As has been the trend so far this year, this week was another for the history books as Trump faces impeachment for the second time – he is the first US President to be charged twice. With Biden’s inauguration only days away, we also got the first glimpse into his nearly-$2 trillion stimulus plan proposal, which, paired with more disappointing jobless claims data sent markets down.
Here are a couple other market events that were overshadowed by the political turmoil.
Earnings started to roll in
BlackRock was among one of the larger companies to post its results (by time of writing) this week, kicking off another earnings season that continues with Big Banks today. Posting their Q4 earnings before Thursday’s open, the company reported a record $8.68 trillion in assets under management, with revenue climbing 13% YoY, but weaker guidance for 2021 sent shares falling almost 5% in Thursday’s session.
Stockpiling is down, sending oil back up
Oil futures hit a 10-month high after positive crude inventories data was published this week. Where the expectation was for a decline of 2.7 million barrels last week, the reported figure was more than twice as much at -5.8 million, also marking the third consecutive week of better-than-expected data. While demand isn’t anywhere near pre-pandemic levels, oil prices were also aided by Saudi Arabia agreeing to cut production even further.
The oil superpower has committed to cutting one million barrels a day in February and March.
Movers & shakers
🔺 Beyond Meat (BYND) was up 13.66% by market close Thursday after announcing a partnership with Yum! Brands subsidiary, Taco Bell. Get the full story via Markets Insider
🔻 Twitter (TWTR) fell 7% Monday, the first trading day after Trump’s ban from the platform was announced. Read more on that on The BBC