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Bob Carey
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  US Stock Markets Ended Jan. 22, 2021
Posted Under: Weekly Market Commentary

 
The S&P 500 moved higher on the week on a resurgence in big technology shares despite fears the new virus strain could be deadlier, and Democrats may need to slim down the next round of stimulus. Economic data points continued to surprise to the upside with the PMI, housing starts and existing home sales all coming in above consensus. In addition to strengthening economic figures, earnings season is off to a strong start. Netflix Inc. shares jumped over 13% for the week due to strong subscriber growth and cash flow guidance. The rest of big technology followed the streaming giant's success, posting its best week in months as investors had been favoring smaller caps and cyclicals. Despite strong results, both Morgan Stanley Inc. and Goldman Sachs Group Inc. traded lower as last year's trading surge is unlikely to be repeated. The biggest movers on the week were names favored by individual investors that also have significant short interest. Shares of GameStop Corp., Palantir Technologies Inc. and Stitch Fix Inc. gained 83%, 27% and 31% respectively for the week. On tap next week is a bevy of earnings announcements including, Apple Inc, Microsoft Corp., Facebook Inc., Tesla Inc. and Abbott Labs. Investor focus will also be on the January FOMC meeting, durable goods orders, and the first release of 4Q GDP. As we look into 2021, equities could continue to post record-highs on the back of loose monetary policy and a resurgent economy. However, many risks are bubbling up as valuations rise to extremes in certain segments of the market and risk-taking across many investors is becoming more prevalent.
Posted on Monday, January 25, 2021 @ 8:18 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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