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Global Stocks Slip After Biden Plan and as Earnings Roll Out

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U.S. President-elect Joe Biden walks offstage after he laid out his plan for combating the Covid-19 pandemic and jump-starting the nation’s economy.
Getty Images
Stocks declined on Friday, even after President-elect Joe Biden unveiled details of a $1.9 trillion fiscal stimulus plan and banks reported solid quarterly earnings.
The
S&P 500
slipped 27.29 points, or 0.7%, to 3,768.25, and the
Nasdaq Composite
declined 114.14 points, or 0.9%, to 12,998.50. The small-cap
For the week, the Dow fell 0.9%, the S&P 500 fell 1.5% and the Nasdaq dropped 1.5% as well. It was the biggest weekly decline for all three benchmarks since October.
The S&P 500’s financial sector fell 1.8% after a flurry of banks reported earnings. While the headline results were better than expected, investors found some reason for caution in the details of the reports and in the broader economic picture. The

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What JPMorgan Earnings Say About the Economy

It’s earnings season!
Yes, a few companies like Delta Air Lines and BlackRock reported earlier this week, but it’s the releases from four big banks—JPMorgan Chase, Citigroup, Wells Fargo and PNC Financial Services—that really signal the starting gun has fired.
The numbers, so far, are pretty good. JPMorgan smashed results, earning $3.79 a...
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News Updates: Biden Outlines $1.9 Trillion Stimulus and Vaccine Program

Here’s what you need to know about the impact of Covid-19 to navigate the markets today.

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Apple to Open Developer Academy, Provide Funding for Minority Entrepreneurs

Updated Jan. 13, 2021 4:08 pm ET
Apple Inc. is launching several projects to extend education and funding opportunities to minority entrepreneurs, part of the $100 million pledge it made in June to help combat racism in response to the national outcry over the killing of George Floyd.
The iPhone maker on Wednesday said it would open a software-developer academy in Detroit later this year and launch two venture-funding initiatives for young “Black and Brown entrepreneurs,” with the goal of helping to build the next generation of diverse leaders.
“We are all accountable to the urgent work of building a more just, more equitable world,” Apple Chief Executive Tim Cook said. “And these new projects send a clear signal of Apple’s enduring commitment.”

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Global Markets Inch Higher as U.S. Political Climate Pressures Stocks

Nasdaq Composite
gained 0.3%. The small-cap
Under the surface, the S&P 500 energy sector closed up 3.6%, financials gained 1.1%, and consumer discretionary stocks added 1.5%. Defensive utilities and health care fell 0.6% and 1.1%, respectively, while technology stocks lost 0.5%. That dynamic has more or less prevailed since the fall.
Fourth-quarter earnings season begins later this week, with several large banks kicking things off as usual. Wall Street expects S&P 500 earnings to be 12% lower in the final three months of 2020 versus the same period in 2019, according to data from Bloomberg. Sales are expected to decline 6%.
The scrutiny will be much higher for defensive and relatively pandemic-proof sectors like consumer staples or technology. Those companies’ fundamentals have held up or improved during the pandemic, and investors will want to see that continuing in the fourth quarter. For the cyclical and economically sensitive companies that have led the market since the fall, some signs of progress or optimistic management commentary about the post-pandemic future should suffice.

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Capitol Riot: See the Full List of Companies Halting PAC Donations

Dozens of big U.S. companies have suspended political donations in the wake of the deadly Capitol riot.

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Zoom Is Selling $1.5 Billion of Stock. Its Shares Are Down 40% Since October.

Microsoft
(MSFT), as well as worries about how much the company’s growth will slow as the economy reopens.
During the pandemic, at least, Zoom has continued to produce spectacular growth—for the fiscal third quarter ended Oct. 31, it posted revenue of $777.2 million, up 367% from a year ago. For the fiscal fourth quarter ending in January, Zoom is projecting revenue of $806 million to $811 million, with non-GAAP profits of 77 to 79 cents per share. Wall Street consensus calls for $814.4 million in revenue and profits of 80 cents per share.
Prior to the offering announced today, Zoom had about $1.87 billion in cash and marketable securities, and no long-term debt.

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News Updates: House Democrats Introduce Impeachment Article Against President Trump

Here’s what you need to know to navigate the markets today.

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Capitol Riot Prompts Some Big Banks and Companies to Pause Political Funding

Capitol Riot Prompts Some Big Banks and Companies to Pause Political Funding
JPMorgan and Citigroup to halt all PAC donations; Blue Cross and Marriott pause funding to Republicans who objected to Electoral College results
From news of President Trump’s extraordinary phone call about Georgia’s election to his permanent ban from Twitter and a House plan to introduce an article of impeachment, WSJ’s Shelby Holliday recaps the historic week in Washington. Photo: Michael Reynolds/Shutterstock
By
Updated Jan. 10, 2021 8:50 pm ET
Two of the biggest U.S. banks and other corporations said they are pausing or reviewing their political action committee donations in the wake of last week’s riot at the Capitol.

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JPMorgan, Amazon, and Berkshire Hathaway's Health-Care Venture Dies. Costs Remain a Problem.

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Illustration by Elias Stein
Investors trembled in January 2018 when three corporate giants, Berkshire Hathaway, Amazon.com, and JPMorgan Chase, announced a joint venture aimed at cutting worker health-care costs. No one knew how they planned to do that, but the news sent the S&P 500 Managed Health Care index down 4.4% in a day.
Three years later, the trio has now closed the JV, known as Haven Healthcare. In a statement, Haven said it had “explored a wide range of health-care solutions, as well as piloted new ways to make primary care easier to access,...
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Investors trembled in January 2018 when three corporate giants, Berkshire Hathaway, Amazon.

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