Good Evening!
The DJIA rose 0.18% The S&P 500 added 0.55% The Nasdaq Composite was up 1.03%
Consumer discretionary and tech stocks led the market today as the first trading week of 2021 comes to an end.
General Market Review
Tech
Tesla rose 8% as its market cap reaches over $820 billion, beating Facebooks valuation of $763 billion. Most tech stocks were in the green, except for chip stocks. Due to the shortage of semiconductors leading to production cuts, chip stocks, like Intel, fell 1%.
Economic Data
For the month of December, there were 140,000 jobs that were lost, compared to economists’ expectations of a gain in employment by 50,000 jobs. This drop is explained by the rise in stricter Covid restrictions. However, the drop was mostly overlooked by news that Biden would focus on deficit spending to boost economic growth.
Earnings
Micron Technology (MU) beat expectations for both earnings and revenue with an EPS of $0.78 and a revenue of $5.77 billion. Analysts expectations were set at $0.71 for EPS and $5.73 billion in revenue. Many analysts increased their price targets to an average of $97.23 from the previous $85.50 as they expect strong growth this year. MU jumped about 6% intraday and closed at -2.14%.
