Stocks tumble after Biden publishes $ 1.9 billion coronavirus relief plan

U.S. stock markets were mixed on Friday morning after details of President-elect Joe Biden’s proposed $ 1.9 trillion COVID-19 relief package disappointed investors and the big banks kicked off earnings season.

The Dow Jones Industrial Average was trading down 181 points, or 0.59%, while the S&P 500 was 0.25% weaker and the Nasdaq Composite was up 0.17%.

The package offered by Biden includes a check for $ 1,400 to individuals and provides a temporary increase in unemployment benefits while also providing funding for the distribution of COVID-19 vaccines, among others.

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As for stocks, Walmart is focusing 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 go-to person in developing strategies to compete with Amazon.

Three Big Banks Exit With Results, JPMorgan Chase & Co. reported a 42% year-over-year quarterly profit increase, supported by investment banking and trading, which offsets headwinds from low interest rate.

Wells Fargo & Co. made a surprise profit, but missed out on revenue. The board of directors of the San Francisco-based lender has approved a 500 million share increase in its repurchase program.

Citigroup Inc. also beat on the top line, but failed to generate any revenue.

Elsewhere, shares of security software provider BlackBerry Ltd. were significantly higher for a second consecutive session after the Globe & Mail of Canada reported that the company had sold 90 patents to Chinese tech giant Huawei.

Shares of the online resale market Poshmark Inc. remained a focus a day after climbing 142% when they debuted on the New York Stock Exchange.

Economic data was mixed, as retail sales fell 0.7% month-over-month in December, missing the expected stable value, and industrial production topped estimates with growth of 1.6 % month to month.

On the commodities front, West Texas Intermediate crude slipped 80 cents to $ 52.77 per barrel and gold fell $ 10.30 to $ 1,841.10 per ounce.

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European markets were lower overall, with the French CAC 40 down 1.07%, the German DAX 30 down 1.06% and the UK FTSE 100 weaker by 0.91%.

In Asia, Japan’s Nikkei 225 fell 0.62% while the Shanghai Composite Index in China rose 0.01% and the Hang Seng Index in Hong Kong was up 0.27%.