US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%

US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 1.14%. While S&P 500 was trading at 3,701.66, up by 0.98% and Nasdaq Composite 10,690.60 was also up by 0.71 per cent

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US Markets in green on Friday; Dow 30 up over 345 points, Nasdaq Composite, S&P 500 up nearly 1%
Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. Source: Reuters
US Markets were trading in the green on Friday with Dow 30 trading at 30,678.80, up by 345.25 points or1.14 per cent. While S&P 500 was trading at 3,701.66, up by 35.88 points or 0.98 per cent and Nasdaq Composite 10,690.60 was also up 75.75 points or 0.71 per cent. A Reuters report said that today’s strength was on the back of a report which said the Federal Reserve will likely debate on signaling plans for a smaller interest rate hike in December, reversing declines set off by social media firms after Snap Inc’s ad warning.

Source: Comex

Nasdaq Top Gainers and Losers

Source: Nasdaq

Earlier today, Indian stock markets ended the week on a winning note. It was the sixth straight gains for equity markets. The BSE Sensex ended at 59,307.15, up by 104.25 points or 0.18 per cent from the Thursday closing level. Meanwhile, the Nifty50 index closed at 17,590.00, higher by 26.05 points or 0.15 per cent. In the 30-share Sensex, 13 stocks gained while the remaining 17 ended on the losing side. In the 50-stock Nifty50, 21 stocks advanced while 29 declined.

S&P 500 Rallies As U.S. Dollar Pulls Back Towards Weekly Lows

Key Insights
The strong pullback in the U.S. dollar provided significant support to stocks.
Treasury yields have pulled back after touching new highs, which served as an additional positive catalyst for S&P 500.
A move above 3730 will push S&P 500 towards the resistance level at 3760.
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Pfizer Rallies After Announcing A Huge Price Hike For Its COVID-19 Vaccines
S&P 500 is currently trying to settle above 3730 as traders’ appetite for risk is growing. The U.S. dollar has recently gained strong downside momentum as the BoJ intervened to stop the rally in USD/JPY. Weaker U.S. dollar is bullish for stocks as it increases profits of multinational companies and makes U.S. equities cheaper for foreign investors.

The leading oil services company Schlumberger is up by 9% after beating analyst estimates on both earnings and revenue. Schlumberger’s peers Baker Hughes and Halliburton have also enjoyed strong support today.

Vaccine makers Pfizer and Moderna gained strong upside momentum after Pfizer announced that it will raise the price of its coronavirus vaccine to $110 – $130 per shot.

Biggest losers today include Verizon and Twitter. Verizon is down by 5% despite beating analyst estimates on both earnings and revenue. Subscriber numbers missed estimates, and traders pushed the stock to multi-year lows.

Twitter stock moved towards the $50 level as the U.S. may conduct a security review of Musk’s purchase of the company.

From a big picture point of view, today’s rebound is broad, and most market segments are moving higher. Treasury yields have started to move lower after testing new highs, providing additional support to S&P 500. It looks that some traders are ready to bet that Fed will be less hawkish than previously expected.

S&P 500 Tests Resistance At 3730

S&P 500 has recently managed to get above the 20 EMA and is trying to settle above the resistance at 3730. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If S&P 500 manages to settle above 3730, it will head towards the next resistance level at 3760. A successful test of this level will push S&P 500 towards the next resistance at October highs at 3805. The 50 EMA is located in the nearby, so S&P 500 will likely face strong resistance above the 3800 level.

On the support side, the previous resistance at 3700 will likely serve as the first support level for S&P 500. In case S&P 500 declines below this level, it will move towards the next support level at 3675. A move below 3675 will push S&P 500 towards the support at 3640.

How Technology Advancements Has Its Impact on Us

The advancement of new technology has been taking place since the beginning of human history. From the invention of items like the spear and knives made out of rocks and sticks to aid in the capturing and killing of animals for food, to items like the first printing press and the computer. The question: are the impacts positive or negative?Technology is a word used to collectively describe or portray the advancements, abilities,creations, undertakings, views, and knowledge of a singular group of persons: we as human-kind. The advancement in technology has been exceptionally fast in the 20th and 21st century. With electronic technology and machines being produced and improved all the time, it was very likely that along with the positive aspects of these new advancements, people would also consider the negative aspects and look to criticize new technology.A Positive SideAs the old age states “NECESSITY IS THE MOTHER OF INVENTION” i.e. necessities tend to spawn inventions and each invention is annexed with the need of betterment and transmogrification. Newer and newer advances are happening by the day. Technological change is in large part responsible for many of the secular trends in such basic parameters of the human condition as the size of the world population, life expectancy, education levels, material standards of living,and the nature of work, communication, health care, war, and the effects of human activities on the natural environment.Other aspects of society and our individual lives are also influenced by technology in many direct and indirect ways, including governance,entertainment, human relationships, and our views on morality, mind, matter, and our own human nature. Needless to add that these advancements also invigorate economic development as the effective use of technology reduces the material production cost and the overhead charges which generate savings in the economy and thus lead to national development.And the Negative SideProblems and potentials often go hand in hand; Society has become more and more dependent on technology. So much so that we sometimes lack the willingness to think before we act. We become impatient if it takes more than a few seconds to download a copy of the morning news paper. We expect immediate responses to our email, and we expect someone to answer their cell phone whenever and wherever we call.Technology is making us so bust that we can can’t even find time to spend with our closed one’s. it would be surprising to know that people are in contact through chat and online messaging though they are in same city because they think its more faster and effective but they are forgetting that meeting personally can never replace online chatting.”technology in sum, is both friend and enemy”Neil Postman, author of the book called Technopoly, writes that ‘technology in sum, is both friend and enemy’. He can see the benefits and how technology can be seen as a friend to humanity that ‘it makes life easier, cleaner and longer’. He can accept it does humanity good. It’s almost a positive claim based on technology like medical advancements such as x-ray devices and medical drugs that help to lengthen life and help humanity. This is a very positive aspect of the advancement because we can improve health and lengthen our lives. But these medical advancements are mainly produced by companies, who then choose to monetize the advancement. Moral responsibility is weakened by this greed for money; they have lost the objective in saving lives or making people healthy again. They are only creating advancements in technology in order to make a lot of money.Neil Postman also sees technology as undermining human processes as well. That technology creates ‘a culture without moral foundation’ and undermines social relations between humans. This can currently be seen with the argument over social networking sites on the internet. It was created for people to communicate and network, yet some people use it as their only form of communication with other people. This doesn’t necessarily help their social skills in the real and outside world away from the internet. People can become addicted and reliant on this technology and use it as their main form for creating social relations. It makes things like understanding facial expressions and body language hard to grasp.ConclusionIf technological advancements are put in the best uses, it further inspires the development in related and non-related areas but at the same time its negative use can create havoc in the humanity or the world. Technology has, and will, change the moral fabric of humanity; it is up to the present generation to heed this warning and not allow such societal travesties of immense proportions ever to occur again Technological Advancements will continue to advance rapidly as we move into the next millennium. What is important is to ensure that these advances benefit humanity as a whole…