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Dow Jones Industrial Average Slipped but the Market Is Upbeat on More Stimulus

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The three major U.S. stock indexes closed with nominal losses. Investors, however, remain upbeat about the trajectory of the economy, based on the strength in value and small-cap stocks.
The three major U.S. stock indexes were mixed Thursday, but beneath the surface, there was strength in the market.
The
S&P 500
slid 14.30 points, or 0.38%, to end at 3,795.54, and the
Nasdaq Composite
fell 16.31 points, or 0.12%, to close at 13,112.64. The biggest gainer in the S&P 500 was petroleum refiner
HollyFrontier
(ticker: HFC), with an 11% stock surge.
President-elect Joe Biden is expected to speak in the evening in detail about fiscal stimulus. Trillions of dollars of fiscal stimulus have already shored up consumers’ savings, and a few trillion dollars more would add to the pent-up demand that could be unleashed when Covid-19 vaccines are widely distributed.

Nasdaq , Dow-jones-industrial-average , Nasdaq-composite , Energy , Downstream-operations , Petroleum-refining , Credit-types-services , Consumer-lending , Banking-credit , Financial-services , Fossil-fuels

Treasury Yields Are Rising. Here's How High Mortgage Rates Could Go.

By Shaina Mishkin
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Mortgage rates typically rise and fall alongside the 10-year Treasury yield since both are influenced by investor activity in the bond market.
Bing Guan/Bloomberg
Mortgage rates increased this week from their historic low. Home buyers and owners looking to refinance shouldn’t expect them to go back down.
Bond yields, which have been increasing steadily since mid-August on hopes for further stimulus and optimism that the economy will rebound once a vaccine is distributed, rose swiftly in the new year, with the benchmark 10-year Treasury yield climbing 22 basis points (one-hundredth of a percentage point) to close as high as 1.15% this week.

Freddie-mac , Keith-gumbinger , Joel-kan , Bing-guan-bloomberg , Lawrence-yun , Freddie-mac-khater , Sam-khater , National-association-of-realtors , Mortgage-bankers-association , Federal-reserve , National-association , Economic-performance-indicators

Affirm IPO Prices at $49 a Share

abby Jones/Bloomberg
Affirm late Tuesday priced an offering of 24.6 million Class A shares at $49 each, above the recently increased target range of $41 to $44 a share. The original range was $33 to $38.
The IPO price values the consumer lender above $15 billion, once accounting for all outstanding shares and stock options.
The offering is led by Morgan Stanley, Goldman Sachs, and Allen & Co. Affirm will trade on Nasdaq under the symbol AFRM. Shares are set to begin trading Wednesday.
Affirm had revenue for the June 2020 fiscal year of $509.5 million, up 93% from a year ago, while losing $112.6 million. For the September quarter, revenue was $174 million, up about 98% from the comparable year-earlier period, with a loss of $15.3 million.

Jones-bloomberg , Ericj-savitz , Max-levchin , Morgan-stanley , Walmart , Allen-co , Goldman-sachs , Nasdaq , Eddie-bauer , Expedia , Nordstrom , Peloton-interactive

Investors Bet U.K. Stocks Can Banish Brexit Blues

British stocks have enjoyed a world-beating rally since the start of December, with international investors beginning to buy back into one of their least-loved countries.

United-kingdom , Britain , British , Savvas-savouri , European-union-on-christmas-eve , Euro-stoxx , European-union , Christmas-eve , Toscafund-asset-management , Political-general-news , Respiratory-tract-diseases , International-relations

U.S. Stock Futures and European Equities Tread Water

Investors were looking for reasons to buy stocks as they watched politics and pandemic updates.

China , New-york , United-states , New-york-stock-exchange , France , French , Stoxx-europe , York-stock-exchange , Carrefour , Wall-street , Getty-images , Corporate-changes

U.S. Stock Futures Edge Higher Ahead of Inflation Data

Updated Jan. 13, 2021 4:47 pm ET
U.S. stocks wobbled Wednesday, swinging between small gains and losses for most of the session, as investors monitored the impeachment proceedings against President Trump in Washington.
House lawmakers voted shortly after the stock market closed to impeach the president for inciting last week’s Capitol riot, just days before he is due to leave office. While the political rancor has weighed on market sentiment in recent days, most money managers are looking past the developments in Washington to focus on the prospects for additional fiscal stimulus.
“The market is largely focusing on the fundamentals around a Biden administration,” said Willem Sels, global chief investment officer at HSBC Private Banking.

