US markets settle lower on Friday

30 Jan 2021 Evaluate

The US markets settled lower on Friday with cut of around 2 percent each as heightened speculative trading by retail investors continued to unnerve the market. Traders kept a close eye on heavily shorted stocks like GameStop (GME) and AMC Entertainment (AMC). GameStop and AMC Entertainment moved sharply higher after Robinhood eased restrictions on certain stocks that have skyrocketed in recent trading. Investors are concerned that if GameStop continues to rise in such a volatile fashion, it may ripple through the financial markets, causing losses at brokers like Robinhood and forcing hedge funds who bet against the stock to sell other securities to raise cash. Negative sentiment was also generated in reaction to news that Johnson & Johnson's (JNJ) one-dose coronavirus vaccine appears to be less potent against variants. J&J said the vaccine demonstrated 72 percent effectiveness in the US compared to 66 percent in Latin America and 57 percent in South Africa.

On the economic data front, the Commerce Department released a report showing a much bigger than expected increase in US personal income in the month of December, although the report also showed a modest decrease in personal spending. The report said personal income climbed by 0.6 percent in December after tumbling by a downwardly revised 1.3 percent in November. Street had expected personal income to inch up by 0.1 percent compared to the 1.1 percent slump originally reported for the previous month. Meanwhile, the Commerce Department said personal spending dipped by 0.2 percent in December after falling by a downwardly revised 0.7 percent in November. Street had expected spending to decrease by 0.4 percent, matching the drop originally reported for the previous month. The University of Michigan also released a report showing consumer sentiment deteriorated by slightly more than initially estimated in the month of January. The report said the consumer sentiment index for January was downwardly revised to 79.0 from the preliminary reading of 79.2. Street had expected the consumer sentiment index to be unrevised from the preliminary reading, which was still down from 80.7 in December.

Dow Jones Industrial Average declined 620.74 points or 2.03 percent to 29,982.62, Nasdaq fell 266.46 points or 2.00 percent to 13,070.70 and S&P 500 was down by 73.14 points or 1.93 percent to 3,714.24.

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