Succinct Summations for the week ending January 8th, 2021
Positives:
1. Markets rally on hopes of more stimulus – and less chaos – as Democrats sweep Georgia Senate races.
2. Jobless claims fell 3k w/o/w from 790k to 787k.
3. Unemployment rate remains unchanged at 6.7%, below expectations.
4. Home mortgage apps fell 0.8% w/o/w.
5. Factory orders rose 1.0% m/o/m, above expectations.
6. PMI Manufacturing came in at 57.1 for December, above expectations.
7. ISM Services index came in at 57.2 for December, above expectations.
Negatives:
1. Armed Insurrection in the nation’s capitol damages USA’s global reputation even further.
2. Worst Covid-19 single day ever as deaths exceed 4,000 with 200,000 new infections.
3. Non-farm payrolls fell 140k m/o/m, below expectations.
4. ADP private payrolls fell by 123k m/o/m, below expectations.
5. Corporate layoffs came in at 77,030 for December.
6. Construction spending rose 0.9% m/o/m.
7. PMI Composite came in at 55.3 in December, below expectations.
Thanks, Matt!
S&P500 is up 54% from the pandemic lows of March 2020
Source: YCharts
