Tale of the Tape
Good evening, everyone. It’s a short week on Wall Street so we’ll keep it brief.
Washington settled on a stimulus deal as Sunday night futures float higher.
Covid cases continue to climb but the FDA issued Emergency Use Authorization for Moderna’s COVID-19 vaccine. The company said it will deliver ~20M doses before the end of December. 💪
Tesla will be added to the S&P 500 before Monday’s opening bell. Well done, Elon. 🥂
Bitcoin broke 24K. The cryptocurrency continues to creep higher.
Last week the S&P 500, Nasdaq Composite, and Russell 2000 all closed at a new weekly all time high. Where will the market drift next? Place your bets…
Here’s the weekly S&P 500 chart:
The Second Stimulus
Eight months after Washington wrote the first round of checks Congress settled on a second stimulus plan.
Senate Majority Leader Mitch McConnell shared:
BREAKING: As the American people continue battling the coronavirus this holiday season, they will not be on their own.
Congress has just reached an agreement. We will pass another rescue package ASAP. More help is on the way.
Congressional leaders will vote on the package on Monday.
Here’s CNBC with more.
Robinhood: An Improved Bucket Shop?
History tends to repeat itself. Last century speculators sought bucket shops, today Robinhood reigns. Wall Street is world wide. 🌎
Jamie Catherwood shared the idea that Robinhood is an improved bucket shop. The finance history guy writes:
As with many new innovations and movements, they are often a double-edged sword. Both Robinhood in the 21st century and Bucket Shops in the 20th century are associated with gambling and speculative behavior, but on the other hand they are also clearly responsible for democratizing access to financial markets and encouraging small-time investors to put their money in the market.
Read Jamie’s Sunday Reads here.
🎯 Watch IBD’s experts pick winning stocks every morning on IBD Live. Try 2 free weeks on us!*
👀 At Least 200 Victims Identified in Suspected Russian Hacking
🧘♀️Outdoor Bathing and a Jungle Yoga Platform Feature in Villa Pelícanos
🤯 The Buffalo Bills Have Won the AFC East. This Isn’t a Misprint.
🏨 18 of the Most Anticipated High-Design Hotel Openings of 2021
🥩 Window and Frame
👽 Bitcoin: A Novel Economic Institution | White Paper by ARK Invest
The Week Ahead
And now a brief and well-organized look ahead at the trading week beginning Monday, December 21st, 2020:
- 12/22 December Consumer Confidence (10 AM ET)
- 12/22 November Existing Home Sales (10 AM ET)
- 12/23 November Personal Income (8:30 AM ET)
- 12/23 November Personal Spending (8:30 AM ET)
- 12/23 November New Home Sales (10 AM ET)
Here’s the full Economic Calendar provided by Briefing.
Be sure to know when your stocks are reporting. Here’s the earnings calendar: