Monday's Headlines: Can The Market Bounce Back?

Monday's Headlines: Can The Market Bounce Back?

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

PagerDuty (PD) +9.6%

DraftKings (DKNG) +6.5%

RH (RH) +6.1%

FedEx (FDX) +6.1%

Peloton Interactive (PTON) +5.4%

Moving Down ⬇️

Nike (NKE) -4.0%

Wix (WIX) -3.0%

Mastercard (MA) -2.9%

Brown-Forman (BF.B) -2.8%

Planet Fitness (PLNT) -2.8%

1. U.S. stock futures were mixed this morning as the market gets ready to bounce back from a losing week. After the three major indexes lost ground last week, futures tied to the Dow Jones Industrial Average (DIA) lost 65 points this morning, while the tech-heavy Nasdaq (QQQ) is trading in the green and S&P 500 (VOO) remains flat. The 10-year Treasury yield also fell 5 points after reaching a 14-month high last week, raising concerns over the valuation of growth and tech stocks. See more here

2. Chairman of the House Judiciary Committee’s antitrust panel, David Cicilline, is getting ready to go after Big Tech. Back in October, the Democratic Representative and his subcommittee released a 449-page report which detailed abuses of market power by Alphabet’s (GOOG), Apple (AAPL), Amazon (AMZN), and Facebook (FB). Now, Cicilline is creating a series of smaller bills aimed at lowering opposition from tech companies and their lobbyists towards a single piece of legislation. Cicilline is also working on a separate bill targeting Section 230, a law which protects tech platforms from liability over users' content, with sources claiming Cicilline is going to go after companies like Facebook and the way they amplify user content. Read more here

3. Tesla (TSLA) bulls were pleased to hear that Cathie Wood’s Ark Invest expects the EV maker’s share price to reach the $3,000 mark by 2025. On Friday, the firm also backed Tesla's fully autonomous driving efforts by stating the company should reach this goal within five years. Wood also said the company’s net autonomous ride-hail revenue could hit $327 billion and EV revenue will reach between $234 billion and $367 billion by 2025. Tesla is the largest holding of the $26.6 billion ARK Innovation fund and Wood has been a longtime Tesla bull. Tesla shares have been hit hard recently due to the sell-off of growth stocks, but the stock is up in pre-market trading today. Check out the full story here

NicoleNicole

Sign up for free to continue reading.