BoA has tracked signs of the upcoming stock market sell-off. While more expensive and at-risk stocks are set to fall, value stocks should survive.
Wall Street is intact
On Wednesday, Wall Street's key indexes stood still because a Qualcomm-led soar in chipmakers was compensated by a dive in healthcare shares for the second straight trading marathon, although quarterly gains came in largely positive.
As a matter of fact, Qualcomm Inc tacked on by 10.3% because the company managed to grasp a major victory in its legal dispute with Apple Inc, which called for the iPhone to once again utilize Qualcomm up-to-date processors.
Data revealed that the Chinese economy tacked on at a steady 6.4% tempo for the first quarter, confounded hopes for a further deceleration. It helped chipmakers, getting a huge portion of their profit from China, to tack on. As for the Philadelphia chip index, it managed to rally by about 1.45%.
Besides this, the S&P healthcare index declined by about 2%. It was on pace to wipe out its yearly yield because of everlasting worries as for potential changes to healthcare policy.
Eventually, of the 54 S&P 500 businesses, which have reported outcomes so far, nearly 80% have surpassed forecasts.
However, experts actually expect first-quarter S&P 500 gains to slump by 1.8% year-on-year. Despite a firm improvement over recent forecasts, it would still mark the first yield tumble since 2016.
Apart from that, United Continental Holdings Inc went up by about 4.2% having posted a better-than-anticipated rally in quarterly gain and powered a 1.1% ascend in the Dow Jones transport index.
ET the Dow Jones Industrial Average tacked on by 0.03% reaching 26,459.70. As for the S&P 500 was intact being worth 2,907.03. As for the Nasdaq Composite, it gained 0.10% ending up with 8,008.19. What’s more, the Nasdaq 100 hit a record intraday maximum, beating its highest value recorded in early October.
On Saturday, the US Food and Drug Administration approved Johnson&Johnson’s vaccine for emergency use against Covid-19. Will JNJ rise?
Twitter reported encouraging earnings results. Cisco's earnings beat estimates, but revenue declined for the fifth quarter in a row.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.