S&P 500 RISES WITH TECH, NASDAQ HITS RECORD (1250 EST/1750 GMT) oil community does the same, partly because energy investors kept telling these firms to stop producing so much, then oil prices should have a high floor." "So long as OPEC continues to show supply discipline - and so far, they have - and as long as the U.S. His top picks include Devon Energy and Targa Resources. The near-term outlook for energy stocks remains strong, according to Glickman, as energy prices continue to rise and renewables slow to capture major market share from fossil fuels. The ramp up in climate-tech venture capital, the continued drive for portfolio decarbonization and other private sector initiatives will continue to drive investments towards the green transition, Stock added. However, Glickman added that a Republican 2022 win would not "kill existing policies." Stewart Glickman, CFRA energy equity analyst, echoed this view, saying that "the GOP winning 2022 midterms would probably take any moonshot-type clean energy policies off the table." "If the Democrats lose control of the House or the Senate then we are most likely done with legislative climate policy until after 2024," James Stock, Vice Provost for climate and sustainability at Harvard University and former member of the White House's Council of Economic Advisers told the Reuters Global Markets Forum in an interview.
Still, for investors in the oil and gas sector worried about Democrats' targeting of the sector, a Republican midterm win could be better news. The generic congressional ballot, based on polls that ask people which party they would support in an election, shows Republicans with a slight edge for the first time since January 2016, according to the FiveThirtyEight public polling average. 2022 midterm elections are some ways away, some polling indicators could indicate trouble ahead for Democrats and President Joe Biden. REPUBLICAN MIDTERM WIN COULD BUY ENERGY SECTOR SOME BREATHING ROOM (1400 EST/1900 GMT) Third-quarter earnings season neared its conclusion this week after a string of high-profile retail earnings.Įconomics on tap for next week include readings on home sales, flash PMI, durable goods, consumer spending/sentiment, inflation, and a second stab at third quarter GDP. President Joe Biden's $1.7 trillion social spending and climate change bill passed the House and now heads to a divided Senate.Īustria became the first European country to reinstate strict COVID lockdowns, causing wide swings in overseas markets and hurting the airline sector. Ford closed down 0.9%, while Rivian ended up 4.2%.ĮV bellwether Tesla advanced 3.7% on the session. On the heels of the CDC's recommendation to expand COVID booster shot eligibility, vaccine makers BioNTech BXTX.O and Moderna jumped 5.8% and 4.9%, respectively, while Johnson & Johnson gained a more muted 0.3% and Pfizer shed 1.2%.Ī report from Automotive News said that Ford and Rivian have scrapped plans to jointly develop electric vehicles. The planemaker dropped 5.8% after the WSJ reported production delays of its 787 Dreamliner. The Dow joined the S&P in the red, with Boeing as its biggest drag. Tech stocks pushed the Nasdaq to a second consecutive all-time closing high on Friday, but the S&P 500 turned red late in the session.įor the week, the S&P and the Nasdaq posted gains while the blue-chip Dow ended lower than last Friday's close.Īpple, Tesla and Nvidia were the stars of the show, lending the biggest boosts to the S&P and the Nasdaq. You can share your thoughts with us at POWERS NASDAQ TO ALL-TIME CLOSING HIGH (1610 EST/2110 GMT) Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. Tech biggest S&P sector gainer energy leads losers Nasdaq reaches record close S&P, Dow end red
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