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Weekly Market Snapshot: January 15, 2021
Market related news for the week ending January 15, 2021
- After reaching an all-time high of $42,000 last Friday, Bitcoin fell to around $31,000 Monday.
- Monday Goldman Sachs, JPMorgan, and Morgan Stanley said they will delist 500 Hong Kong-listed structured products linked to China Mobile, China Telecom, China Unicom and local indexes including the Hang Seng. The move comes after clarification from the Office of Foreign Assets Control that states Americans are banned from investing in Chinese companies that the U.S. considers to have links with China’s military.
- Wednesday Reuters and the Wall Street Journal reported that President-elect Biden will tap former Goldman Sachs banker Gary Gensler to lead the U.S. Securities and Exchange commission. Gensler served as chair of the Commodity Futures Trading Commission under the Obama administration, and was known to be the most aggressive in implementing the Dodd-Frank financial reform law that was opposed by Wall Street.
- Intel shares were up 7% Wednesday on the news that CEO Robert Swan was being replaced by 30-year Intel veteran Patrick Gelsinger.
- Wednesday Affirm, a company that finances online shopping for consumers, finished its first day of trading on the Nasdaq up 98%.
- Thursday Petco went public for the third time, and ended the day up 68%.
- Thursday Biden began revealing his economic agenda, saying he would ask Congress for $1.9 trillion which would include $1,400-per-person direct payments to most households, a $400-per-week unemployment supplement through September, $25 billion in rental assistance and an extended federal eviction moratorium, $50 billion for COVID-19 testing, $20 billion for vaccine distribution, and $350 billion for state and local governments.
Economic news for the week ending January 15, 2021
- Tuesday: JOLTs Job Openings for November were 6.527 million, slightly down from the October number.
- Wednesday: CPI for December was 0.4% or 1.4% year-on-year. Core CPI was 0.1% or 1.6% year-on-year.
- Thursday: Initial Jobless Claims were 965,000, much higher-than-expected.
- Friday: PPI for December came in at 0.3%, or 0.8% year-on-year.
- Friday: Retail sales for December fell 0.7%, much more than expected. The year-on-year gain was 2.9%.
- Friday: NY Empire State Manufacturing Index for January was 3.50, lower than expected.
- Friday: Industrial Production for December rose 1.6% much more than expected. Year-on-year saw a drop of 3.6%
- Friday: Michigan Consumer Sentiment (prelim) for January was 79.2.
Economic events for the week ending January 22, 2021
(all times listed are Eastern)
- Monday: Martin Luther King Jr. Day.
- Wednesday: NAHB Housing Market Index for January at 10.00am.
- Thursday: Building Permit for December at 8.30am.
- Thursday: Housing Starts for December at 8.30am.
- Thursday: Initial Jobless Claims at 8.30am.
- Thursday: Philadelphia Fed Manufacturing Index for January at 8.30am.
- Friday: Manufacturing PMI (prelim) for January at 9.45am.
- Friday: Markit Composite PMI (prelim) for January at 9.45am.
- Friday: Services PMI (prelim) for January at 9.45am.
- Friday: Existing Home Sales for December at 10.00am.
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