Stock markets recovered strongly from the price dip at the end of January last week. In New York, the indices even managed to set new all-time highs on the boards. On Friday, the S&P 500 closed 0.39% higher at 3,886 points and the Nasdaq celebrated the weekend with a gain of 0.57% on 13,856 points.
The unemployment figures on Friday showed that the labor market is slowly but surely going to recover somewhat. In January, 49,000 jobs were added in the private sector and the unemployment rate fell to 6.3%. Wall Street had previously expected more jobs, but economists assumed an unchanged unemployment rate at 6.7%. Still, the numbers were not very positive. Unemployment fell mainly because 406,000 people gave up their job search. The participation rate thus fell to 61.4%. This is a bad sign and indicates that the US job market is in bad shape.
To support the US economy, Joe Biden is currently preparing a $ 1,900 billion corona support package. The package includes $ 1,400 in incentive vouchers, supplemental unemployment benefits, and Covid-19 vaccination and testing funds. Treasury Secretary Janet Yellen said on Sunday that if Biden’s stimulus plan is passed, the US could return to full employment by 2022.
The S&P 500 nevertheless managed to close in the green for five days in a row and appears to continue this series today. Futures are up approximately 0.4% and there is little on the agenda to change that. Figures from Twitter, Uber, Walt Disney, and Coca-Cola will follow later this week. Furthermore, inflation figures from the US, China, and Germany are on the agenda.
Today Top Movers
Aurora Mobile Ltd (JG) grew over 25.50% at $6.25 in pre-market trading today after declaring a partnership agreement with iQIYI (IQ), to develop a smart advertising and marketing ecosystem.
Ocugen, Inc (OCGN) stock moved up 68.76 percent to $8.86 in the pre-market trading. The company recently declared a $23 million registered direct offering of common stock priced at a premium to market.
Westport Fuel Systems Inc (WPRT) gained over 49.13% at $12.90 in pre-market trading on Monday.
Sundial Growers Inc (SNDL) is up more than 0.88% at $1.14 in pre-market hours Monday February 08, 2021.
Top Upgrades & Downgrades
RBC Capital turned bullish on The Hershey Company (HSY), upgrading the stock to “Outperform” and assigning a $170.0 price target, representing a potential upside of 15.95% from Friday’s close.
The Estee Lauder Companies Inc. (EL) has won the favor of Jefferies’s equity research team. The firm upgraded the shares from Hold to Buy and moved their price target to $310.0, suggesting a 13.59% additional upside for the stock.
CorEnergy Infrastructure Trust Inc. (CORR) received an upgrade from analysts at DA Davidson, who also set their one-year price target on the stock to $9.5. They changed their rating on CORR to Neutral from Underperform in a recently issued research note.
Earlier Monday Raymond James reduced its rating on Iridium Communications Inc. (IRDM) stock to Market Perform from Outperform.
UBS analysts reduced their investment ratings, saying in research reports covered by the media that its rating for ViacomCBS Inc. (VIAC) has been changed to Sell from Neutral.
Analysts at BofA downgraded Las Vegas Sands Corp. (LVS)’s stock to Neutral from Buy Monday.