The S&P 500 stayed close to the all-time highs set on Monday, despite the second impeachment trial of former President Donald Trump commencing today.
Senate members began the second impeachment trial of Trump, with many Republicans highly unlikely to press forward with a conviction for the ex-President.
If this remains the case, the vote of Democrats alone will not be enough to seal victory, as they would need the support of some 16 GOP Senators to convict.
Many believe Democrats want to secure a conviction to prevent Trump from being able to run in 2024, however some Republicans seeking the support of Trump may abstain from the vote.
The S&P 500 ended the day down 0.11%
U.S. Job openings on the rise, as Biden set to meet big business
Some positive economic news from the U.S., as data released by the U.S. Labor Department today, showed that job openings were on the rise at the end of 2020.
The Job Openings and Labor Turnover Survey, which is also known as the JOLTS report, rose to 6.65 million in December from 6.572 million in the previous month.
News that job openings ultimately rose to 4.5% in December from 4.4% in November, comes as President Biden and Janet Yellen meet business leaders to discuss the stimulus package.
The meeting which is scheduled for later today will see the likes of JPMorgan’s Jamie Dimon, along with the CEO’s of Walmart, Gap as well as Tom Donohue of the U.S. Chamber of Commerce.
Biden/Yellen hope that the $1.9 trillion stimulus deal could help bring the U.S. workforce back to pre-pandemic levels.
GameStop stock falls below $50
In other news, GameStop’s share price fell by close to 20% on Tuesday as the now cult stock seems to have been deflated.
The stock of the company which rose by over 400% in mid-January, saw its price tumble by 80% last week, recording its worst weekly performance in history.
Many early entrants in the boom seem to have cashed out, with prices now edging closer to pre-WallStreetBets numbers.
As of writing $GME was trading at $48.58, a few weeks after hitting an all-time high of $483 a share.
Quote of the day – “Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.”Yvan Byeajee
To stay up to date with the markets we encourage traders to view our Trade Gate Hub for more real time insights into Crude, Gold and many other markets.
Senior Market Analyst