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NYSE Record Closing Auction Volume
Daily U.S. Market Update
Michael Reinking, CFA
Sr. Market Strategist
October 25, 2021 AT 2:30 PM EDT
After a pause on Friday the grind higher continues. . It is going to be a busy week with about a third of companies in the S&P 500 expected to announce earnings, multiple central bank policy decisions, an update on inflation and a potential framework for the spending package out of Washington. Democrats seemed to have moved ever so slightly closer to a spending bill framework over the weekend but they have been saying that for some time now. Markets opened marginally higher and have continued to tick up throughout the session. As we head to print the S&P 500 is up 22tps to 4,566 (+0.5%), the Dow is up 70pts to 35745 (+0.2%) while the Russell 2k is up 20pts to 2,311 (+0.9%). Strength is broad based with 10 of 11 in the S&P 500 trading higher. Financials are underperforming as rates are pulling back modestly. Energy and materials led early as ICE Brent made a new high trading above $86 before pulling back. Natural gas on the other hand is surging again up 11% today with colder weather forecasts being cited for the strength.
Term of the week from
Private Investment in Public Equity (PIPE)
Private investment in public equity (PIPE) is the buying of shares of publicly traded stock at a price below the current market value (CMV) per share.
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