22Jan2021 Market Close: Market's Generally Down Except NASDAQ Continues In Record Territory.

Written by Gary

The S&P 500 fell 0.3% whilst the Dow Jones Industrial Average shed 0.6%. he Nasdaq Composite was up 0.1% setting a new closing record. Gold up marginally to $1,840, Bitcoin fell to $31,752, and WTI off marginally to $52.48.

The Market in Perspective

Here are the headlines moving the markets.
	Worlds Top Oilfield Services Provider Optimistic About Oil Demand The largest oilfield services provider, Schlumberger (NYSE: SLB), reported on Friday better-than-expected earnings for the fourth quarter and, like its rivals Halliburton and Baker Hughes, expects spending and activity levels to gain momentum this year. Schlumbergers earnings per share (EPS), excluding charges and credits, rose by 37 percent sequentially to $0.22, beating estimates of $0.17 of Refinitiv IBES. Schlumbergers revenue also rose, by 5 percent sequentially, driven by strong activity and solid execution both
	Energy Shares Plunge As Oil Rally Stalls Energy shares were hit hard as the oil rally came to a halt, with new lockdowns reigniting oil demand fearsWith 2021 shaping up to be one of the most important years for the energy sector in modern history, there is no better time to become an Oilprice.com premium member. Sign up today to get breaking news, expert analysis, and trading tips.Friday, January 22nd, 2021Oil posted some losses at the close of the week, with Brent dipping back below $55 per barrel and WTI down below $52. More travel restrictions in Hong Kong, Shanghai, and the UK led
	Oil Tumbles As Chinese COVID Cases Rise Oil prices tumbled more than 2.5 percent early on Friday, dragged down by concerns that oil demand in the worlds top oil importer, China, could falter amid rising COVID-19 cases and expanding lockdowns. As of 9:35 a.m. ET on Friday, WTI Crude prices had slipped below $52 a barrel, and were trading down 2.60 percent at $51.73. The international benchmark, Brent Crude, had fallen below $55, with the price down 2.28 percent at $54.79. Oil prices lost further ground on Friday from the 11-month high they had hit last week, when the Saudi surprise
	Elon Musk To Give $100 Million To Best Carbon Capture Technology Elon Musk will be giving a prize of US$100 million to the best carbon capture technology, the entrepreneur tweeted, adding that he would unveil details on this next week. Am donating $100M towards a prize for best carbon capture technology, Teslas chief executive wrote on Twitter on Thursday. The donation could be part of a prize connected to Xprize Foundation, a non-profit organization that gives prizes to industry-changing technology for a better, safer, and more sustainable world, a person with knowledge of the plan told
	U.S. Rig Count Increases As Oil Rally Takes A Breather Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 to 378. The oil and gas rig count has risen for nine weeks in a row for a total gain of 68. The oil rig count increased by 2 this week, while the number of gas rigs increased by 3. The number of miscellaneous rigs was unchanged. Total oil and gas rigs in the United States are now 416 less than this time last year as we reach the one year mark since the coronavirus madness took hold. The EIAs estimate for oil production in the United States
	Alberta’s Premier: Killing KeystoneXL Is Gut Punch To Canadian Economy The Premier of Alberta has called on the Canadian federal government to retaliate against the incoming U.S. administration after President Joe Biden said he would suspend the Keystone XL project. This is a gut punch to the Alberta and Canadian economies, Jason Kenney told a news conference, as quoted by Bloomberg. Its an insult. Earlier this week, when reports surfaced about the new administrations plan to kill the controversial pipeline projects as a first order of business, Kenney said in a statement
	TGI Fridays CEO says ending the tipped minimum wage would result in higher prices, fewer hours for waitstaff TGI Fridays CEO Ray Blanchette is opposed to President Joe Biden’s proposal to end the tipped minimum wage.
	United Airlines CEO wants to make Covid vaccines mandatory for the company’s employees United Airlines CEO wants to make Covid vaccines mandatory for the company’s employees, a stance that differs from other airlines and sectors.
	Boris Johnson says some evidence new Covid variant in the UK may be more deadly There is “some evidence” a new Covid variant first identified in the U.K. could be more deadly than the original strain, British Prime Minister Boris Johnson said Friday.
	‘Many people are suffering’: Business leaders must prioritize workers’ mental health in Covid lockdown, CEO says Workers have reported worsening mental health during the coronavirus pandemic, according to an Adecco-commissioned survey of 8,000 office-based staff.
	UK health experts have advice for the U.S. on fighting the new Covid strain The variant, known as B.1.1.7., has an unusually high number of mutations and is associated with more efficient and rapid transmission.
	Streaming services help keep some blockbusters locked on the movie calendar A number of Hollywood blockbusters have been delayed until later in the year. The few films that remain in February and March are tied to streaming releases.
	New York state is running 1,000 genome tests per week to look for new Covid variants New York state is running about 1,000 genome tests per week to look for new, more infectious Covid variants, the state’s chief physician Howard Zucker said at a press conference Friday.
	CDC quietly changes Covid vaccine guidance to OK mixing Pfizer and Moderna shots in ‘exceptional situations’ The CDC says the two products are not interchangeable, but it added in updated guidance posted Thursday that it’s OK to mix the shots in rare circumstances.
	Pfizer to supply up to 40 million doses of Covid vaccine to Covax global immunization program The Covax program aims to provide 2 billion doses of Covid-19 vaccines to participating countries, including poorer nations, by the end of this year.
	Stocks making the biggest moves midday: Ford, IBM, Intel, Seagate and more These are the stocks posting the largest moves in midday trading.
	Hank Aaron, legendary baseball slugger, dies at age 86 Aaron, considered one of the greatest players of all time, broke Babe Ruth’s home run record in 1974