Washington , United-states , Altaf-kassam , President-trump , Dow-jones-industrial-average , State-street-global-advisors , Stock-market-today , Wall-street , Stock-market-news , Markets-today , Stock-news

5 Stocks That Could Gain After Earnings — and 5 That Are Ready to Drop

Investors don’t have to guess, explains Julian Emanuel, chief equity and derivatives strategist at BTIG. A stock with a high short interest may pop after earnings because numbers that elicit a shrug could be enough to put upside pressure on a stock—and force short sellers to buy back their borrowed stock.
Earnings revisions—the changes analysts are making to their estimates—are also a good way to judge whether a company faces high or low expectations. If revisions have been rising, the bar might be high, while lowered estimates could mean it’s easier for a company to clear it. Finally, a stock that is trading at a low valuation might also be primed to rise, even if earnings aren’t all that, Emanuel says.

Julian-emanuel , Jacob-sonenshine , Lincoln-national , Kroger , Discovery-communications , Lockheed-martin , Energy , Downstream-operations , Petroleum-refining , Fossil-fuels , Industrial-goods , Financial-performance

Bitcoin Will Break Wall Street's Heart

Updated Jan. 13, 2021 5:51 am ET
The gyrating price of bitcoin has made headlines again this year, as has growing interest from institutional investors. But most vanilla financiers have more to lose than win by diving into digital assets.
Open interest in
CMEâs
bitcoin futures has surged by more than 250% since the beginning of October. Large trade sizes and the fact that bitcoin doesnât have to be held directly mean CMEâs system is considered a benchmark of activity by institutional investors.
Crypto-focused hedge funds and individual buyers are free to invest as they like, of course. Buying a volatile asset without cash flow in a euphoric market is a risk they are willing to take. It has certainly paid off for those with iron stomachs.

Rome , Lazio , Italy , Grayscale-investments , Bitcoin-trust , Banking-credit , Financial-services , Financial-technology , Technology , Virtual-currencies-cryptocurrencies , Money-currency-markets

Oil Rally Will Continue as Producers Curb Supplies. How to Play It.

CME.
Alternatively, they could try purchasing the
Invesco DB Oil
exchange-traded fund (ticker: DBO), which holds a basket of crude oil futures. The fund has gained 7.5% this year through Jan. 11. It lost 21% in 2020, according to
This year crude has already rallied about 9%, due in part to an unexpectedly bullish move by OPEC+ (the Organization of the Petroleum Exporting Countries plus Russia) earlier this month.
The world’s second-largest producer, Saudi Arabia, surprised the world by announcing it would cut production in February and March by one million barrels a day (bpd). That move more than offset a combined 75,000 bpd increase for the same period by Russia and Kazakhstan.

China , New-york , United-states , Saudi-arabia , Kazakhstan , Russia , London , City-of , United-kingdom , America , Daryl-jones , Jon-rigby

LSE's $15 Billion Refinitiv Deal Is Cleared by Key European Regulator

Updated Jan. 13, 2021 9:35 am ET
Europeâs antitrust watchdog on Wednesday approved London Stock Exchange Group PLCâs $15 billion deal to acquire Refinitiv Holdings Ltd. with conditions, removing a key hurdle in the companyâs bid to challenge Bloomberg LP, S&P Global Inc. and other industry heavyweights offering financial data.
The decision by the European Commission ends a monthslong probe into the risks of the deal. The probe centered on concerns the deal could give the LSE undue market power over trading and clearing government bonds, interest rate derivatives, and the sale of financial data such as stock- and bond-price quotes.

United-kingdom , London , City-of , Britain , London-stock-exchange-group , Borsa-italiana-group , European-union , European-commission , Sp-global-inc , Refinitiv-holdings-ltd , Refinitiv-holdings