So last week was the week of the "short squeeze"! Despite a busy earnings week covering 37% of the S&P 500 stocks, it was some other names that got investor attention. Encouraged by message boards on Reddit and other online forums, retail investors have been collectively targeting stocks with high levels of short interest.
The equity markets finished the week slightly below record highs as investors continued to balance positive news with near-term challenges. In focus last week was the $1.9 trillion fiscal-stimulus package, worsening coronavirus news, and a slow vaccine rollout. This week will shed light on corporate earnings, with 23% of the S&P 500 names reporting.
This Wednesday, January 20th is Inauguration Day. Last Thursday, president-elect Biden revealed his proposed $1.9 trillion stimulus package which includes the following: $1400 stimulus checks, to top off December's $600 relief.
2020 was an unprecedented year, both personally and professionally. Here is the link to our EQM Capital Market Recap and Predictions for the coming year entitled: The ‘Year of Living Dangerously’ and Our Predictions for 2021
Happy New Year and welcome 2021! The stock market posted modest gains the last week of the year, capping off a strong year for the market for tech and growth stocks.
