Live Spot Gold
SPOT MARKET IS OPEN
closes in 6 hrs. 22 mins.Feb 03, 2020 10:38 NY Time
| Bid/Ask | 1571.60 / 1572.60 | |
| Low/High | 1569.40 / 1581.80 | |
| Change | -16.90 | -1.06% |
| 30daychg | +19.30 | +1.24% |
| 1yearchg | +254.50 | +19.32% |
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Silver Price & PGMs
Feb 03, 2020 10:38 NY TimeKitco 10AM Silver Fix
| Silver | 17.58 | -0.43 |
| Platinum | 967.00 | +9.00 |
| Palladium | 2188.00 | -2.00 |
| Rhodium | 9200.00 | 0.00 |
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( Yahoo Finance, Mon. Feb. 3rd, 2020) – U.S. stocks recovered some losses after a sell-off Friday that sent the Dow lower by 600 points. Equities in China, however, tumbled after an extended Lunar New Year holiday.
A little over a year ago, when Tesla Inc. CEO Elon Musk publicly flirted with the idea of taking his company private, one investor wrote to ask him to reconsider.
According to research conducted by the investment firm, ARK Invest, “Tesla should be valued somewhere between $700 and $4,000 in five years,” wrote ARK’s chief investment officer, Catherine Wood. “Taking Tesla private today at $420 would undervalue it greatly.”
But anyone who thought that was a bold call hasn’t seen anything yet. On Saturday, ARK published an update to its Tesla TSLA, +10.06% valuation model, saying it now expects the stock to be worth $7,000 by 2024 — and that’s the base case. In a bull case, Tesla shares would trade at, or above, $15,000. The bear case puts the stock at $1,500, or about 2.5 times current trading levels.
What makes ARK so optimistic?
The investment team considers three big variables when analyzing Tesla’s business model: gross margins, capital efficiency and adoption of autonomous driving. ARK is most bullish on Tesla’s ability to cut costs and increase margins, assigning an 80% probability that the company will achieve 40% margins, “consistent with a dominant brand that is an innovation cycle ahead of commoditized competitors.”
10:00 a.m. ET: U.S. markets bounce to session highs, shake off China’s rout
Major benchmarks are picking up steam, effectively shaking off the rout in Chinese stocks. While coronavirus fears remain in the driver’s seat — and are undermining global growth prospects — investors appear to be driven by U.S. fundamentals (which still remain strong) and bargain hunting.
Barely half an hour into Monday’s trading session, and the S&P 500 (^GSPC), Dow (^DJI) and Nasdaq (^IXIC) are all perched at session highs over 1%.
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9:34 a.m. ET: Stocks open higher after Friday’s coronavirus selloff
The three major U.S. stock indices opened higher Monday morning, pushing the S&P 500 back into positive territory for the year-to-date.
Shares of Nike (NKE) led advances in the Dow, after a pair of bullish recommendations from UBS and JPMorgan pushed the athletic-wear maker’s stock higher. The consumer discretionary, communication and health-care sectors led the S&P 500 higher.
Here were the main moves in markets, as of 9:34 a.m. ET:
- S&P 500 (^GSPC): +0.55% or +17.71 points to 3,243.23
- Dow (^DJI): +0.48% or +135.49 points to 28,391.52
- Nasdaq (^IXIC): +0.67% or +61.75 points to 9,215.52
- Crude oil (CL=F): -$0.37 or -0.72% to $51.19 a barrel
- Gold (GC=F): -$4.60 or -0.29% to $1,583.30 per ounce
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9:21 a.m. ET: Oil prices stabilize after WSJ reports Saudi Arabia is mulling a production cut
West Texas intermediate and Brent crude oil prices hovered little changed Monday morning in New York after the Wall Street Journal reported that Saudi Arabia was considering a major, temporary oil production cut to put a floor on prices amid the coronavirus.
According to the report, Saudi Arabia is considering production cuts beyond the 1.7 million barrel-per-day reduction OPEC and its allies had agreed in December to enforce.
The coronavirus has sent prices for both commodities tumbling, as investors fear the outbreak’s impact on demand in China, the world’s largest oil importer. Prices of both West Texas intermediate and Brent are down about 15% for the year to date.
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7:36 a.m. ET: Stock futures rise as coronavirus spreads further
U.S. stock futures rebounded slightly after posting sharp declines Friday, which had wiped away the S&P 500’s year to date gains.
In China, the Shanghai Composite tumbled more than 7% as investors furiously tried to price in fears over the coronavirus after an extended market shutdown for the Lunar New Year holiday. Prior to Monday, Chinese markets had been closed since January 23.
China’s National Health Commission said Monday that the coronavirus had claimed the lives of 361 individuals among more than 17,000 confirmed cases. There have been 151 coronavirus cases in 23 countries outside of China, according to the World Health Organization’s Director-General Tedros Adhanom Ghebreyesus.
Here were the main moves during the pre-market session, as of 7:36 a.m. ET:
- S&P futures (ES=F): 3,237.00, up 13 points or 0.4%
- Dow futures (YM=F): 28,293.00, up 97 points or 0.34%
- Nasdaq futures (NQ=F): 9,037.5, up 39.75 points or 0.44%
- Crude oil (CL=F): $51.69 per barrel, up $0.31 or 0.25%
- Gold (GC=F): $1,584.00 per ounce, down $3.90 or 0.25%
Posted By :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com