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“I can calculate the motions of the heavenly bodies, but not the madness of people.” – Isaac Newton
Just in time for Christmas, the long tortuous process of a stimulus deal is finally behind us, but there is still a lot of data to contend with over the next two trading days. With the stimulus passed, there’s a likelihood that investors will look past any weakness as there’s help on the way, so that’s something to keep in mind as the data rolls out. In COVID news, as shown on page six of the Morning Lineup, the number of confirmed cases is showing some signs of a peak, and hospitalizations in Midwest states that were hit the earliest in this most recent wave, have shown signs of receding.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, a recap of Machine Tool Orders in Japan, an update on the latest national and international COVID trends, and much more.
When a stock gaps up 3% at the open, it doesn’t typically attract a lot of attention, but when that gap is coming from the largest publicly traded company in the United States, it’s worth highlighting. It has now been more than three months since shares of Apple (AAPL) traded at a new high, but it’s starting to get close. The stock is indicated to open at $132 this morning, which would put it less than 5% from a new high and at a level it has only closed above one other time in its history (9/1).