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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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Los Angeles Has Been Hammered by Covid. But Its Muni Bonds Are Holding On. Here's Why.

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Roadworks continue, now with a facemask, as some essential jobs have kept segments of the population employed as the stay-at-home orders continue in Los Angeles, California on May 4, 2020, as Governor Gavin Newsom earlier announced the gradual reopening of California later this week.
FREDERIC J. BROWN/AFP/Getty Images
By Stephen Kleege
Los Angeles is suffering what may be the hardest Covid-related health and economic hit of any big city. But the city’s $2.6 billion in municipal bonds outstanding, while hardly thriving, appear in decent shape.
Unemployment in the Los Angeles region, at 9.6% in November, was the highest among the five biggest metropolitan areas and 3.2 percentage points worse than the national average. And that was before the surge of infections and deaths in Southern California accelerated into the new year, straining hospitals and morgues and dashing hopes for a rebound in the city’s revenue.

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Exxon Stock Slides, Wells Fargo Slumps, Stock Market Ignores $1.9 Billion Biden Stimulus

Stocks were lower Friday morning even after President-Elect Joe Biden unveiled details of a $1.9 trillion fiscal stimulus plan as retail sales slumped.

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Buy Anthem Because It Should Benefit From a Biden Stimulus, Analyst Says

Anthem could benefit as the labor market recovers, says Jefferies.
Dreamstime
Managed care stocks that focus on the government-funded insurance market have jumped in the week since Democrats secure control of the Senate, as investors have begun to anticipate an expansion of Obamacare, and even a public option.
Shares of Centene Corporation (CNC) are up 6.5% since the market closed on January 5, while shares of
Molina Healthcare
(MOH) are up 3.6%. The
S&P 500,
which is up 1.8% over the same period.
But in a note out Friday morning, Jefferies analyst David Windley argues that investors are too optimistic that the Biden administration will drive up managed care stocks in the near term by significantly expanding government-funded coverage.

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Why Energy Could Have a Tesla-Like 2021

Oil pump jacks operate at dusk.
Apu Gomes/AFP via Getty Images
Energy stocks used to make up more than 10% of the S&P 500. But last year they fell below 3%. Some fund managers abandoned the sector altogether, given that it has underperformed the broader market consistently over the past decade. Why put 2% of your portfolio in energy, when you can just add another 2% of
That underweighting in energy, however, may suddenly shift in 2021, some analysts are predicting. Oil suddenly looks like a decent bet, given that Saudi Arabia has signaled that it will backstop the price by curbing production. U.S. producers, meanwhile, are being prudent with their cash.

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Federal Reserve's Corporate Bond and ETF Portfolio Hits $14 Billion

Three numbers to start your day:
In 2020, the Federal Reserve’s Portfolio of Corporate Bonds and ETFs Rose to $14 Billion
That is according to its latest presentation to Congress. That is up from $13.6 billion at the end of November. While the Fed has stopped buying ETFs, it has kept buying individual company bonds on the secondary market, with a total face value of $5.2 billion.
The Fed has been buying bonds of companies that are rated investment grade, as well as bonds of companies that were rated investment grade before the pandemic. About 41% of the bonds are rated A or higher, while just over half are rated BBB. About 13% of the corporate bond ETFs by market value are classified as high yield.

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Why Coal Is Having a Strange Mini-Rebound Now

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Coal could gain share despite losing its greatest political champion—President Trump.
George Frey/Getty Images
Coal has been steadily dropping as a source of U.S. electricity generation over the past two decades. After peaking in 1998, the amount of coal produced in the country had fallen by 40% by 2019, and it dropped even more in 2020.
But the next two years could see a reversal. The U.S. government now expects coal to rise from 20% of electricity consumption in 2020 to 22% in 2021 and 24% in 2022.
What’s remarkable is that coal could gain share despite losing its greatest political champion—President Donald Trump. How could it suddenly be experiencing a mini-renaissance when it’s about to face much more stringent regulations?

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What Tesla's Car Recall Means for Its Stock

A Tesla Model Y at a showroom in Beijing.
Wang Zhao/AFP via Getty Images
Tesla
might be forced to recall 158,000 cars. That’s bad news. But just how bad is debatable.
On Wednesday, the National Highway Traffic Safety Administration, or NHTSA, sent a letter to Tesla (ticker: TSLA) requesting the electric-vehicle maker recall cars made between 2012 and 2018 for, essentially, problems with the center touch screen. It could result in the loss of the rearview camera image, to cite one example.
Tesla didn’t immediately return a request for comment about its recall plans. The NHTSA didn’t immediately return a request for comment about what drove the agency to send the letter.

Germany , Beijing , China , Wang-zhao , Henan , Traffic-safety-administration , Getty-images , National-highway-traffic-safety-administration , Motor-vehicles , Alternative-fuel-vehicles , Automotive

Exxon's on a 9-Day Winning Streak. Here's Why.

Exxon Mobil,
everything seems to be working out for the company in 2021.
As of Thursday afternoon, shares of Exxon (ticker: XOM)—up more than 4% on the day -- were on track for their ninth consecutive gain. The stock has risen 22% in that period. It has gotten some help from regulators in recent days. A pipeline in the Permian Basin in which the company has a 30% stake won approval from the Federal Energy Regulatory Commission this week.
And Exxon is suddenly getting a warm welcome on Wall Street, raising the possibility that fund managers will give it another look. Analysts at both J.P. Morgan and Morgan Stanley are now urging investors to buy the stock. J.P. Morgan hadn’t raised its rating on Exxon to Buy since at least 2014.

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What Affirm's IPO Says About Peloton Stock

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Payments company Affirm Holdings gave investors a post-IPO pop on Wednesday. It also provided more insight into another hot stock: Peloton Interactive.
The two companies have a symbiotic relationship, according to MKM Partners analyst Rohit Kulkarni. Consumers often use Affirm’s (ticker: AFRM) no-interest payment plans to pay for Peloton (PTON) equipment, such as its $1,895 base bike, he notes.
Kulkarni...
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Payments company Affirm Holdings gave investors a post-IPO pop on Wednesday.
From

Connor-smith , Rohit-kulkarni , Affirm-holdings , Courtesy-peloton , Sports-equipment , Consumer-goods , Financial-services , Financial-technology , Leisure-travel-goods , Sports-goods , Technology , Corporate-changes