AlphaTALKS Wall Street Breakfast, Jan. 16: What Moved Markets This Week


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Big Picture

Stocks sold off at the end of the week for their first three-day losing streak since October. Banks kicked off earnings season with mixed results and the Financial Select Sector SPDR ETF slid 1.3% Friday. The yield on 10-year Treasuries rallied past 1.1% ahead of President-elect Joe Biden's stimulus announcement late Thursday but retreated Friday after disappointing retail sales. The reflation trade appears to have lost some enthusiasm as cyclicals failed to rally tech.

Winners & Losers

Energy stocks were one winner, with the Energy Select Sector SPDR ETF (NYSEARCA:XLE) gaining more than 7% this week. This even though shares of Exxon Mobil (NYSE:XOM) dropped on reports of allegations the company had overvalued its Permian Basin properties. Still, XOM was up double digits for the week.

Other oil stocks performed even better. Occidental Petroleum (NYSE:OXY) was up 18% this week. HollyFrontier Corp. (NYSE:HFC) added 12% and Marathon Oil (NYSE:MRO) 13%.

Banks sold off yesterday even though some beat earnings. JPMorgan Chase (NYSE:JPM) slumped over 1% despite fourth-quarter earnings and revenue topping expectations. Wells Fargo (NYSE:WFC) shares dropped by 6% after its cost-cutting plan and net interest guidance failed to impress analysts. Citigroup (NYSE:C) was mixed, with earnings beating estimates and revenue coming up short of expectations.

Shares of social media companies fell after Twitter and other platforms banned or suspended President Trump. Twitter (NYSE:TWTR) was the worst-performer, dropping more than 12% for the week. Facebook (NASDAQ:FB) and Snapchat (NYSE:SNAP) declined by 8.6% and 6.5%, respectively.

What Caught Our Eye(s) This Week

About This Podcast

Alpha TALKS Wall Street Breakfast is a weekly roundtable covering what moved markets this week (WMMTW), featuring a panel of Seeking Alpha editors.

Hosted by Nathaniel E. Baker, Senior Editor, Strategic Contributors, and featuring:

  • Bradley Olesen, VP News;
  • Kim Khan, Senior News Editor;
  • Stephen Alpher, Managing Editor News, co-host of Seeking Alpha's Alpha Trader podcast (replaced this week by Jason Aycock, Senior Editor, Media and Telecoms).

AlphaTALKS videos, featuring highlights of this podcast, publish every Friday by close of trading.

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