This week started on a high off the back of Biden’s win, and the momentum continued as whole economies, financial markets, and corporations alike all saw records surpassed. For both the bulls and bears, there were highs and lows across the board, but we’re drilling down into the wins.
Let’s take a closer look at the stories that stood out and their impact...
Record high for the Dow Jones
After the election results rolled in over the weekend, the new trading week started with a bang for global markets. The Dow Jones was no exception, hitting a record high during Monday’s session, and closing only a few hundred points below February’s record-close.
It was during this same session that news of Pfizer’s coronavirus vaccine trial broke, finding it to have been 90% effective, with no significant risks attached. We covered this story, and its subsequent ripple effect on the markets, in this post.
Record sales on Singles Day
Another week, another Alibaba story.
After last week’s Ant hit sent shares falling, Alibaba saw a record 500 billion yuan, equivalent to over $74 billion in sales on Singles Day this week. Though the total includes the three-day prelude earlier in the month, the event far surpassed 2019’s tally by 26%, according to CNN.
The ‘holiday’ -- an anti-Valentine’s Day (intentionally on 11/11, representing all singles) has been one of the largest shopping events for Alibaba since 2009. Rival JD.com held its own Singles Day sale, raking in almost 200 billion yuan. China’s economy is still recovering from the pandemic but has seen positive growth for two consecutive quarters, having reported a 4.9% increase in GDP over Q3 (beating +3.2% during the one before).
Record growth over Q3
UK GDP data published this week saw an increase of 15.5% over Q3, and though still below the 15.8% growth expected, it’s a welcomed change from the previous quarter’s -19.8% decline (at the height of lockdown). The areas that saw the highest output were construction, services, and production, but the economy is still almost 10% below what it was at the end of last year.
As the country reenters a second lockdown over November and with little certainty over what measures to expect during the holiday season, it’s entirely possible we’ll see further regression for Q4.
Movers & shakers
🔺Expedia (EXPE), like other travel shares, surged on the Pfizer vaccine news Monday. With hope on the horizon, its stock climbed as much as 26%. For more, visit The Motley Fool
🔻 Beyond Meat (BYND) posted disappointing earnings this week, tanking almost 30% in pre-market trading and wiping out more than $1.5 billion off its market cap in Tuesday’s session. Read more on this story over on CNBC