Equity

Stocks Down on Biden’s Relief Package

Posted 01/15/2021 9:13AM CTJeff Yasak

U.S. stocks futures are lower this morning after a $1.9 trillion COVID-19 relief package was released by President-Elect Biden’s team. This package will boost unemployment benefits, include a $1,400 stimulus check to individuals and fund the distribution of COVID-19 vaccines.  This package also included a proposal to increase the national minimum wage to $15 an hour, creating some fear with investors. This morning also saw the Commerce Department releasing a surprising drop in December retail sales of 0.7% from the prior month with an adjusted number of 1.4% in November from the previous stated 1.1% decline. This negative news adds to the hit that the U.S economy took at the end of 2020 with rising COVID numbers, increased lockdown restrictions and a loss of 140,000 jobs in December which was the first decline since April.

Resistance today is showing 380500 and 382800 with support at 377500 and 376000.

E-mini S&P 500 Mar ’21 Daily Chart
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Jeff Yasak

Senior Market Strategist
Since leaving the corporate world in 1995, Jeff has established a name for himself as a trusted financial advisor and trading advocate—leveraging his studies in finance from the University of Wisconsin-Madison and Loyola University, 25+ years of experience, and a passion for the industry to guide both novice and experienced traders in pursuit of achieving their own financial reward. Jeff began his career as a clerk in the S&P 500 pit at the Chicago Mercantile Exchange—fostering a deep interest in the options market that eventually drove him into the retail futures sector where he spent several years as a broker’s assistant before taking on clients of his own. Operating at the intersection of strategy and success, Jeff seeks to establish meaningful relationships with clients—synthesizing financial data and offering timely insight that informs critical decision-making surrounding money management and trading activities. Well-versed in the futures, securities, equities, and indices markets, Jeff is uniquely positioned to direct his clients to success. With a carefully cultivated combination of experience and expertise, he is able to connect with clients to better understand their goals and offer sound financial guidance that delivers notable bottom-line results.
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