(DAILY NOTION): NAS100, SPX500, US30 Drops over U.S. Political Uncertainties, Next Mover: Trump's Possible Impeachment from Office, Earnings Report
NASDAQ 100 (as of Jan 12, 2021 at 10.45 a.m.)
Source: Yahoo Finance
SPX 500 (as of Jan 12, 2021 at 10.45 a.m.)
Source: Yahoo Finance
US30 (as of Jan 12, 2021 at 10.45 a.m.)
Source: Yahoo Finance
The NAS100 closed 1.25% lower, while the SPX500 fell 0.63% and the US30 dipped 0.29%. The losses on the US30 was offset by gains in the energy and healthcare stocks.
Sinead Carew from Reuters reported that the dip is due to investors taking some profits in anticipation of the beginning of the earnings season.
The three major indices on Wall Street were also affected by the uncertainties in the U.S. political area. Lawmakers were ramping up their efforts towards President Donald Trump’s removal from the office. The House introduced an article of impeachment which accuses outgoing President Trump of “incitement of insurrection”, after the U.S. capitol was stormed by Trump’s supporters last week.
It is reported that the president’s ‘Accountability Week’ will begin today, where the House will vote on a resolution for Vice President Mike Pence to remove President Trump from the office by invoking the 25th Amendment. Failing which, they will move forward with the impeachment.
This impeachment will mean that Trump will no longer be able to take public office. It will also mean that Trump will be only U.S. President who would have been impeached twice. President Trump's first impeachment was on Dec 18, 2019 over abuse of power and obstruction of the U.S. Congress. However, he was subsequently acquitted by the U.S. Senate on Feb 5, 2020.
As Joe Biden’s inauguration gets nearer, it is very interesting to see what is going on the U.S. political stage. Can the outgoing president leave in grace, or will the incoming president inherit a mess at the start of his tenure as U.S. president? Traders would also be watching out for the earnings report out this week.
That being said, many are watching for updates on the increased stimulus packages that were promised in the Biden administration, with President-elect Joe Biden promising to make the $2,000 checks a priority.
FOLLOWME User Sentiment (as of Jan 12, 2021 at 10.45 a.m.)
SPX500
Short – 81.28%
Long – 18.72%
NAS100
Short – 77.65%
Long – 22.35%
US30
Short – 73.37%
Long – 26.33%
Edited 12 Jan 2021, 10:55
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