President Elect Joe Biden and Vice President Elect Kamala Harris will be sworn in at the capital at approx. 12pm est today, Wednesday, January 20, 2021. It has been reported that they will be sworn in at Capitol Hill outside to a small audience of 2,000 invited only guests (socially distancing) because of Covid-19 protocols.
President Donald Trump has already vacated the White House earlier this morning at 8am est, Wednesday, January 20, 2021. Making a smooth transition for the incoming President (Joe Biden) to occupy the “People’s House”, the historic White House. -SB
1) The cryptocurrency Bitcoin plummets the most since March as a stronger dollar and investor nerves strip off nearly $140 billion in the cryptocurrency market cap, renewing fears that Bitcoin may be a bubble waiting to burst. But Bitcoin is still up roughly 89% over the past month. Other cryptocurrency coins, such as XRP and Litecoin, have shed about 18% each. Bitcoin hit a record high last week above $41,000, driven by the combination a weaker dollar, economic optimism, and a wave of bullish sentiment toward cryptocurrencies as big-name investors and investment banks touted a potential for huge gains this year, with the stronger dollar and higher bond yields triggering a plunge in Bitcoin and gold prices.
2) Trump has been permanently barred from the platform Twitter, resulting in$5 billion dollars in losses in market value, with Twitter stock dropping after the barring of the President. Twitter stated they permanently suspended the account due to the risk of further incitement of violence. Trump, who had about 88 million followers, generated enormous publicity for the platform with his controversial and incendiary tweets over the past six years. As a result, Twitter’s stock fell as much as 12% on Monday thus the decline of $5 billion dollars from Twitter’s market capitalization. Investors are worried that the Trump ban will erode interest in the platform and lead to boycotts among those who see the decision as politically motivated and a way to silence a major conservative voice.
3) Fears are growing that a bigger stimulus may be seen as the ‘peak of this bubble’ resulting in a market correction or worst. Some think that with the Democrats set to take control of both the House and Senate, perhaps President-elect Joe Biden will be less likely to spook markets with tax ambitions. Biden has promised $2,000 stimulus checks if the Senate turned blue, so now the question is what will happen? For millions of Americans, it’s been a painful waiting game already, they having subsisted with minimum money since losing their jobs from the pandemic. Joe Biden made the promise that if Jon Ossoff and Raphael Warnock turned the senate blue that would end the block in Washington and allow the $2,000 stimulus checks to immediately go out the door to people who are in real trouble.
4) Stock market closings for – 11 JAN 21:
Dow 31,008.69 down by 89.28 Nasdaq 13,036.43 down by 165.54 S&P 500 3,799.61 down by 25.07
1) There is a move in congress, lead by Rep. Ayanna Pressley, urging President-elect Joe Biden to cancel up to $50,000 per person in federal student debt. Supporters of the move consider the student debt crisis as a racial and economic justice issue encompasses the kind of bold, high-impact policy that the broad and diverse coalition, which elected Joe Biden and Kamala Harris are expecting them to deliver. The mounting student debt problem has 45 million Americans owing a total of about $1.6 trillion dollars in student loans, with one in 10 loans in delinquency or default. The typical monthly payment is between $200 and $299, with minorities experiencing the most difficulties with student debt.
2) A massive heavy snow storm continues to cross the Northeast as the season’s first major winter storm slowly moves off the East Coast, leaving as much as 4 feet of snow. There has been hundreds of vehicle crashes with some of them being deadly. The storm has left more than 50,000 customers without electricity mainly in Virginia and New York state. The interior of Pennsylvania and New York state took the brunt of the storm, the storm setting a new two-day snowfall record in Binghamton. The previous record was recorded March 2017 with 35.3 inches of snow. Airlines have canceled more than 600 flights because of the snow.
3) President Trump has issued an executive order prohibiting Americans from investing in companies tied to China’s military complex. U.S. investors are bared from buying into 35 Chinese companies the Pentagon has classified as aiding China’s defense, intelligence and security apparatus. The executive order has sparked sell offs of Chinese stocks and bonds, forced index firms to drop companies from marquee benchmarks, and pushed Wall Street to reassess risks from investing in China. There are questions at the state department whether the blacklist should include subsidiaries of the companies, or if affiliates should be included. Asset managers are now reaching out to the Biden transition team to glean how the new administration will interpret the executive order. Starting on January 11, U.S. investors are barred from the purchase or investment in stocks, with investors having until November 2021 to get rid of their Chinese securities.
