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Recap November 8: Election Chaos – Stocks Skyrocket (for now) (Recap Ep096)

In this week’s recap, we find one of the most contested presidential elections in US history, where the vote puts Biden as president, but Trump assures that he will execute certain measures to contest the election. US stocks closed much higher on Thursday, in a fourth consecutive day of gains for major indices, the best week since April. The shares of the main technology-related companies led the profits. However, the month of October ended negatively for the main US indices.

In the U.S. nearly 99M early votes have been cast in person or by mail as of Monday night, about 72.3% of the entire turnout in 2016, representing about 40% of all Americans, who can participate in the U.S. election.

U.S. Big Tech was on a tear this week. From Thursday shares of Facebook gained +12%, Amazon & Apple rose +9.4% & +9.3%, respectively, while Microsoft surged +10.3%. Collectively they are expected to dip a bit in Friday’s down market.

Bitcoin rose 9% overnight to $15,913, its highest level in nearly 3 years, as mainstream investor interest in the cryptocurrency builds & the US dollar further weakens. The value of 1 Bitcoin has more than doubled in 2020. The price gains have been dramatic in the past few weeks, with it rising 40% since early October.

Bezos has sold over $3B worth of his Amazon stock; Qualcomm shares surged +12.75%; renewable energy stocks in the US fell on Wednesday; Wendy’s shares fall due to falling short of Q3 expectations; experimental Alzheimer’s drug skyrocketed Biogen’s shares; Ant Group’s A-share IPO suspended; the U.S. records more than 100,000 new covid infections in one day.

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