S&P 500, Dow Headed For Lower Open as Big Banks Kick Off Earnings

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Via InquirerUSA Wall Street’s main indexes were set to slip on Friday as incoming President Joe Biden’s $1.9 trillion stimulus plan sparked fears of an increase in taxes, while investors parsed quarterly reports from major U.S. lenders and banks.

Wall Street’s main indexes were set to slip on Friday as incoming President Joe Biden’s $1.9 trillion stimulus plan sparked fears of an increase in taxes, while investors parsed quarterly reports from major U.S. lenders and banks.

“The bank stocks have been running here for a couple of weeks now, so a lot of good news has already been priced in,” said Dennis Dick, a trader at Bright Trading LLC in Las Vegas.Wall Street’s main indexes are set to wrap up the week slightly lower after climbing to record highs recently, driven by growth-sensitive cyclical stocks on bets of a hefty fiscal package and optimism about vaccine distribution.

Meanwhile, data showed a further decline in U.S. retail sales in December. This is the latest sign the economy lost considerable speed at the end of 2020. Exxon Mobil Corp fell 2.7% after a report said the U.S. Securities and Exchange Commission launched an investigation of the oil major. Following a whistleblower’s complaint, the company overvalued a key asset in the prolific Permian shale oil basin.

 

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