4) Stock market closings for – 18 DEC 20:
Dow 30,179.05 down by 124.32 Nasdaq 12,755.64 down by 9.11 S&P 500 3,709.41 down by 13.07
1) General Chuck Yeager, died at age 97, was remembered Monday as America’s greatest Pilot in a tweet attributed to his wife, Victoria Scott D’Angelo. After breaking the sound barrier, Yeager continued to break records and returned to combat. He was a double ace with 11.5 aircraft shot down and became an ‘ace in a day’ by shooting down 5 or more aircraft in a single day. After World War II, in 1947, he became the first man to fly faster than the speed of sound by flying the Bell X-1. In 1953 he flew more than 1,600 mph in the Bell X-1A. He also flew combat missions in both the Korean and Vietnam wars. Chuck Yeager had flown 361 different types of aircraft and flew 10,131.6 hours during his career, retiring from the Air Force in 1975.
2) With just 24 days to make a deal, the Brexit negotiators are finding the situation very gloomy for a trade deal, with talks now on a ‘knife’s edge’ again. The British and European teams are struggling to craft a free-trade agreement so the two sides can continue the orderly movement of goods and services across the English Channel. Otherwise, Britain and Europe will enforce new customs duties, tariffs, border checks, and quotas on goods, therefore increasing prices and fully ending the era of the free and frictionless trade. The major obstacle is the European access to fish in British waters, despite the fisheries accounting for just a small fraction of Britain’s gross domestic product. The Europeans are also pressing to maintain a “level playing field,” to keep Britain from undercutting worker protections or granting large state subsidies to British businesses, thus giving the U.K. firms unfair advantages.
3) Oil prices fell from a 9-month high while the dollar strengthened. Consumption in Asia remains robust, while other markets are soft or declining. Crude oil prices now look to be heavily dependent on how quickly Covid-19 vaccines can be rolled out. OPEC+ is facing more potential supply challenges, with Libya continuing to ramp up production while Iran prepares to raise oil exports with expectations that America will ease some sanctions under a Joe Biden presidency.
4) Stock market closings for – 8 DEC 20:
Dow 30,173.88 up by 104.09 Nasdaq 12,582.77 up by 62.83 S&P 500 3,702.25 up by 10.29
1) Denmark has announced it will stop offering new oil and gas licenses in the North Sea and will phase out oil production all together in 2050 as part of the country’s goal to become fossil free. The Social Democrat government reached a deal with a majority in parliament to drop Denmark’s 8th licensing round plus any future exploration plans. Conditions for the oil and gas companies currently operating in Danish waters will remain unchanged until production stops in 2050. The decision will cost the country about $2.1 billion dollars a year. Production for 2020 is 83,000 barrels of oil plus natural gas equivalent of 21,000 barrels. With Denmark being the European Union’s largest oil producer, this decision will resonate around the world.
2) Reports are that a $908 billion dollar stimulus plan has gained the support of top congressional Democrats and several senior senate Republicans, that combines many of the central priorities of congressional leaders of each party, as well as those of President-elect Joe Biden. There is funding for health officials to help with the distribution of the coronavirus vaccine, as well as aid for hospitals, the hungry, and the U.S. Postal Service. The most expensive item in the bipartisan plan is $288 billion in assistance for U.S. businesses, with lawmakers insisting that funding is geared primarily toward assisting small firms, including continuation of the Paycheck Protection Plan. There is also a range of funding for smaller measures aimed at meeting other critical needs facing the country such as schools and education funding, transportation systems, agriculture, housing and rental assistance, the vaccine program, and the U.S. Postal Service.
3) Employment picture is darkening, with the U.S. economy adding in November the fewest workers in six months, hindered by a resurgence in new COVID-19 cases that, together with a lack of more government relief money, threatens the recovery from the pandemic recession. The Labor Department reported the addition of 245,000 jobs in November, much less than the 440,000 expected, and far less than the 610,000 in October. The unemployment rate slipped from 6.9% down to 6.7%, but that was because fewer people were looking for work. With bipartisan consensus, there is hope of the $908 billion dollar aid package passing before Congress breaks for the holidays.
4) Stock market closings for – 4 DEC 20:
Dow 30,218.26 up by 248.74 Nasdaq 12,464.23 up by 87.05 S&P 500 3,699.12 up by 32.40
1) When Joe Biden takes the presidential oath of office next year, he will need to address the question of his son and brother’s business arrangements with entities of foreign governments. A five-page report, with 65 pages of evidence, confirms the connections between the Biden family and the communist Chinese government, as well as the links between Hunter Biden’s business associates and the Russian government. Bidens’ global web of “consulting” and influence-mongering has created some unsavory question about conflicts of interest. Even if every past, present, or future business arrangement by Hunter and Jim Biden is technically legal, which is still an open question, plenty of difficulties can arise from financial pressure to do the bidding of those adversaries. To maintain public trust in his new administration’s diplomacy, the new president must force his son and brother to divest from many aspects of Biden family business.
