Daily Market Outlook – Goldman Sachs upgraded TSLA from neutral to buy

Goldman Sachs analysts gave Tesla a major boost last week, upgrading the stock from neutral to buy. This saw Tesla’s price jump to $780 from $455, fueling the stock’s momentum to the upside with its psychological level up nearly 1000% to $600 in just 13 months.

The premarket indicates a positive opening while the benchmark indices (US30, SPX500, NAS100) are forecasted to start lower.

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In major US news, American residents could start to receive the Pfizer and BionNTech COVID-19 vaccine as early as Friday, according to the FDA. Continuing on the topic of COVID-19,  Rudy Giuliani, personal attorney to President Donald Trump, has tested positive for the virus and is receiving medical treatment at Georgetown University Hospital. Finally, a bipartisan group of US senators will unveil legislation as early as today for additional fiscal stimulus worth $908 billion, in an effort to speed up aid to revive the economy.

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In major EU-UK news, EU chief negotiator, Michel Barnier, has warned Brexit talks could collapse if negotiators do not make any major progress by the end of today. UK Prime Minister, Boris Jonhson, is planning to hold a critical meeting with EU President Ursula von der Leyen in the coming hours.

Reviewing macros, China exports surged 21.1% YOY reaching an all-time high of $268bn in November. UK House prices increased by 7.6%, the highest annual rise since 2016.

In individual corporate news, Airbnb has increased its IPO price range to between $56 and $60 / share, meaning the tech giant’s debut is now being evaluated to around $39 to $42bn. Lastly, Apple has announced they will introduce new chips in 2021, its speed said to be comparable with Intel’s fastest chips.


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