Shares of fuboTV (NYSE: FUBO), Bilibili (NASDAQ: BILI), and Baidu (NASDAQ: BADU) were the biggest movers of Thursday’s trading session in the US.
Fundamental analysis: Shares tick higher
Wall Street stocks ticked higher while the dollar plummeted to its lowest mark in over two years on the penultimate day of 2020.
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“It is light action today,” JJ Kinahan, head market strategist at TD Ameritrade, says.
“It’s a little bit of ‘Hey, we are going to finish the year strong,’ everybody feels good and we will see what happens come January 4.”
“But at some point we are going to start to have volatility again related to COVID,” Kinahan said. “This is not a story that is going away in the first six months of 2021.”
On the other hand, European stocks closed lower on Wednesday after trading in the green for five consecutive days. The STOXX 600 index dropped 0.34% while the MSCI’s gauge of world stocks advanced 0.35%.
Emerging market stocks moved up 1.73%. MSCI’s index Asia-Pacific stocks excluding Japan rose 1.85% higher, while Japan’s Nikkei fell 0.45%. The U.S. dollar hit its lowest point since April 2018 as EUR/USD exceeded the $1.23 mark as investors price in fresh fiscal aid.
Technical analysis: fuboTV falls, Bilibili and Baidu gain on EU – China deal
Bilibili, Baidu, and fuboTV found themselves amongst stocks that moved the most on Thursday. The first two stocks gained immensely on Thursday after the European Union and China signed a massive agreement that will see China raise its investments in the Eurozone, while Europe-based companies will get greater access to China.
BILI closed 14.43% higher to hit fresh all-time highs, similar to BADU who gained 12.59% to hit levels above the $220.00 mark for the first time since 2018. On the other hand, fuboTV saw its shares plunge by a further 14% to total weekly losses to nearly 25% following two reports from short-sellers that the stock is vastly overpriced.
Global equities are ticking higher into the year-end while the dollar hit its lowest point since April 2018.