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S&P Set For 53rd Record High After Powell Gives The Green Light To Buy

After stocks closed on Friday at their 52nd record high of the year, when Powell’s unexpecteldy dovish Jackson Hole sparked a meltup in risk assets and a meltdown in the dollar, on Monday all indications are that we will get the 53rd record high with 2021 set to have a record number of all time highs. At 7:30 a.m. ET, Dow e-minis were up 10 points, or 0.03%, S&P 500 e-minis were up 3.50 points, or 0.07%, and Nasdaq 100 e-minis were up 16.25 points, or 0.11%. Oil dropped then gain, the dollar rebounded from Friday’s mauling and precious metals continued their ramp higher.

The S&P 500 closed at its 52nd all-time high of the year after Powell said the U.S. central bank could begin slowing asset purchases this year, but won’t be in a hurry to raise interest rates. Stocks globally traded higher on Monday amid continued optimism.

“The fact that the Fed did not give a definitive timetable for tapering on Friday gives stock and bond ‘bulls’ a needed boost of confidence,” Bankhaus Metzler analyst Sebastian Sachs wrote in a note. “As long as accommodative monetary policy remains in place, investors’ fear of missing out is greater than their fear of losing money.”

In the aftermath of Hurricane Ida, oil prices fluctuated and energy giants such as Chevron, Exxon and Halliburton rose between 0.3% and 0.8% after leading sectoral gains last week. Schlumberger and Occidental Petroleum, however, slipped between 0.1% and 0.3% on lost output in the Gulf. U.S.-listed shares of Chinese gaming firm NetEase Inc slumped 7.8% as Chinese regulators slashed the amount of time players under the age of 18 can spend on online games to an hour on Fridays, weekends and holidays. Shares of satellite transporter startup. Here are some of the biggest U.S. movers today:

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