January 18: Market Summary
Martin Luther King Day; U.S. equity futures rise; European shares gained on Monday
U.S. stock and bond markets were closed today for Martin Luther King Day.
S&P 500: 3,768.25
Dow Jones: 30,814.26
Nasdaq: 12,998.50
Gold: $1,827
Bitcoin: $36,598
US10Y: 1.116%
What happened?
On Monday, global stocks and U.S. stock futures gained, as investors wait for corporate earnings, economic data and central-bank decisions this week.
Futures tied to the S&P 500 gained 0.71%
In recent days, markets have wobbled after a good start to the year, driven by hopes of a vaccine-induced rebound that could be helped by more fiscal stimulus under the Biden administration.
While many investors expect the rally to continue, they warn stocks are likely to stay bumpy in the coming weeks amid concerns that economic growth is being hit by high coronavirus cases.
After a strong start to 2021, the global stock market rally has lost some momentum, as investors look to earnings season and the tough negotiations ahead for Biden’s stimulus plan. Some investors are also worried above possible tax increases under the new administration.
Chinese stocks gained after data showed that China’s gross domestic product rose 6.5% in the fourth quarter from a year earlier. China was the only major world economy to grow during a year when the pandemic hammered activity globally.
This Week
Monday: Martin Luther King Day
Tuesday: The Senate confirmation hearing of Janet Yellen as Treasury secretary begins; Earnings expected from Bank of America, Goldman Sachs, and Netflix
Wednesday: Joe Biden takes office as U.S. president; Earnings expected from Morgan Stanley, United Airlines, and Procter and Gamble
Thursday: Weekly jobless claims. Earnings expected from IBM and Intel
Friday: Earnings expected from Ally Financial