2) Earlier this year, Australia was among the first countries to call for an official investigation into the coronavirus origins. China responded angrily which accusations that Australia’s highly irresponsible acts could disrupt international cooperation in fighting the pandemic. In recent months, China has imposed trade tariffs on Australia, targeted Australian journalists, and issued angry missives regarding Australia’s dealings with other regional powers. Chinese diplomats have distributed a document to Australian media listing Beijing’s grievances with Australia. These include unfairly blocking Chinese investment, spreading disinformation about China’s coronavirus response, falsely accusing Beijing of hacking, and engaging in incessant wanton interference in Xinjiang, Taiwan and Hong Kong. Yet while there may be legitimate concerns about China in a number of countries, such as the role of telecoms manufacturer Huawei in 5G networks, Australia has become more hawkish than most, but Australia could look foolish if Biden opens up partnerships with China on climate and pandemic management leaving Australia standing alone.
3) As Congress breaks for Thanksgiving, 12 million Americans may lose their jobless benefits on December 26 unless Congress can agree on a new stimulus deal in the next few weeks. More than half of the 21 million people currently collecting unemployment benefits can be effected. If lawmakers head home for Thanksgiving soon, it is even less likely they will reach a deal before they break for the year in December. As they do, millions of Americans could potentially lose their own residences when the nationwide eviction moratorium also expires at the end of the year. Tens of millions more cannot afford enough food to eat. Additionally, long-term unemployment is on the rise with the share of jobless workers out of work for 27 weeks or more, shot up from 19.1% to 32.5% in October, because there are simply not enough jobs being created to support all of the workers running out of aid before the end of 2020.
4) Stock market closings for – 20 NOV 20:
Dow 29,263.48 down by 219.75 Nasdaq 11,854.97 down by 49.74 S&P 500 3,557.54 down by 24.33
1) The pharmaceutical company Moderna Inc. has announced its experimental coronavirus vaccine is 94.5% effective against Covid-19, the second vaccine to hit a key milestone in U.S. testing. The 30,000-subject trial, which is still underway, indicates it is effective at preventing disease that causes symptoms, while also showing signs of being safe. Moderna said it plans to ask federal health authorities to clear the vaccine by early December, and if approved, could go into distribution that month, making it one of the first Covid-19 vaccines to go into distribution in the U.S., where reported coronavirus cases and hospitalizations are surging. Earlier this month two other companies, Pfizer Inc. and BioNTech SE, said their experimental Covid-19 vaccine is more than 90% effective at protecting people from the virus in a large clinical trial.
2) American retail sales rose at a slower-than-expected pace last month, as spending slowed amid steady increases in weekly applications for unemployment benefits as the pandemic continues to accelerate. Retail sales for the month of October rose 0.3% to $553.3 billion, less than the forecasted 0.5% advance. Amazon, the online retail giant, is considered to be nearing its peak retail expansion in selling and delivering hard goods. Their problem is there’s really not much left to sell except maybe automobiles.
3) The spiraling COVID-19 crisis will confront president elect Joe Biden starting on day-one. But so far, there’s no indication he has any real plan and how he will get it done. He has vowed to enact a swift and aggressive national approach to combating COVID-19 with a federal mask mandate and impose similar restrictions at a local level. He wants to expanding testing and contact tracing efforts and use a more evidence-based approach in issuing guidance. But his success will partly hinge on the daunting task of controlling a spiraling pandemic that has constrained the country for nearly a year, and then repairing the economic damage it has wrought.
4) Stock market closings for – 19 NOV 20:
Dow 29,483.23 up by 44.81 Nasdaq 11,904.71 up by 103.11 S&P 500 3,581.87 up by 14.08
Well folks, history has been made again. The Associated Press & other media networks have declared former VP Joe Biden and California US Senator Kamala Harris as the new President Elect and Vice President Elect.
Biden-Harris ticket earned 290 electoral votes, while Trump-Pence ticket earned 214 electoral votes. With a select “swing states” tilting to the Democrats in this presidential election cycle.
It was a very close race with both sides earning praises and criticizing. The 2020 presidential cycle will go down in the history books as one of the most epic presidential races in the history of the United States. Congrats to all parties involved. Congrats to Mr. President Elect Biden and Madam Vice President Elect Harris. -SB
The USA Presidential Elections 2020 is in a dead heat, the stakes could not be higher. Only a few states are now the determining factor in deciding the next U.S. President, for the next 4 years. Both candidates, President Donald Trump and former Vice President Joe Biden need 270 electoral college votes to become the president of the United States.
There have been a pendulum of states going back and forth for each candidate, and a few “swing states” will be the determining factor on who becomes the next president of the United States of America. Stay Tuned-SB