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Good Friday, Bull Sheeters. There is a lot of red on the screen this morning. It was despite a wave of headlines that the markets of yesteryear would have vanished: President-elect Joe Biden considering asking Congress for a new $ 1.9 trillion Stimulus spending plan and Fed chief Jerome Powell wants you to know Lower-for-longer is here to stay.
Below, in the weekly “By the Numbers” section, I get into the big winners and losers of the 2021 markets. One is an old-fashioned auto stock that’s crushing You’re here actions.
Let’s see what is moving the markets.
Market update
Asia
- The mainAsia Indexend the week with a moan, with the Japanese Nikkei down0.6%.
- Chinese smartphone manufacturer Xiamo was down more than 10% on Friday after the Trump administration added it and eight other Chinese companies military blacklist.
- World Health Organization the investigators are on the ground in Wuhan to see if they can uncover any clues to the origins of the coronavirus outbreak that began to sicken city residents in December 2019. a slow start.
Europe
- theEuropean scholarshipsstumbled out of the gates with theStoxx Europe 600 down 0.4% outdoors.
- Europe’s Christmas restrictions have proven ineffective enough to crush the curve of Covid-19 case. Now governments are introducing or thinking even more new lockdown measures including a 6 p.m. curfew which will come into effect through France This weekend.
- Fish was a major sticking point in the Brexit trade deal, you will recall. Since New Years Day, Independence Day, the UK fresh fish market has collapsed, Bloomberg Reports, forcing some Scottish fishing boats make the long trip to Denmark to sell their catch.
WE
- the American Futurespoint to a weak open after all three major trades swung lower in Thursday afternoon trading, closing in the red.
- One of the bright spots yesterday was the wave of new headline introductions. Petco returned to the market yesterday with all the swagger of a puppy that just raided the sock basket. Actions closed 63%. And the online shopping bazaar Poshmark do even better at its beginnings.
- Earnings will be finalized today because JPMorgan Chase, Wells fargo and Citigroup any report T4 and annual results before the bell. Prepare for ‘messy’ results, a banking analyst tell the the Wall Street newspaper.
Somewhere else
- Gold is flat, trades above $ 1850 / ounce.
- the dollar is in place.
- Gross is down, with Brent stable around $ 55 / barrel.
- Bitcoin East apartment in the last 24 hours, swap around $ 38,300, recouping most of the week’s losses.
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In numbers
9.1
A big part of the 2021 markets intrigue is the small cap rally. the Russell 2000 is in place 9.1% YTD. (The S&P Small Cap 600 is even better; it is in place 10.1% during this same period.) At the same time, the blue chip Dow Jones Industrial Average is off 1.5% and the big cap Nasdaq 100 is flat, high 0.1%. Two major market forces – vaccine rollout and new stimulus measures – are positioning small caps for further gains, analysts say. Add it all up, and small caps are one to watch early in 2021.
46.6
You might remember how in the sparkling market days of the late ’90s, inserting the word “e-commerce” into a press release would skyrocket the shares of the most pedestrianized companies. The equivalent today in the automotive world is to assert your EV ambitions. This brings me to General Motors, who is in place 46.6% over the past 12 months, reaching a series of new all-time highs along the way. (Who saw that coming this time last year?) Earlier this week GM presented its electric future at CES, attracting even more GM fanboys. The manufacturer’s shares almost rose 19% during the last five trading sessions. During the same period, Tesla shares are down 1.3%.
5.271 million
Yesterday we got another punch in reminding ourselves that the US job market is far from turning a corner. Unemployment claims surged last week with seasonally adjusted tally striking 965,000, well above the estimates of economists. The problem is, the job market is weaker overall, with declines in 36 states, showing that a larger economic decline is underway. The widely observed number of unemployment benefit recipients has increased, to 5.271 million. Investors continue to ignore labor data, but economists are not. “The stock market is not the economy – as has been emphasized often throughout 2020 – however, even the largest stock companies are relying on a stronger economy to continue to grow their income,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, wrote in a note to investors yesterday.
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Everyone have a good weekend. A reminder: the markets are closed on Mondays for the feast of Martin Luther King. As such, Bull Sheet will be deactivated until Tuesday… Until then, there is more news below.
Bernhard Warner
@BernhardWarner
Bernhard.Warner@Fortune.com
As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.
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