New Street View Video | Daily Market Update

Daily Insights

On this national Pearl Harbor Day, we remember.

Stocks lower as stimulus watch continues. Stocks are pulling back from record highs this morning as market participants balance weakening near-term economic growth prospects against optimism on fiscal stimulus and COVID-19 vaccines.

  • On Friday, all four major indexes (Dow Jones Industrial Average, S&P 500 Index, Nasdaq, and Russell 2000) closed at record highs, the first time since January 2018.
  • Energy topped Friday’s sector rankings after OPEC plus Russia reached a production agreement.
  • Asian markets were mixed overnight, led down by Hong Kong amid concerns of US sanctions on Chinese officials.
  • European markets are weaker in midday trading as a Brexit agreement remains elusive.

Why Are Some Items Still So Hard to Find?

Chief Investment Officer Burt White explains why it’s hard to find refrigerators but not toilet paper in this new Street View video. In 2021, he says, expect companies to move from just-in-time to just-in-case supply as businesses optimize to meet consumer demand.

Week ahead. This week’s busy economic calendar includes:

Technical update. The S&P 500 rose 1.7% last week, setting three record highs along the way. The index now stands more than 17% above its 200-day moving average, the most since late 2009. Friday saw advancers on the NYSE outnumbered decliners by 5:1, another sign that breadth continues to strengthen.

COVID-19 news. New cases in the United States hovered around 200,000 over the weekend, about 40% above the November average and 22% above the prior week’s trend based on seven-day averages (source: COVID Tracking Project).

  • Hospitalizations rose 22% week over week based on the seven-day average.
  • COVID-19 inoculations in the United Kingdom will begin Tuesday. US vaccinations may start Friday if the US Food and Drug Administration grants emergency use approval on Thursday.
  • Details of the proposed $908 billion COVID-19 relief bill are expected to be released today.



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