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Growth Over Value as NASDAQ Bounces Through Friday High

EQUITIES
  • US equity indices surged Monday, bouncing well off the Friday lows and erasing the drop for a number of markets - most notably the NASDAQ 100. Tech and growth stocks led the rebound, with the likes of Tesla, NVIDIA, and Live Nation Entertainment rallying sharply, despite being among the hardest hit on Friday.
  • Stocks rallied alongside an appearance from President Biden, who talked down the need for further lockdown measures in the face of the new Omicron COVID variant, with the White House taking confidence in the higher levels of vaccine immunity reducing the need for activity restrictions.
  • Moderna shares were also a highlight, with the company rallying sharply having stated that a new variant-targeting jab could be headed into production as soon as early 2022. Their stock price now sits as much as 40% off last week's lows.
  • Across Europe, markets traded similarly positively, but rallies were slightly shallower, reflecting the more modest pullback in prices on Friday. The UK's FTSE-100 added around 1% thanks to strength across commodities, while Germany's DAX lagged after Goldman Sachs downgraded their view on Continental AG.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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