Earnings reports from Big Tech giants including Apple and a possible Fed rate hike will test Wall Street's January rally.
Carvana shares paused for volatility amid nearly 30% jumpwere briefly halted Monday morning amid a 28% surge in the stock price. The stock was paused from about 9:45 a.m. ET until 9:50 a.m. ET according to Nasdaq Trader.The surge could be due to a short squeeze, or when traders betting against the company are forced to sell to cover their losses, sending shares higher.
"So rather than being the dismal start, H1 could in fact turn out to be a period of 'easy gains,'" wrote Max Kettner, chief multi-asset strategist at HSBC Bank. "For H1 this all creates the perfect backdrop for a temporary goldilocks period – something our machine learning models agree with," Kettner wrote.The Dow Jones Industrial Average slipped 83 points, or about 0.3%. S&P 500 fell 0.6%, and the Nasdaq Composite dropped by 1%.to buy from hold, noting it was worth buying after the electric vehicle maker cut prices and saw shares tumble in recent months.
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