After closing at record highs last week, stocks are falling for the second day in a row as corporate earnings—which lifted the market to new highs during the pandemic—start to show signs of weakness, all while speculative pockets of investor mania continue to rage on.
Shortly after the open, the Dow Jones Industrial Average fell 147 points, or 0.4%, while the S&P 500 also slipped 0.4%, and the tech-heavy Nasdaq, which underperformed Monday, shed 0.3%.
Far outperforming any other stock in the S&P, shares of railroad company Kansas City Southern are soaring 15% after Canada National proposed to acquire the company in a $33.7 billion deal—topping Canadian Pacific’s $25 billion bid from last month and setting the stage for a potential bidding war.
Heading up the S&P’s losses, Marlboro parent Altria Group’s stock is slumping 6% after reports that Joe Biden’s administration (which has not commented on the matter) is considering a reduction in the amount of nicotine allowed in tobacco products.
On the earnings front, shares of IBM are climbing 2.5% after the software giant surpassed first-quarter expectations with revenue of $5.4 billion—bolstered by ongoing growth in its enterprise cloud business—and adjusted earnings of $2.2 billion.
Meanwhile, medical device company Abbott, which makes Covid-19 test kits, reported worse-than-expected revenue of $10.5 billion Tuesday morning as Covid-related sales fell nearly 10% quarter to quarter, sending shares down about 3%.
Reflecting ongoing uncertainty over the economic recovery, epicenter stocks—or those belonging to companies hard-hit by the pandemic—are also driving losses Tuesday, with chemicals firms Dupont De Nemours, cruise-liner Carnival Corp. and Delta Air Lines all falling about 2%.
“The reopening news is directionally positive, but the big problem is that many epicenter stocks have already seen their enterprise values return to pre-Covid levels, while some are well beyond where they stood in 2019,” Vital Knowledge Media Founder Adam Crisafulli said in a Tuesday morning note.
In a break from tradition, the Bank of Japan revealed Tuesday that it opted out of buying exchange-traded funds despite weakness in Japanese stocks. Crisafulli says the move is “perhaps the most important piece of news today” because it signals the central bank is dialing back its economic support—at a time when central banks around the world, including the Federal Reserve, have revved up their accommodative policy to help the economy and usher in new stock-market highs. Japan’s Nikkei 225, the nation’s benchmark index, fell 2% Tuesday and is now down 4.5% from a February high.
Boosted by massive fiscal stimulus, an accelerating vaccine rollout and falling unemployment, stocks have had a strong start to the year, with the S&P pulling off 23 new all-time highs in 2021, according to LPL Financial Chief Market Strategist Ryan Detrick. “Many of our favorite sentiment gauges are becoming extremely bullish, which could be a near-term contrarian warning,” Detrick says of indicators like sentiment, at a three-year high, and low cash allocations from portfolio managers increasingly piling into stocks.
The price of dogecoin is soaring Tuesday, climbing back near record territory from last week, as retail traders around the world stage a rally around cannabis holiday 4/20. The cryptocurrency, modeled after a meme and originally developed as a joke, has climbed eight-fold over the past month, nabbing a staggering $49 billion market capitalization.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at firstname.lastname@example.org.
Gold and silver both had a strong performance in 2020, with the gold price in US dollars rising 25.12% during the year, and the silver price in US dollars rising an impressive 47.82%. These returns are based on opening prices of gold and silver on 1 January 2020 of $1517.3 and $17.86, respectively, and closing prices on 31 December 2020, of $1898.50 and $26.40, respectively.
Gold’s Continued Bull Run
With a 25.12% return in 2020, gold continues the strong run it recorded in 2019 when the gold price rose by over 18%. US dollar gold in 2020 also had its best year since 2010, a year in which it rose by 29.5%.
The 2020 low for the US dollar gold price was seen in the last week of March when the price dipped briefly below $1500 on the back of stress in the London gold market and the widening of spreads between the London spot price and COMEX futures prices. The 2020 high for the US gold price during the year was reached on 7 August, when the price touched US$ 2067.60 per troy ounce, after climbing consistently from the last week of March. A lot of that surge was during a two-month period from early June to the August high, when the gold price rose by $370 between 7 June and 7 August.
US dollar gold generally ebbed from that August high until the end of November, when it traded at $1767 on 30 November, before resuming its climb throughout December to end 2020 in the $1898 range.
The gold price also performed strongly in other currencies during 2020, for example, rising by 22.89% in Singapore dollars, 21.35% in British pounds, 22.63% in Canadian dollars, 14.85% in Euro and 13.93% in Aussie dollars.
