(DAILY NOTION): Wall Street Makes an Encouraging Comeback, Next Mover: Progress of Biden Stimulus Package, Earnings Report

NASDAQ 100 (as of Feb 2, 2021 at 12.10 p.m.)

Source: Yahoo Finance

SPX 500 (as of Feb 2, 2021 at 12.10 p.m.)

Source: Yahoo Finance

US30 (as of Feb 2, 2021 at 12.10 p.m.)

Source: Yahoo Finance

After a tumultuous week, Wall Street seem to be getting its footing back as the NAS100 leapt 2.55%, the SPX500 gained 1.57%, and the US30 increased by 0.76%. For the SPX500, it was also the largest daily percentage gain since Nov 24. These gains were led by technology shares and mining shares, which benefited from the attention on silver, of late. How interesting it is that while Wall Street was shaken by the GameStop saga which started on a Reddit frenzy, this time it appears to be benefitting from the recent price hike of silver, which also began on Reddit.

As the release of earnings reports continues, the market seems to be cheered by the strong earnings so far. Investing.com reports that the fourth-quarter earnings could be one of the strongest on the record.

A key highlight that is highly anticipated by the market is the finalization of the Biden Stimulus Package. The meeting between President Biden and the Republican leaders did not produce a mutual agreement, leaving the outcome of the $1.9 trillion stimulus package that was proposed by the new president, in the balance. While the IMF has voiced support for this stimulus package to boost the economy, the Republicans do not favour its large size, over concerns of its long-term impact on the economy. The U.S is already carrying a $27.8 trillion debt, as of Jan 22.

Will Wall Street continue its momentum for the rest of the week? Let's keep our eyes on this space.

FOLLOWME User Sentiment (as of Feb 2, 2021 at 12.05 p.m.)

SPX500

Short – 80.18%

Long – 19.82%

NAS100

Short – 76.02%

Long – 23.98%

US30

Short – 68.20%

Long – 31.80%