Stifel’s chief stock strategist, Barry Bannister, discusses his outlook for markets and the economy amid the coronavirus pandemic.
The US stock markets were mixed on Friday morning after details of the $ 1.9 trillion US President-elect proposed relief package for COVID-19 to discourage investors and big banks from starting. profit season.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| I: DJI.SP500 | n / a | n / a | n / a | n / a |
| I: COMP | NASDAQ COMPOSITE INDEX | 13125.117659 | +12.48 | + 0.10% |
The Dow Jones Industrial Average was trading lower at 181 points, or 0.59%, while the S&P 500 was weaker at 0.25% and the Nasdaq Composite was up 0.17%.
The package proposed by Biden includes a check for $ 1,400 for individuals and provides a temporary increase in unemployment benefits, while providing funding for the distribution of COVID-19 vaccines, among other things.
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Looking at the shares, Walmart in focus after announcing that the head of its e-commerce unit, Marc Lore, will step down at the end of the month. Lore, who founded Jet.com before joining the retailer, has been the one to develop strategies to compete with Amazon.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 144.50 | -2.42 | -1.65% |
| AMZN | AMAZON.COM INC. | 3,121.94 | -5.53 | -0.18% |
Three major banks came out with results, JPMorgan Chase & Co. reported that quarterly earnings increased 42% year on year, driven by investment and trade banks, which offset the headwind of low interest rates.
Wells Fargo & Co. posted a surprising profit, but lost revenue. The San Francisco-based lender’s board of directors approved an increase of 500 million shares in its repurchase program.
Citigroup Inc. also hit revenue, but fell short of revenue.
Elsewhere, shares of security software provider BlackBerry Ltd. rose sharply for the second consecutive session, after Canadian newspaper The Globe & Mail reported that the company had sold 90 patents to Chinese technology giant Huawei.
Shares in the online resale market Poshmark Inc. remained in focus one day after shooting 142% on its debut on the New York Stock Exchange.
Economic data was mixed, as retail sales fell 0.7% month-on-month in December, losing the stable reading that was expected, and industrial production exceeded estimates with 1.6% growth month-over-month.
Looking at commodities, West Texas Intermediate crude fell 80 cents to $ 52.77 a barrel and gold fell $ 10.30 to $ 1,841.10 an ounce.
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European markets fell across the board, with France’s CAC 40 falling 1.07%, Germany’s DAX 30 falling 1.06% and Britain’s weakest FTSE 100 by 0.91%.
In Asia, Japan’s Nikkei 225 fell 0.62%, while China’s Shanghai Composite index rose 0.01% and Hong Kong’s Hang Seng index rose 0.27%.