The US stocks have witnessed a tremendous amount of ups and downs. As the federal government continues to delay the second round of stimulus checks, the US economy keeps facing the burnt. In this volatile stock market, it is important to keep track of what’s happening. Here are five major updates that you must know.
Five Updates On US Stocks And The Stock Market As Of 22nd September
Stock Futures Witness An Increase
After the S&P 500’s disappointing session, the Stock Futures witnessed an increase. Even as the first wave of coronavirus refuses to subside, news of a possible second wave of coronavirus has left investors in murky waters.
While the November presidential elections inch closer, the Congress is still to pass the second stimulus package, which is desperately awaited by the stock market participants.
Later today, Steve Mnuchin and Jerome Powel will present themselves before the Congress.
On Monday, the US stocks saw a disappointing fall. Fortunately, it revived the very next day.
Federal Reserve Chairman Says Fiscal Stimulus Needed to Revive The US Economy
It’s no surprise that the US economy is facing an unprecedented level of recession due to the COVID-19 lockdowns. The first wave of stimulus checks was sent out to sustain the American citizens. However, Jerome Powell. The chairman of the Federal Reserve recently expressed the need for a second round of stimulus checks to revive the immediate US stocks and the long-term US economy.
He also mentioned that while the country has begun to reopen, they are still far off from their level of ore-pandemic performance.
On Thursday, Powell is scheduled to meet with the Senate Banking Committee.
Tesla Witnesses Fall Right Before Their Battery Day
Recently, Elon Musk created a major buzz on Twitter and the stock market after he hinted that Tesla will be revealing extraordinary new battery technology on the company’s upcoming Battery Day.
Meanwhile, reports are in that Tesla is falling by 3.65 percent.
Elon Musk also announced that Tesla will be focusing on purchasing battery cells, indicating Tesla’s long-term production plans.
Tesla will be going live on its Battery Day. The virtual event will happen after the company’s shareholder meeting. Reports are in that, since the tweet, the investors are expecting nothing less than game-changing new battery technology.
US Stocks: Trian Owns Around $900 Million Stake In Comcast
It has been reported that Trian owns around 0.4 percent of Comcast, which comes to around 20 million of the company’s shares.
Currently, the value of Comcast stands at $200 billion.
As per reports, Trian executives met with the representatives of Comcast. It has also been mentioned that Trian believes that Comcast shares are being undervalued.
Before the pandemic hit in March, Comcast was witnessing its peak. However, it has since beckoned by approximately 1 percent.
GameStop Believed To Be A Game Changer For US Stocks
Recently, Ryan Cohen acquired GameStop’s 10 percent stake. He believes that it will truly be a game-changer.
He mentioned that he has been discussing ideas to further improve the company’s strategies.
In the premarket Stock Market trading, GameStop witnessed an increase of 25.14 percent.