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Nasdaq & Russell 2K Hit Fresh All-Time Highs

Mark Vickery
·3 min read

Major market indexes this Tuesday were mixed: the Dow closed near session lows, down 200 points or -0.67%, and the S&P 500 was off more moderately, down 0.2%. On the other side of the coin, both the Nasdaq and Russell 2000 closed at fresh all-time highs, +0.65% and 1.0%, respectively. The Nasdaq benefited from big days at Peloton PTON and Apple AAPL, while the small-cap Russell 2K index continues to rope in momentum traders.

Tech had a good trading day, as Apple continued to generate interest on reports yesterday that it was developing a self-driving electric vehicle (EV) — the “iCar” — which is expected to come to market by 2024. Although seemingly out of left field, the tech behemoth has more cash on hand than most of the world’s nations’ GDPs, and as such is one of the few companies anywhere that might pose a plausible challenge to Tesla’s TSLA position at the top of the EV heap.

Peloton was up 12% Tuesday on the announcement it was buying out rival Precor for $420 million. Analysts point to Peloton’s struggles in keeping up with demand as a “stay at home” alternative during the pandemic for people who would normally visit the gym during the week. Precor has over 600K square feet of manufacturing space, which should neatly assist Peloton’s needs. Precor is also a big presence in community workout spaces, like hotels and apartment buildings, which would help Peloton expand beyond its “stay at home” status once the pandemic is behind us.

Wednesday is the last full trading day for this Christmas Week; Thursday, Christmas Eve, will close at 1pm ET. Thus, much of what we normally would have seen in terms of economic data spread out through the end of the week will all hit the tape an hour before the opening bell tomorrow: Jobless Claims, Durable Goods Orders, Personal Income/Consumer Spending and Core Inflation.

The $900 billion relief bill just passed by Congress will be a salve for whatever the jobless claims numbers turn out to be; they’ve been going up on a fast trajectory for the last month and a half. Unemployment outlays and rent assistance are a notable part of the new package, which at very least will keep family units from (near-term) economic calamity.

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