Sell the fact, after the Biden stimulus proposal

The US stocks are opening mixed despite good earnings from banks this morning. The retail sales disappointed in December and perhaps some “sell the fact” after the Biden stimulus proposal.  

A snapshot of the market currently shows:

  • S&P index -11.1 points or -0.29% at 3784
  • NASDAQ index +15 points or +0.12% at 13128
  • Dow -170 points or -0.55% at 30823.50

JP Morgan quarterly profits jumped 42%, and earnings soared past expectations at $3.79 a share vs. $2.62 per share, but the stock is trading down around -0.60%.  Citigroup earnings came in at $2.15 a share which easily beat expectations of $1.34, but revenues did fall short of expectations at $16.5 billion vs. $16.72 billion expected. Their stock is trading down -2.65%.

In other markets as US stocks trading gets underway:

  • Spot gold is down $1.90 or -0.11% at $1844.50.
  • Spot silver is down $0.45 or -1.8% at $25.06.
  • WTI crude oil futures are trading down $0.68 or -1.27% of $52.89
  • Bitcoin on Coinbase is trading down $1870 at $36,880

in the US debt market, yields are mostly lower:

  • 2 year, 0.141%, +0.2 basis points
  • 5 year 0.467%, -1.5 basis points
  • 10 year 1.103%, -2.5 basis points
  • 30 year 1.847%, -2.4 basis points

a snapshot of the forex markets continues to show the JPY as the strongest and the AUD as the weakest (that was the order at the start of the New York session).  The USD is just behind the JPY as the strongest (and has gotten stronger from the levels at the start of the New York session)

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