Stocks drop on the first trading day of 2021 amid concerns about COVID-19 cases and the runoff election in Georgia. The Dow and S&P 500 were on pace for their biggest one-day sell-off since Oct. 28, while the Nasdaq was headed for its worst daily performance since Dec. 9.
- S&P 500: -1.86%
- Nasdaq: -1.84%
- Dow Jones: -1.66%
“If the GOP wins just one seat, they will likely stonewall some of Biden’s more ambitious proposals, but a Democratic sweep of both elections might give the incoming administration free rein on their policy agenda,” wrote Jason Pride, CIO of private wealth at Glenmede.
John Stoltzfus, chief investment strategist at Oppeneheimer, said Monday the S&P 500 could fall by 10% if the Democratic candidates win the Georgia runoffs.
Crude Oil and Natural Gas News
Crude oil prices stumble as OPEC+ meeting adjourns with no answer. Traders were hoping for an answer today, with early trading action bringing crude oil prices close to $50, but prices waned toward to the end of the session as no answers emerged. OPEC+ meets again tomorrow morning. Crude oil prices currently trading around $47.52. Natural gas pries rise 1.75% as cold weather appears to creep into the forecasts. “While the 15-day period as a whole remains solidly warmer than normal, we have chipped away at a good deal of the warmth, and it is important, in our view, to note that the colder changes are focused over the next eight to 10 days,” Bespoke said. “This signals risk that models toward mid-month and beyond could again be too warm.” Natural gas prices currently trading around $2.583
US Energy News:
- SLB/LBRT merger goes through
- US to restrict Chinese owned companies from trading
International Energy News
- OPEC+ meeting update…
- Total enters Egypt
- Iran investing $1.2 billion to increase oil production
- Egypt back in OG game
