US Stock Market Today: Equities edge lower as lockdown risk and data disappoint
Here is what you need to know on Friday 22 January 2021:
European indices were weaker on Friday, with the Dax trading 0.6% lower, Euro Stoxx down 0.7% and the FTSE losing 0.8%.
US futures were also down, with Dow futures showing a 0.6% fall, S&P shedding 0.7% and Nasdaq losing 0.6%.
After a strong run to new record highs earlier in the week, profit-taking led most equity indices lower. Markets were also cautious as the EU warned further lockdown measures may be necessary. In Italy, reports that PM Conte may call a snap election caused further worries, with Italian bond yields rising. In the US, Dr. Anthony Faucci said the current Covid 19 vaccines may not be as effective against the new strains of the virus.
Economic data was disappointing, with UK retail sales coming in below expectations, while EU PMI readings for January were mixed and overnight Japanese PMI data showed the sector contracting in January.
Earnings from IBM after the close on Thursday disappointed, with IBM shares indicating down 7% in Friday’s pre-market. Intel (INTC) released earnings late on Thursday, which beat expectations., Intel (INTC) shares rose 6% on Thursday but the shares are 4% lower in Friday’s pre-market.
Ford (F) caught an upgrade from JPMorgan, Disney (DIS) was upgraded by UBS and Nomura initiated NIO as a buy.
Stocks covered this week at FXStreet:
RIOT Stock Price: Riot Blockchain Inc continues to slide as Bitcoin price nosedives (fxstreet.com)
Bed Bath and Beyond (BBBY) Stock Price and Forecast: Don’t get caught napping! (fxstreet.com)
Li Auto Inc Stock Price and News: Bulls eye a Biden boost after the Jefferies jump (fxstreet.com)
Aurora Cannabis (ACB) Stock Price and Forecast: Rollercoaster for getting high! (fxstreet.com)
AT Stock Price: Atlantic Power Corp soars on news of acquisition by I Squared Capital (fxstreet.com)
BB Stock Price: BlackBerry Ltd set to extend gains as it dances with three giants (fxstreet.com)
Alibaba (BABA) Stock Price Forecast: Gains 3% on IM electric sedan launch (fxstreet.com)
Delta Air Lines (DAL) Stock Price and Forecast: Preparing for take off (fxstreet.com)
Ideanomics Inc (IDEX) Stock Price and Forecast: Charging ahead with the sector (fxstreet.com)
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Author
Ivan Brian
FXStreet
Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.
