Disappointing retail sales data weighed heavy on stocks
The major indexes wrapped up Friday with both daily and weekly losses, after President-elect Joe Biden's $1.9 trillion rescue plan -- which included direct payments to Americans and extended unemployment benefits -- failed to give investor sentiment a boost. Putting a damper on stocks were disappointing retail sales data, as well as major post-earnings losses in the financial sector, with Wall Street gearing up for yet another earnings season. The Dow dropped roughly 177 points, while the S&P 500 and tech-heavy Nasdaq Composite also settled notably lower. For the week, all three benchmarks posted significant losses as well.
Continue reading for more on today's market, including:
- Hewlett Packard stock brushes off lofty bull note.
- These 9 cannabis stocks are heating up headlines.
- Plus, analyst eyes Dropbox stock; pharma stock pops on generic contraceptive update; and checking in with JJSF ahead of earnings.
The Dow Jones Industrial Average (DJI - 30,814.26) dropped 177.3 points, or 0.6% for the day, and 0.9% for the week. Home Depot (HD) led the index winners with a 2.7% rise, while Dow Inc (DOW) paced the laggards with a 3.9% drop.
Meanwhile, the S&P 500 Index (SPX - 3,768.25) fell 27.3 points, or 0.7% for the day, and 1.5% for the week. The Nasdaq Composite (IXIC - 12,998.50) dipped 114.1 points, or 0.9% for the day, and 0.9% for the week.
Lastly, the Cboe Volatility Index (VIX - 24.34) added 1.1 point, or 4.7% for the day, and 12.9% for the week -- marking its biggest weekly pop since late October.
- Federal prosecutors said there is “strong evidence” the pro-Trump rioters who attacked the U.S. Capitol last week intended to assassinate elected officials. (CNBC)
- President-elect Joe Biden said Thursday night he would lay out a plan next month for spending on infrastructure, clean energy and worker training. (MarketWatch)
- Dropbox stock's rebound attempt attracted new analyst coverage.
- Pharmaceutical stock pops after announcing plans to launch a new generic contraceptive.
- Diving into J&J Snack Foods stock ahead of its quarterly earnings report.
Oil Rally Sputters Out Amid Covid-19 Fears
Oil prices finished today's session substantially lower, giving back most of this week's gains as investors became increasingly concerned a rise in Covid-19 cases in China -- and subsequent lockdowns -- could hurt demand. In turn, February-dated crude fell $1.21 cents, or 2.3% for the day, to settle at $52.36 per barrel. For the week, the commodity added a modest 0.2%.
Gold prices were lower as well, wrapping up the choppy trading week with a loss as the U.S. dollar regained strength, and investors pored over Biden's $1.9 trillion coronavirus rescue plan. In response, February-dated gold lost $21.50, or 1.2% for the day, to settle at $1,829.90 an ounce. For the week, gold dropped 0.3%.