Here is a Daily Market Recap for today Wednesday, February 24, 2021. Please enjoy! – #stocks chatter

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Here is a Daily Market Recap for today Wednesday, February 24, 2021. Please enjoy!
**PsychoMarket Recap - Wednesday, February 24, 2021**

Stocks rose on Wednesday, with each of the three major indices closing the day positive. Shares of technology companies, which were hit the hardest by the pullback, shook earlier losses, with the Nasdaq (QQQ) closing 0.82% higher.

In the past week, the rotation from high-flying growth stocks into cyclical and value investments picked up steam as fears of higher Treasury yields pressured stocks across the board this week, with higher prices and increased borrowing costs for companies seen as an emerging threat for high valuation companies.

During his semiannual testimony on monetary policy, Chair of the Federal Reserve Jerome Powell said that rising Treasury yields are, “a statement of confidence on the part of markets that we’ll have a robust and ultimately complete recovery”. As a reminder, Treasury yields are the total amount of money you earn by owning U.S. Treasury bills, notes, bonds or inflation-protected securities. The U.S. Department of the Treasury sells them to pay for the US debt and when the timeframe of the note expires, the government pays back the face value plus states interest. Essentially, Powell is saying that Treasury yields are going up because investors believe in the US’ ability to pay back the interest of those yields when the time expires, which implies the economy will recover.

In his remarks, Powell reaffirmed that the Federal Reserve was looking to maintain its current accommodative policy posturing for the time being, keeping benchmark rates near zero and asset purchases at the current pace of $120 billion per month. He said, "The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved. We will continue to clearly communicate our assessment of progress toward our goals well in advance of any change in the pace of purchases." Supportive monetary policy from the Federal Reserve is one of the reasons we think the factors are in place for a sustained bull market even after the pandemic is over. While there are certainly short-term headwinds in the market, our long-term outlook remains bullish.

**Highlights**

* Incredible, in the last few hours of the market, “meme stocks” like AMC and Gamestop (GME) gapped up strongly. Including after-hours movement, GME is up more than 120% on the day at the time of writing. This really is Psycho!!
* President Joe Biden will sign an executive order on Wednesday aimed at addressing a global semiconductor chip shortage that has forced U.S. automakers and other manufacturers to cut production. The order will launch a 100-day review of supply chains for four critical products: semiconductor chips, large-capacity batteries for electric vehicles, rare earth minerals, and pharmaceuticals.
* After the recent pullback in Tesla (TSLA), Cathie Woods, portfolio manager at ARK Investments, upped the bet on Tesla by $121 million in her ETF ARKK, the top-performing ETF of last year. We’re huge fans of Cathie Woods here at PsychoTrader, we pay attention when she does something. We think you should as well.
* U.S. new home sales jumped by 4.3% in January over December, the [Commerce Department reported Wednesday ](https://www.census.gov/construction/nrs/pdf/newressales.pdf)morning, far exceeding expectations as a jump in housing market activity last year extended into the beginning of the new year. We have been banging the table on mortgage REITs for a while now, still way below pre-pandemic levels and a great long-term opportunity in our view.
* The US Food and Drug Administration (FDA) said Johnson & Johnson's (JNJ) single-shot COVID-19 vaccine appeared safe and effective in trials, paving the road for the third vaccine to receive emergency use authorization in the US.
* Despite a recent video showing one of their engines catching on fire, shares of Boeing (BA) gapped up today.
* Dell Tech (DELL) target raised by JP Morgan (JPM) from $85 to $90 at Overweight. Stock currently around $80
* Intuit (INTU) with two target raises. Stock currently around $400
* Wells Fargo (WFC) from $440 to $450
* Stifel Nicolaus from $400 to $425
* Jazz Pharma (JAZZ) with two target raises. Stock currently around $157
* Piper Sandler from $175 to $205 at Overweight
* Jefferies from $209 to $214 at Buy
* After securing USPS contract, Oshkosh (OSK) target raised by Keycorp from $104 to $125 at Overweight. Stock currently around $109. Shares of Workhorse (WKHS) another company that was vying for the same contract, plummeted on the news.
* Nordson (NDSN) target raised by Wells Fargo (WFC) from $220 to $230 at Overweight. Stock currently around $188
* Palo Alto Networks (PANW) target raised by Argus from $10 to $440 at Buy. Stock currently around $378
* Snapchat (SNAP) with a host of positive target raises. Consensus price target is $85 at Buy. Stock currently around $70.50

“Be fearful when others are greedy and greedy when others are fearful” - Warren Buffet (This is so true guys, think of yesterday)
https://www.reddit.com/r/StockMarket/comments/lroie7/here_is_a_daily_market_recap_for_today_wednesday/

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