White House $916bn Stimulus Deal Offer Deemed ‘Unacceptable’ By Democrats

In other news, food delivery service DoorDash upped its planned IPO price. The company had previously set out a $90 to $95 initial price range, but priced its Tuesday public offering at $102 a share, valuing the firm at $39bn. That follows Airbnb revealing a substantially higher price for its Thursday IPO than it had initially teased.

Also of note on Tuesday was the Nasdaq Composite adding 0.5%, which took its year-to-date gain past the 40% mark.

S&P 500: +0.3% Tuesday, +14.6% YTD

Dow Jones Industrial Average: +0.4% Tuesday, +5.7% YTD

Nasdaq Composite: +0.5% Tuesday, +40.2% YTD

UK shares little changed as the vaccine is rolled out

UK shares were close to flat on Tuesday, with the FTSE 100 up by 0.1%, as the first Covid-19 vaccines were administered. The UK is the first Western country to deliver a vaccine to its people, and US and European regulators are expected to be on the brink of approval. Given that the approval and vaccine rollout was widely known about already, there was minimal market reaction while this week’s Brexit negotiations remained sharply in focus. On Tuesday the UK government announced it was ditching certain aspects of legislation related to the Irish border, which could have led the UK to break international law. Investors were in wait-and-see mode on Tuesday, with no stocks in the FTSE 100 gaining or falling more than 4%. In the FTSE 250, which fell 0.3%, EasyJet and Wizz Air were two of the biggest losers, falling 4.7% and 4.5% respectively.

FTSE 100: +0.1% Tuesday, -13% YTD

FTSE 250: -0.3% Tuesday, -9.2% YTD

What to watch

Campbell Soup (CPB): Food and snack firm Campbell has enjoyed heightened demand during Covid-19 related restrictions, as consumers stocked up on food items including the firm’s long-lasting canned goods. Campbell sells more than just soup, with brands such as Pepperidge Farm baked goods and Prego pasta sauces. A key point of focus will be how the firm has capitalized on increased attention it has received, and if demand has kept up now there has been a degree of economic reopening in some areas. Currently, analysts lean towards a hold rating on the stock, which is down 2.4% in 2020 after a 4% fall over the past five trading days.

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