"The S&P 500 is up 16 points in premarket. The SPDR S&P 500 ( SPY) is up about $1.25. The Dow is up 121, as the Nasdaq tacks on about 62 points of upside. Hopefully, markets will remain green for the day, especially now that the odds of a January cut have been dashed. Granted, the labor market is still weak, but the pace of decline may be too slow to force the Federal Reserve to cut rates at its January meeting."
"Lithium prices are exploding higher after "The Bureau of Natural Resources of Yichun, a major lithium centre in Jiangxi province, said it planned to cancel 27 mining permits after a public consultation period that will end on January 22," as reported by Mining.com. That's generating concerns over future lithium supply, which is why prices are rocketing. As a result, shares of Albemarle ( NYSE: ALB), for example, are up about $5.72 in premarket."
Major indices recovered in premarket trading with the S&P 500 up 16 points, SPY up about $1.25, the Dow up 121 and the Nasdaq adding roughly 62 points. The odds of a Federal Reserve rate cut in January declined as the labor market remains weak but is slowing too gradually to force a cut; December jobs and inflation reports could change that outlook. Lithium prices surged after Yichun authorities said they planned to cancel 27 mining permits, raising supply concerns and boosting Albemarle, SQM and the Global X Lithium & Battery Tech ETF. Truist gave Robinhood a buy rating and a $155 target, citing rapid revenue growth and strong margins.
Read at 24/7 Wall St.
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