Earnings season kicks off today.
Earnings -- 4Q20
October - December, 2020
October - December, 2020
From the daily Yahoo!Finance note:
"The economy is in danger of sliding backwards here if the blue wave fiscal stimulus spending isn't brought forward quickly in the first days of the Biden administration,” MUFG Chief Financial Economist Chris Rupkey said on Friday.
“The Biden administration will be judged by what they do to support the economy in the first two weeks rather than the traditional measure of the first 100 days."
The disappointing jobs report, however, did come with some silver linings including the fact that industries less sensitive to COVID were still growing.
“[If] it weren’t for strong gains in other industries, the employment report would have been even weaker,” Morgan Stanley’s Ellen Zentner said.
“[B]ut those large declines in COVID-sensitive sectors, many of which may be temporary, were offset by quite strong gains elsewhere, with retail, manufacturing, construction, professional & business services, and health care jobs, among others, all growing quite robustly in December.”
Things are looking up.
The idea that the underlying economy is in decent shape jibes bullishly with what’s shaping to be a “fiscal goldilocks” scenario: a divided government that’s capable of pushing through additional emergency fiscal support while being unable to advance tax policy seen as inhibiting growth in the corporate sector.
Indeed, following the results of last Tuesday’s Georgia runoff elections, economists across Wall Street boosted their forecasts for GDP growth in 2021. Some economists have even pulled forward their expectations for tighter Fed policy.
There is much more in the note, some of it heavily laden with unnecessary political rhetoric. If I could find the link I would add but this is in my news feed without a link. I'm sure it's easy to find if one wants.
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