses across Europe there should be substantial and longer-term growth at an accelerated pace over the coming years.
Technically the chart is setting up well for a continuation before its earnings release as a retracement back down to previous resistance levels is in good confluence with the 50day moving average for a dynamic support level. Given an increase in EPS above $0.03 and Revenue exceeding $1.25B, new highs may be on the horizon.