Benchmarks Log Weekly Losses Despite Biden's Rescue Plan

Bank names kicked off a new earnings season today

Digital Content Manager
Jan 15, 2021 at 4:39 PM
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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.

 Closing Indexes Summary Jan 15

NYSE and Nasdaq Stats Jan 15

  1. 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)
  2. 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) 
  3. Dropbox stock's rebound attempt attracted new analyst coverage.
  4. Pharmaceutical stock pops after announcing plans to launch a new generic contraceptive.
  5. Diving into J&J Snack Foods stock ahead of its quarterly earnings report.

Corporate Earnings Jan 15

 Unusual Options Activity Jan 15

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%.

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