Pence Wealth

Daily Market Report | Feb. 02, 2021 Stocks Rise Ahead of Amazon, Alphabet Earnings – Wall Street Journal, 2/2/2021 U.S. stocks rose Tuesday, signaling that major indexes may extend this week’s gains ahead of earnings from technology giants Amazon.com and Google parent Alphabet. Investors will parse quarterly earnings from Amazon.com and Alphabet after markets close. Shares of giant tech companies have continued to power the broader market in 2021, pushing the Nasdaq Composite up 5% so far this year. Earnings for the last quarter of 2020 have been better than analysts had anticipated. Of [...]

Daily Market Report | Feb. 01, 2021 Stocks Climbed as Online Traders Send Silver Soaring – Wall Street Journal, 2/1/2021 U.S. stocks rose Monday, with major benchmarks recovering some ground following their worst week since October and the online day-trading crowd setting its sights on the silver market. For the most part, many of those stocks were down early Monday. GameStop fell 11%, headphone manufacturer Koss was down 32%, and Bed Bath & Beyond was down 9.7%. AMC Entertainment Holdings, however, was up 15%. Broader volatility appeared muted. The CBOE Volatility Index, a gauge [...]

Daily Market Report | Jan. 29, 2021 U.S. Stocks Fall as GameStop Frenzy Builds – Wall Street Journal, 1/29/2021 U.S. stocks fell Friday as frenzied trading continued to drive GameStop and other heavily shorted shares, pointing to a volatile end to 2021’s first month of trading. Shares of GameStop jumped roughly 70% after closing down 44% Thursday. AMC Entertainment was up 54%. Robinhood Markets, a popular venue for online traders that had restricted trading in GameStop and AMC, said late Thursday it would reinstate some trading in stocks that it had curbed earlier. The [...]

Daily Market Report | Jan. 28, 2021 Stocks Extend Rally as Dow Rises More Than 500 Points – Wall Street Journal, 1/28/2021 The Dow Jones Industrial Average jumped more than 500 points Thursday, as stocks broadly rallied across the market, reversing losses from a steep selloff a day earlier. The blue-chip index added 571 points in recent trading, rising to 30874, while the S&P 500 rose 1.8%. Technology stocks also rose, pushing the Nasdaq Composite up 1.3%. At the same time, the wild trading surrounding stocks like GameStop and AMC Entertainment showed signs of [...]

Daily Market Report | Jan. 27, 2021 Stocks Drop, With Tech Earnings in Focus – Wall Street Journal, 1/27/2021 U.S. stocks fell amid concerns about Covid-19 vaccine distribution and as investors parsed a bumper day of earnings reports. Delays in the rollout of Covid-19 vaccines, coupled with lingering lockdown measures, marked a “double whammy” of bad news for investors, said Hani Redha, a portfolio manager at PineBridge Investments. AstraZeneca rebutted reports Wednesday that it had pulled out of a meeting with European Union officials, as a spat between the two groups regarding a vaccine [...]

Daily Market Report | Jan. 26, 2021 Stocks Edge Higher After Hitting Fresh Records – Wall Street Journal, 1/26/2021 U.S. stocks crept higher after major indexes hit records a day earlier and investors readied for a slew of blue-chip earnings. This week marks the height of earnings season, with shares of General Electric rallying 9.5% after the industrial conglomerate reported forecast-beating fourth-quarter revenue and free cash flow. Johnson & Johnson rose 4% after it recorded stronger sales in its latest quarter, as revenue gains from its pharmaceutical division boosted its top-line results. Raytheon Technologies [...]

Daily Market Report | Jan. 25, 2021 Tech Stocks Add to Last Week’s Gains – Wall Street Journal, 1/25/2021 Surging technology stocks boosted the Nasdaq Composite, putting it on track for a fresh record, while shares of pandemic-sensitive companies slid amid fears of disruption to coronavirus vaccine supplies. Pharmaceutical giant Merck scrapped its plans to develop a Covid-19 vaccine after trials yielded disappointing results, pulling a major player out of the coronavirus vaccine race and sending its shares down 0.8%. This came after AstraZeneca warned on Friday that its vaccine deliveries to the European Union would [...]

Daily Market Report | Jan. 22, 2021 Stocks Drop, on Track to End Strong Week on Muted Note – Wall Street Journal, 1/22/2021 U.S. stocks declined Friday, signaling a muted end to a strong week on Wall Street as investors awaited data on how the economy performed at the start of 2021. Markets appeared to be pausing after rallying for much of January, with money managers saying there was no clear catalyst for the decline. Investors have been cheered in recent days by a solid start to earnings season, though some are concerned that high valuations [...]

Daily Market Report | Jan. 21, 2021 Stocks Waver After Jobless Claims Data – Wall Street Journal, 1/21/2021 U.S. stocks wobbled Thursday after jobless claims data remained high, indicating the labor market was struggling to recover amid the coronavirus pandemic. All three major indexes notched new all-time-highs Wednesday, but investor enthusiasm seemed to slow after fresh data showed Thursday that 900,000 Americans filed first-time claims for unemployment benefits for the week ended Jan. 16, as companies continued to lay off workers amid a surge in Covid-19 cases. Meanwhile, the U.S. reported 4,200 deaths for Wednesday, the [...]