Is Santa Coming to Town?
A Santa Claus rally refers to a sustained rise in the stock market starting the last week of December through the first few days of January. One never knows. U.S. stocks finished higher on Friday December 10th, to close out one of the best weeks. The CPI report that showed inflation rose in November by the most since 1982, although just below the feared mark of 7%. Markets are watching the possible trend from a dovish to a bearish fed.
Market volatility in recent weeks, in reality the market is always volatile, creates massive conversations and predictions. The new Covid variant created a pullback only to see a fast recovery. Semiconductors have greatly benefited Marvell Technology (MRVL) is poised to benefit. MRVL recently smashed its quarterly earnings, and analysts have taken a more bullish stance on its multi-year outlook. Hans Mosesmann of Rosenblatt Securities has rated the stock a Buy and raised the price target to $120 from $100.
EV’s are gaining momentum especially with the political moves to a zero emissions world. Rivian Automotive stock (RIVN) appears to be in a good spot at a breakthrough moment and Daniel Ives of Wedbush Securities, considers Rivian to be an “EV stalwart in the making.” Ives rated the stock a Buy and initiated coverage with a price target of $130 per share. Ives noted that RIVN is properly vertically integrated, and has tens of thousands of pre-orders ready to provide consistent demand moving forward. Additionally, the company is backed by Amazon and its 100,000-vehicle fleet order, which has given investors’ confidence.