Markets bounce back as big tech companies rally and the US announces a $2 trillion spending bill.
Major stocks rally as the US government announces its newest $2 trillion spending plan, aimed at modernizing the existing and building new infrastructure. This would create more jobs in the future, improving the unemployment rate, while at the same time lowering the logistic costs for many companies in the country.
Global indices are on the rise as major technology companies are buoyed by the positive tendencies of steady economic recovery and growth. This lead to S&P 500 breaking through the level of 4,000, NASDAQ rising 1.76%, with Hang Seng and DAX rising 1.97% and 0.66%, respectively.
Ever Given, a container ship stuck in the Suez Canal, was finally removed, recovering the normal traffic. While most companies over the world rejoice, it caused Brent to fall down again, as the demand took another hit.
Deliveroo’s IPO, backed by Amazon, was met with a cold reception, as both companies were facing concern over worker’s rights. Since then, however, the situation has improved for Amazon, as its stock rebounded.
Chinese markets show growth for two weeks straight, as the post-pandemic economic recovery is going strong. At the same time, its tech giants are caught in the trade war in-between China and the US and face significant repercussions because of that.
|Baidu faces difficulties, as its Hong Kong IPO fell flat while it faces pressure from both the Chinese and the US governments, with the former forcing it to abandon its media assets and the latter threatening to ban its production in the country.|
|Amazon faces pressure from within, as its workers vote on whether they will create a union or not. This supplies concerns that some countries have about worker rights in the company.|
|Mastercard announces new partnerships with Lyft, DoorDash, ShopRunner, and Fandango to enhance offerings to its cardholders.|