Spec listing emergency light… Warning lights for electric vehicles Cho Jae-gil’s Global Market Now

On the 21st (local time), the major indices of the New York Stock Exchange rose sharply all at once. The rebound movement was strong following the bearish performance over the past three trading days.

The leading index, the S&P 500, closed at 4,649.23, up 1.78% from the previous day, the Nasdaq Composite, up 2.40%, at 15,341.09, and the Dow, up 1.60% at 35,492.70, respectively.

Omicron mutation fears still exist, but a lot of low-priced buying has flowed in. President Joe Biden held an emergency press conference on the same day and declared that “there will be no total lockdown like in March of last year” also helped to improve investor sentiment.

President Biden ordered active measures such as the free distribution of 50,000 self-diagnosis kits and the deployment of 1,000 military medical personnel to private hospitals. At the same time, he appealed to Americans, “Please get vaccinated.”

It was confirmed that the embers of the $1.75 trillion social welfare budget (better reconstruction, BBB), which was on the verge of bankruptcy, were not completely extinguished. News broke that President Biden had a direct conversation with Democratic Senator Joe Manchin, who opposes the bill.

Democrats in the U.S. Senate are expected to vote on the bill in January next year.

The Securities and Exchange Commission (SEC) has confirmed a $125 million fine against Nikola, a hydrogen-powered truck company that has been investigated by financial authorities on allegations of fraud. The SEC has stated that “it should be a warning to companies that have entered the New York Stock Exchange through the listing of SPEC (a company for the purpose of acquisition).”

In addition to Nikola, the SEC is looking at spec listings of other EV companies such as Lucid, Rosetown Motors, and Kanu. The market is predicting that additional sanctions may be imposed.

The SEC is also considering a plan to strengthen spec listing regulations.

International oil prices rebounded. This is in anticipation of growing demand. On the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) for February next year jumped 4% from the previous day to exceed $71 per barrel.

photo = AP

Today’s ‘Global Market Now’ issues are as follows.

① Why did the backlash buy pour in? ② Americans “continue daily despite the spread of Omicron” ③ Why does JP Morgan recommend FedEx ④ What threatens the US economy next year? etc.

More details can be found on Hankyung Global Market YouTube and Hankyung.com broadcasts.

New York = Correspondent Jo Jae-gil [email protected]

ⓒ Hankyung.com, unauthorized reprinting and redistribution prohibited

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