(DAILY NOTION): Wall Street Records Solid Gains During Trump's Final Hours: Next Mover: Biden's Stimulus Package
NASDAQ 100 (as of Jan 20, 2021 at 3.20 p.m.)
Source: Yahoo Finance
SPX 500 Futures (as of Jan 20, 2021 at 3.20 p.m.)
Source: Yahoo Finance
US30 Futures (as of Jan 20, 2021 at 3.20 p.m.)
Source: Yahoo Finance
It was a good day on Wall Street, as the NAS100 was up 1.56%, the SPX 500 rose 0.86%, and the US30 was up by 0.43%. The US30 was boosted by better-than-expected earnings results, with financial titan, Goldman Sachs beating estimates on its fourth-quarter results. Technology stocks also contributed to the gain, while Netflix shares rose 12.2%.
The broader market also received a boost upon Janet Yellen urging lawmakers in Congress to ‘act big’ and support larger stimulus. Yellen is Biden’s nominee for U.S. Treasury Secretary. Is this a sign of things to come as a new administration takes its place?
As the transfer of power from Trump to Biden happens today, it is set to be unlike any past president inaugurations. The outgoing president will not be present the inauguration and is expected to be at his Florida Estate. He will be the only president in U.S. history to be impeached twice. He leaves the office with many uncertainties as the Senate is due to hold a trial on the impeachment charges against him on incitement of insurrection.
As Joe Biden steps into his new role, traders will be watching out for the progress of his stimulus package. This seems to be a key determinant of risk sentiment for the next couple of months. Although historically, the SPX500 has risen in the first 100 days of in eight out of the last 10 presidential terms, things are slightly different for Biden. Trump’s tumultuous departure and a narrow Democratic majority in Congress could be difficult for the incoming president is pushing his stimulus package. As a new chapter in the U.S. begins shortly, may it herald better days ahead for Wall Street.
FOLLOWME User Sentiment (as of Jan 20, 2021 at 3.20 p.m.)
SPX500
Short – 76.82%
Long – 23.18%
NAS100
Short – 73.97%
Long – 26.03%
US30
Short – 71.29%
Long – 28.71%
Edited 20 Jan 2021, 15:36
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