Equities sold off sharply on Wednesday and finished the week slightly in the red. The S&P 500 was down 0.5% for the week. The NASDAQ outpaced small caps by 2.8% on early signs the growth outlook may not be as robust.
With the run-off elections in Georgia behind us and Joe Biden’s presidential inauguration completed; investors are left wondering what the impact will be on financial markets in the new environment of Democratic control of the federal government.
The holiday shopping season was weaker than expected. The December retail sales number shows a decline of 0.7% compared to the expected growth of 0.05%. The weakness came amid a resurgence in COVID-19 cases over the holidays.
Happy New Year to all of you! 2020 was certainly a year we will all remember for quite some time. Despite the difficulties of the past year, our team has continued to rise to the occasion, providing invaluable insights and top-notch investment management and client service during an unpredictable time.
Equities posted a strong week with broad strength across global markets. The S&P 500 advanced 1.7% but was outpaced by both the NASDAQ and Russell 2000. The NASDAQ gained 3.1% with small caps up 2.6%.
The Energy and Financials sectors have started off the new year on the right foot. The Energy sector is up 7.8% in the first three trading days of the year and the Financials sector is up 3.42%.