Tech is Leading the Way, In More Ways Than One – Financial News Summary for Thursday, November 19, 2020

The Tech World May Just Have it's Day
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The market saw a slight rebound today as stocks climbed coming into the end of the week. The Dow Jones rose 0.15% to close at 29,483.23. The NASDAQ rose 0.87% to close at 11,904.71 and the S&P 500 rose 0.39% to close at 3,581.87. On the other hand STOXX Europe saw a less than stellar day with a decrease of 0.73% to close at 387.70.

 

GM has released news that they will be spending a total of $27 billion in order to make more of their cars electric. In fact, the automaker has pledged to make 40% of their vehicles electric by 2025. As one of the largest automakers in the world, this kind of increase to the electric car market could be a huge move and to undertake it in only five years seems quite fast. But the automaker says they will be looking at making even more electric cars, trucks and SUVs and more quickly than they had originally expected. This amount is double what they had previously announced.

“We are resolved as a management team to move even faster to expedite the transition to EVs,” Mary Barra, GM CEO said.

 

5G technology is starting to take off and it just might be making a big move for the stock market. As more investment firms begin looking into the technology and the tech world starts utilizing it, there’s a question of whether it’s going to lead to a huge boom in the market share or a big bust. As of yet, there’s still been a bit of a bust on the 5G market, but there might be more coming as tech companies start to better utilize the technology.

“[We] see it as unfortunate (although sadly inevitable) that 5G was rushed to market… The bar will further be raised by mmWave services, which have been launched in the US, and recently in Asia in Japan. We see this as the ‘real’ 5G, and expect it to open up – albeit slowly – new opportunities for operators.” Stated Neale Anderson, HSBC’s Head of Telecoms.

 

West Texas Intermediate saw an increase today, though a slight one, rising 0.62%. This allowed oil to close at $41.88 per barrel. Gold saw a slight drop of 5.00 today to close at $1,867.00 per ounce. The treasury yield likewise saw a decline, with the 10 year yield falling to 0.86 and the 30 year yield falling twice as much to 1.58.

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