Stocks close near record highs as strong manufacturing data boosts economic outlook
Due to the partial government shutdown, this week’s expected jobs data will be delayed.
Stocks climbed as the January ISM manufacturing index blew past analysts’ expectations, indicating manufacturing growth. All major US indexes rose, while gold and silver resumed their sell-off after Friday’s meltdown. Bitcoin recovered a bit after this past weekend’s bloodbath, where the price dipped below $75,000. Due to the partial government shutdown, tomorrow’s expected jobs openings data for December and Friday’s expected January jobs report will be delayed.
Stocks that moved higher:
Gaming stock Roblox rebounded from Friday’s sell-off as analysts said that investors’ fears about the impact of Google’s Project Genie on the broader gaming market may have been an overreaction.
Southwest Airlines, American Airlines, JetBlue, United Airlines, Frontier Airlines, Alaska Airlines, and Delta Air Lines took off as oil prices retreated and US-Iran tensions eased.
Critical minerals stocks NioCorp and United States Antimony Corp. surged on a report that President Trump will launch a $12 billion critical minerals stockpile.
GameStop rallied after CEO Ryan Cohen said the retailer is aiming to acquire a company bigger than itself.
Stocks that moved lower:
Tesla stock fell as a new Chinese safety rule effectively bans the car door handles for which Tesla is famous. Lucid and Rivian, which also adopted the flush door handles, fell as well.
Disney dropped despite posting better-than-expected Q1 sales and earnings.
Strategy tumbled as the value of its Bitcoin was briefly less than its cost basis.
BitMine Immersion Technologies also fell as the company acquired more ethereum despite being underwater amid the token’s price decline.
