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Axios Markets Editor-in-Chief Dion Rabouin provides insight into the winners and losers in the “Biden Market”.
U.S. equity futures were trading lower the day after the S&P 500 and Nasdaq record close.
The main forward indices suggested a decline of 0.6% when the opening bell rings.
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Asian stock markets fell on Friday after a resurgence in coronavirus infections in China and an increase in cases in Southeast Asia.
Tokyo’s Nikkei 225 fell 0.4%, Hong Kong’s Hang Seng fell 1.6%, and China’s Shanghai Composite Index fell 0.4%.
In Europe, London’s FTSE fell 0.4%, Germany’s DAX fell 0.5%, and France’s CAC fell 0.6%.
The large number in the United States that traders will be watching will be existing home sales for December. The National Association of Realtors was expected to say that sales of previously owned homes slipped 2% month-over-month to a seasonally adjusted annual rate of 6.55 million units, from 6.69 million in November.
THE HOUSING MARKET REMAINS ENDED UNTIL THE OWNERS BOOK
The first week of the earnings season ends Friday morning with a trio of financial names: Ally Financial, Regions Financial and Huntington Bancshares.
Other reporting companies will be energy equipment and services giant Schlumberger and the Kansas City Southern Railroad.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| I: DJI | MEDIUM DOW JONES | 31176.01 | -12.37 | -0.04% |
| SP500 | S&P 500 | 3853.07 | +1.22 | + 0.03% |
| I: COMP | NASDAQ COMPOSITE INDEX | 13530,914939 | +73.67 | + 0.55% |
On Thursday, the benchmark S&P 500 fell below 0.1% to 3,853.07 and the Dow Jones Industrial Average lost less than 0.1% to 31,176.01.
The high tech Nasdaq composite climbed 0.6% to 13,530.91 after traders offered shares in Big Tech stocks, including Apple, Amazon and Facebook. This helped offset losses in energy, banking and other stocks.
Inventories rose on optimism that the roll-out of vaccines developed by US, European and Chinese pharmaceutical companies would allow economies to return to normal.
BIDEN’S $ 1.9T CORONAVIRUS RELIEF PACKAGE “ GOOD STEP ”: ECONOMIST MARK ZANDI
The markets were also encouraged by the inauguration of President Biden, who offered a $ 1.9 trillion economic aid package, including $ 1,400 in cash for most Americans.
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Benchmark US crude fell 87 cents to $ 52.26 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents Thursday to $ 53.13. Brent, the standard price for international oils, fell 81 cents to $ 55.29 a barrel in London. It rose 2 cents the previous session to $ 56.10 a barrel.
The Associated Press contributed to this report.
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