	A German city is hoping to repurpose an old coal plant to start producing green hydrogen This week also saw two other European projects focused on green hydrogen production take shape.
	Watch live: Pfizer CEO joins World Health Organization at press conference on the coronavirus outbreak Earlier this week, the WHO’s Director-GeneralÂ TedrosÂ Adhanom Ghebreyesus warned that the world is on the brink of a “catastrophic moral failure.”
	Biden’s Big Week Buoys Big-Tech & Bullion, Batters Bitcoin & Black Gold Biden’s Big Week Buoys Big-Tech & Bullion, Batters Bitcoin & Black Gold A mixed bag this holiday-shortened week. Biden’s big week saw big-tech stocks soar as bitcoin was battered, gold gained along with bonds, oil slipped lower along with the dollar, and growth/value stocks defended a crucial line in the sand as COVID cases, hospitalizations and deaths improved dramatically. That’s the ticket! Nasdaq was the week’s biggest gainer (its best week since the election)…NOTE the utter panic buying of Small Caps into the close today!!!
	Texas AG Sues Biden Administration Over Deportation Freeze For Unlawful Migrants Texas AG Sues Biden Administration Over Deportation Freeze For Unlawful Migrants Texas Attorney General Ken Paxton announced on Friday that the state is suing the Biden administration for freezing the deportation of illegal immigrants. In a complaint and a motion asking for a temporary restraining order (TRO), Paxton wrote: “In one of its first of dozens of steps that harm Texas and the nation as a whole, the Biden administration directed DHS to violate federal immigration law and breach an agreement to consult and cooperate with Texas on that law. Our state defends the largest section of the southern border in the nation. Failure to properly enforce the law will directly and immediately endanger our citizens and law enforcement personnel, adding: œDHS itself has previously acknowledged that such a freeze on deportations will cause concrete injuries to Texas. I am confident that these unlawful and perilous actions cannot stand. The rule of law and security of our citizens must prevail.”
	Historic Short-Squeeze Sends Gamestop To 8-Year Highs After “Angry Mob” Attacks Short-Seller Historic Short-Squeeze Sends Gamestop To 8-Year Highs After “Angry Mob” Attacks Short-Seller Update (1250ET): An hour later and things have gone just a little bit turbo. After being halted on volatility (twice) literally minutes after we suggested it… Someone should probably halt GME ” zerohedge (@zerohedge) January 22, 2021 … GME was trading up at almost $73, up over 70% on the day… Â Â *Â Update (1155ET): Gamestop is screaming higher again today, breaking $50 for the first time since 2013…
	Investing Legend Sees “Spectacular” Crash In “The Next Few Months” Investing Legend Sees “Spectacular” Crash In “The Next Few Months” Two weeks ago, investing icon Jeremy Grantham turned apocalyptic and warned that the “Bursting Of This “Great, Epic Bubble” Will Be “Most Important Investing Event Of Your Lives.” Since then the market has generally continued to melt up, yet Grantham’s conviction that all this will end in tears has only grown, and in an interview with Bloomberg today, the co-founder of GMO who correctly called the last two crashes, now predicts that Joe Biden’s economic-recovery plan will propel stocks to perilous new heights, followed by an inevitable crash. œWe will have a few weeks of extra money and a few weeks of putting your last, desperate chips into the game, and then an even more spectacular bust, the value-investing legend said in a Bloomberg œFront Row interview. œWhen you have reached this level of obvious super-enthusiasm, the bubble has always, without exception, broken in the next few months, not a few years. Amid market euphoria the likes of which have – literally – never been seen before as the following chart from Citi shows…
	Cladding crisis: ‘Delays could bankrupt us’ Campaigners say a government fund to pay for the removal of dangerous cladding is woefully inadequate.
	Body defends action on Covid workplace safety complaints The Health and Safety Executive denies being “naÃ¯ve” about breaches of safety rules.
	Brexit: Retailers warn they could burn goods stuck in EU UK retailers may abandon goods EU customers want to return because it is cheaper than bringing them home.
	Reliance Jio does most of the heavy lifting as retail biz struggles: RIL Q3 takeaways The company’s energy business was the worst affected by the Covid-19 pandemic given that the demand for transportation fuel sank due to international travel ban and most people choosing to stay at home.
	Should you go long or short on Nifty over next 30 days? Balance is tilting towards the conviction that the market is more likely to fall in the next one month, but in the long run the bulls are more likely to thrive as far as Indian stock markets are concerned.
	India in the middle of a virtuous economic cycle: Sundaram AMC’s Sunil Subramaniam He believes that India is delicious poised supported by low-interest rates and low inflation.
	15 January 2021 ECRI’s WLI Growth Rate Continues To Improve Written by Steven Hansen ECRI’s WLI Growth Index which forecasts economic growth six months forward improved and continues well into expansion. ECRI also released their coincident index this week.
	December 2020 Headline Existing Home Sales: Year Totals Most Since The Great Recession Written by Steven Hansen The headline existing home sales improved relative to last month with the NAR stating ” this momentum is likely to carry into the new year, with more buyers expected to enter the market”.
	NBCUniversal to shut down sports channel NBCSN by the end of the year A portion of its sports programming like the NHL, Nascar and English Premier League will move to USA Network and the company’s streaming platform Peacock.
	Paid to stay at home: U.K. reportedly may pay £500 to those with COVID-19 to self-isolate The plan has been floated after a government poll showed that just 17% of those with symptoms are coming forward to be tested, over fears a positive result will jeopardize jobs and financial situations, the Guardian reported, citing a leaked policy document.
	Capitol Report: “We need to act,” Biden says as he signs new executive orders and presses Congress for more aid President Joe Biden on Friday signed a pair of executive orders he said would help struggling Americans now, as he pressed lawmakers to back a much bigger stimulus package.