Turning to silver, the 47.82% rise in US dollar silver price in 2020 also gives silver its best year since 2010, when it rose by 83%. Interestingly, silver also rose by a similar 47% in 2009, so could 2020 be presaging a very strong silver price showing for 2021?
The 2020 low for the US dollar price was also seen in March during the wider market panic, with a low price of $12.17 recorded on 19 March. Like gold, silver also resumed its ascent from that March low and also peaked on the very same day, 7 August at $29.3 per troy ounce. From low to high, that was an incredible 141% move in just over 4 months. Much of that upsurge occurred in three large jumps over late July and early August where the price rose a full $10 over 15 trading days.
Like gold, the US dollar silver price generally ebbed and flowed lower from August to the end of November, hitting a low of $22, also on 30 November. However, again like gold, the US dollars silver price rallied throughout December 2020, adding over $4 to finish the year comfortably above $26.
Although the 2020 platinum price rise was more subdued than that of gold and silver, it still rose a respectable 11.14% during the year from an opening price of $965.5 on 1 January to a closing price on 31 December, at the time of writing, of $1073.10.
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Here is our silver price forecast for 2021! Watch this detailed silver 2021 price prediction to see where the white metal might be headed in the coming year! The major question is: will silver prices go up in 2021? And as per the current outlook for silver prices, 2021 could be looking very promising indeed. So much so that as the silver price prediction would have it, the commodity could reach astounding highs of up to $75 per ounce. Many experts are certain of a tremendous rally in their silver 2021 forecast.
The election results may appear to be good for markets, but coronavirus cases have crossed the 100,000-cases-per-day mark and are taking a major toll on small businesses.In a note from Torsten Sløk of Apollo Global Management, Sløk pointed out that the virus is preventing key behavior that benefits small business — especially people going to restaurants, bars, cafés and more.
“This continues to weigh on employment numbers for small businesses,” he wrote.The small business index plummeted in March, but it has continued a downward trajectory since recovering slightly in the summer as the virus ebbed somewhat and outdoor infrastructure was established in the warmer months.
“Given half of U.S. employment is in businesses with less than 500 workers and given the lower likelihood of additional fiscal support, this is a downside risk to nonfarm payrolls over the coming months, including tomorrow,” Sløk wrote. The Bureau of Labor Statistics will release the October employment report on Friday, Nov. 6.
This matched trends in ADP data that showed continued struggles for small businesses, which here are qualified as those with fewer than 500 workers.Sløk writes that the crisis for these businesses will not be over until the coronavirus crisis is likewise over, and the earliest would be mid-2021.
The reason why this affects small businesses more than large ones, Sløk told Yahoo Finance, is because small businesses don’t really get much financing in corporate bond markets. Large businesses can do so, and the Fed’s activity has supported these markets considerably. Small businesses, on the other hand, mainly get financing from banks — and banks have tightened their credit conditions, making it harder to get loans.
This has created a major divergence between small businesses and their larger counterparts. On the one hand, the corporate bond markets are strong. On the other, lending standards for banks are tight.
The U.S. Chamber of Commerce’s small business index has bounced back from a dismal Q2, it’s still behind confidence levels it had before the pandemic. The Chamber noted that small businesses saw the economy as their top voting issue in the recent election — consistent with many exit polls that said the economy was a greater issue than the coronavirus, even though Sløk and other economists see the two as one in the same. To wit, due to lowered economic and consumer activity due to coronavirus, which has cost over 234,000 lives, 60% of shuttered businesses will never reopen, according to Yelp.
At the same time, the National Federation of Independent Business announced this week that many small businesses were looking to hire but were having trouble finding qualified labor.
This is yet another instance of a so-called K-shaped recovery, where one group recovers much faster than the other. Just this week, Jefferies unveiled a new S&P 500 price target of 3,750 for 2021, showing a fairly bullish outlook for these 500 large American companies — especially given the likely election outcome.
Ethan Wolff-Mann is a writer at Yahoo Finance focusing on consumer issues, personal finance, retail, airlines, and more. Follow him on Twitter @ewolffmann.
Neil Bradley of the U.S. Chamber of Commerce discusses concern about social unrest after the election, small businesses supporting an economy amid the coronavirus pandemic, and why the US Chamber of Commerce doesn’t support presidential candidates. #2020election#coronavirus#ChamberofCommerce Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. About Yahoo Finance Premium: With a subscription to Yahoo Finance Premium, get the tools you need to invest with confidence. Discover new opportunities with expert research and investment ideas backed by technical and fundamental analysis. Optimize your trades with advanced portfolio insights, fundamental analysis, enhanced charting, and more. To learn more about Yahoo Finance Premium please visit: https://yhoo.it/33jXYBp Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz Follow Cashay.com Follow Yahoo Finance Premium on Twitter: https://bit.ly/3hhcnmV