Thursday, December 24, 2020
Markets Close Early Today
The NYSE and NASDAQ will close at 1 p.m. ET today. The bond markets will close at 2 p.m. ET. All markets will be closed Friday, December 25, and will resume normal business hours on Monday, December 28.
Happy holidays to all from LPL Research!
US Equities Open Marginally Higher
US equities opened in the green this morning amid uncertainty with regard to COVID-19 relief and the government funding bill.
- Asian Markets ended their trading session higher
- European markets are fractionally higher during midday trading, per the STOXX Europe 50 Index.
2021 GDP expectations. Despite new restrictions to combat virus spread, we continue to expect the US economy to grow in the fourth quarter. Bloomberg consensus forecasts are calling for 4.6% annualized growth in US gross domestic product (GDP).
Kwanzaa begins December 26. Kwanzaa, the annual celebration of African-American culture, begins December 26 and lasts through January 1, 2021.
Technical update. The major averages finished mixed Wednesday with the Dow Industrials up slightly, the Nasdaq down slightly, and the S&P 500 Index little changed. The small cap Russell 2000 Index closed at another record high and has more than doubled off its March 2020 lows, an achievement only accomplished once in under a year in the index’s history (1982–83). Value-style stocks outperformed growth, led by strong gains from the energy and financials sectors, while real estate and technology were among the laggards.
COVID-19 news. Pfizer and the US government have struck a deal to provide 100 million more coronavirus vaccine doses, including 70 million by June 2021.
- Inoculations have begun in Mexico.
- A vaccine developed by China’s Sinovac reportedly was found to be more than 50% effective, though key supporting data wasn’t released according to Bloomberg.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.
References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.
Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
All index and market data are from FactSet and MarketWatch.
This Research material was prepared by LPL Financial, LLC.
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.
- Not Insured by FDIC/NCUA or Any Other Government Agency
- Not Bank/Credit Union Guaranteed
- Not Bank/Credit Union Deposits or Obligations
- May Lose Value
For Public Use – Tracking 1-05092914