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Market News Posted by John Doherty January 13, 2021

Stocks Flat Ahead Of House Impeachment Vote

For the second time in two years, the U.S. House of Representatives has voted to impeach President Donald Trump. Investors appear to be shaking off the bad news for the president in light of more stimulus money rolling out during Biden’s first 100 days in office.

Super Quick Recap

Overnight Globex Session

Overnight, stocks in Asia and Europe traded modestly higher, while U.S. markets slowly drifted lower. All was quiet ahead of the pending impeachment vote in Washington D.C.

Day Session

U.S. stock index markets eventually made their way back above Tuesday’s settlements to close the day with minimal gains. All except for the Russell that is. Small-caps took a minor hit in what appeared to be a slight rotation out of the more economy friendly stocks and into tech stocks. In all, it was a low volume grind sideways for the equities markets.

Wednesday’s Top Headlines

It Was All About Impeachment

Donald Trump is officially the first president in U.S. history to be impeached by the House of Representatives twice. The impeachment article presented by House Democrats called out Trump’s role in the chaos at the Capitol as “inciting insurrection” when a group of his followers stormed the Capitol Building on January 6. 

The onus now lies on the Senate to conduct a trial, which majority leader Mitch McConnell has already stated will not happen before Trump leaves office.

More Stimulus?

Stocks turned a blind eye to impeachment news and instead focused on president-elect Joe Biden’s plan to introduce $2 trillion in new fiscal stimulus spending. Word of the proposal gave 10-year note yields a little boost and sparked a minor selloff in Gold prices during after-hours trading.

Live Q&A With Topstep Founder Michael Patak

On Thursday, January 14 at 3:00 PM CT, Topstep founder, and Chief Visionary Officer, Michael Patak, will host a LIVE Q&A session on YouTube. Michael will be addressing general questions about Topstep, our new brand, and some of his thoughts on what to expect in 2021. You can use this link to set a reminder for the event. See you there!