January 12: Market Summary
Bitcoin goes on a wild ride; Money managers prepare to parse quarterly results from companies
Here are today’s market moves:
S&P 500 up 0.042% to 3,801.19
Dow Jones up 0.19% to 31,068.69
Nasdaq down 0.08% to 12,892.1
What happened?
Major U.S. stock indexes edged slightly higher Tuesday, though weakness in the shares of technology and social-media companies capped their gains.
Stock indexes closed at record highs on Friday but retreated at the start of this week.
Bitcoin rebounded after Monday’s steep plunge left investors grasping for clues about what lies ahead for the world’s largest cryptocurrency.
Investors broadly expect stocks to rally this year as the rollout of vaccines and fresh government spending help the economy recover from the disruption caused by the pandemic. Still, some are bracing for volatility in the coming months amid risks stemming from high valuations in parts of the market, elevated coronavirus case rates and political uncertainty following last week’s attack on the Capitol.
In the coming days, money managers will parse quarterly results as earnings season gets under way among U.S. companies.
In Washington, Congress careened toward a fresh showdown with President Trump. House Democrats said they plan to vote on impeaching him Wednesday over accusations he incited supporters to storm the Capitol.
Some big technology and communications stocks continued to decline after sharp drops on Monday. Social-media companies have taken increasingly tougher actions to block Mr. Trump’s accounts and stem misinformation and incitements to violence ahead of President-elect Joe Biden’s inauguration.
This Week
Monday: Earnings expected from Synnex
Tuesday: Earnings expected from Albertsons
Wednesday: Earnings expected from Infosys and IHS Markit
Thursday: Weekly jobless claims. Earnings expected from Delta and BlackRock
Friday: Earnings expected from JPMorgan Chase and Citi