Keep an eye on Electronic Arts (EA). The stock has become exceptionally oversold after pulling back from $150 to $127.50. From here, we’d like to see it challenge its prior highs, especially with the video game market expected to grow even more this year. Video game spending in the U.S. totaled $56.9 billion for 2020. That was 27% higher year over year, according to NPD. In...
Continue reading >>The stock market closed mostly lower on Monday following news of the sudden unwinding of positions by a major hedge fund. Specifically, Archegos Capital Management was forced into selling Chinese tech stocks and U.S. media firms on Friday and yesterday which caused some of the nervousness.Bank stocks slumped after Credit Suisse (CS) warned that they could be hit with sizable losses from the...
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Continue reading >>The stock market closed lower on Thursday as another spike in Treasury yields and a weaker-than-expected jobs report weighed on sentiment. Specifically, the 10-year Treasury yield rose to a 14-month peak of 1.74% while initial jobless claims jumped to 770,000 versus forecasts for a print of 700,000. Despite the disappointment and higher yields, the blue-chips managed to set a fresh intraday...
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Continue reading >>The stock market shrugged off a weak first half of trading to close higher on Thursday and snap a two-session losing streak. Better-than-expected news on jobless claims provided some relief as unemployment benefits dropped to a one-year low.This was a positive sign that the U.S. economy is on the verge of stronger growth as the public health situation from the coronavirus improves. Meanwhile,...
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