Weekly Market Snapshot – January 11th, 2021
Created by: Sam Tenney
- House Democrats on Monday, January 11, introduced a second article of impeachment against President Donald Trump. The article will go to vote Tuesday in the House. ¹
- According to JP Morgan, the 140,000 decline in non-farm payrolls for December 2020 is “The clearest evidence yet that the resurgence in Covid-19 cases has stalled the economy”. Service sector jobs have seen the largest loss and slowest growth, with only 54% of jobs recovered so far with industrial sectors recovering 66% so far. Currently, unemployment stands at 6.7%. ²
- Raw commodities have been the market winner in recent weeks, with long positions open on commodity futures reaching a level not seen since 2011. With a falling dollar and low bond yields, traders believe commodities are set for a very bullish reversal in the coming months. ³
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