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Nasdaq Hits The Breaks & Airbnb Set To Rally

Authored by ZanderVanDerMerwe
0
3 min
Investors Anticipating A Rally On Indices & Pound-Yen

The markets were in a consolidation phase yesterday as investors lay in wait with the impending Jackson Hole Symposium set to take place in Kansas City tomorrow. The anticipation for the event hosted by the Fed will discuss various economic policies and courses of action to address economic recovery.

Asset Purchases, Nasdaq & All

The hot topic for discussion will be addressing the tapering of asset purchases. This follows last week’s FOMC Monetary Policy meeting minutes that are a bit more of a hawkish approach.

Especially considering the Fed’s original statements were aimed at tapering asset purchases once inflation drops below 3.7%, with inflation holding firm at 5.4% for the year the Fed is holding its cards close to its chest as they emphasise the transitory nature of the rising inflation rate.

The Chinese stocks on the Nasdaq were the leaders for the day as Pinduoduo and JD.com accelerated during the course of the day off the back of some impressive earning reports, the positive earnings attracted a lot of attention as Cathie Wood’s ARK Investment Management as the fund picked up American depository receipts for the company. 

US Stocks:

Tuesday’s Movers

  • Pinduoduo Inc (PDD) rallied 22.25% yesterday following strong earnings for the quarter
  • JD.com (JD) was up 14.44% as good earnings and Chinese market sentiment took hold of the markets
  • Tencent Music Entertainment Group (TME) rose 12.75% off the back of the positive Chinese market sentiment and parent company share buybacks
  • Airbnb Inc (ABNB) was up 9.97% leading the lodging stocks as high infection states show signs of a decelerating trend for the Delta variant’s hospitalisation. 

Read More: The Bank of Canada’s (BOC) Overnight Rate

Stock to watch:

Airbnb (ABNB)

Yesterday we got some substantial movement from Airbnb as the higher infection states due to the Delta variant saw some significant progress made. Naturally, this will translate into the travel and lodging sector. As life and economies return to normal due to people getting vaccinated AirBnB might be poised for some good upside.

Nasdaq Hits The Breaks & Airbnb Set To Rally

Yesterday we had an aggressive break of the recent highs that saw the lodging stock rally well to the upside closing the day out at $161.42. Some profit-taking is due to come into the markets during the US open, targeting a price between $150 and $155 for entry may see Airbnb rally to $215.

Authored by ZanderVanDerMerwe
0
3 min
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