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Bob Carey
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  US Stock Markets Ended Dec. 11, 2020
Posted Under: Weekly Market Commentary
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The S&P 500 posted its worst weekly return since late October amid ongoing stimulus gridlock in Washington. In addition, investors continued to weigh rising COVID-19 cases in the near-term with two vaccines close to emergency use approval. The Pfizer Inc. vaccine could start being distributed as early as Monday under emergency use, according to Health and Human Services Secretary Alex Azar. Economic data has weakened over the last couple weeks, coinciding with further mobility restrictions in many states, as November's payroll adds disappointed and unemployment claims rose. In stock news, shares of Facebook Inc. trended lower after the FTC and 46 states sued the social media giant for anti-competitive practices. The antitrust case aims to force Facebook to split-off WhatsApp and Instagram. FireEye Inc. fell sharply after the cybersecurity firm disclosed it was impacted by a cybersecurity attack. Toll Brothers Inc., the luxury home builder, beat quarterly expectations but guided well-below street consensus for next quarter on lower-than-expected closings. Looking ahead, traders will be focused on the path of COVID-19, how fast the vaccine gets distributed, the likelihood of further stimulus and the Georgia Senate runoffs. While the short run has more uncertainty, longer term looks more promising with enough vaccine doses to vaccinate 100 million Americans by the end of February, according to coronavirus vaccine czar Dr. Moncef Slaoui. Additionally, continued loose monetary policy and a recovery in corporate profits could lead to further stock market gains in 2021.
Posted on Monday, December 14, 2020 @ 8:19 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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