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The Weekly Economic & Market Recap
January 15, 2021
The S&P 500 finished the week lower after the major indexes posted solid gains in the first week of 2021. The weakness comes amid growing concerns about stretched valuations following the recent rally in stocks. While the concerning news coming out of Washington continues to be largely ignored, the market appears to be most focused on the vaccine rollout, fiscal stimulus, and the next round of corporate earnings. On Thursday, President-elect Biden outlined a $1.9 trillion economic package which has elements that would likely gain favor in the Senate, but other parts are expected to spur partisan conflict. Some highlights of the package include $1 trillion to U.S. households via an additional $1,400 stimulus check and a 33% increase in supplemental unemployment bene-fits. The new amount cited is $400 per week and includes an extension through September. In other news, fourth quarter corporate earnings season kicked off on Friday with major banks such as JPMorgan, Wells Fargo, and Citigroup reporting. According to FactSet, S&P 500 earnings are expected to decline 8.8% year-over-year in Q4 2020. The recent cyclical rotation continued to play out this week as evidenced by small-cap companies outperforming large-cap and value stocks outperforming growth.
Click below to listen to this week's Peapack Private Wealth Management Market Report as heard on WCBS NewsRadio 880.
