U.S. equity markets were mixed Friday morning after details of President-elect Joe Biden’s proposed $1.9 trillion COVID-19 relief package underwhelmed investors and the big banks kicked off earnings season.
The Dow Jones Industrial Average was trading lower by 181 points, or 0.59%, while the S&P 500 was weaker by 0.25% and the Nasdaq Composite was up 0.17%.
Biden’s proposed package includes a $1,400 check to individuals and provides a temporary boost in unemployment benefits while also providing funding for the distribution of COVID-19 vaccines, among other things.
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Looking at stocks, Walmart in focus after announcing the head of its e-commerce unit Marc Lore will be stepping down at the end of the month. Lore, who founded Jet.com before joining the retailer, has been the point person in developing strategies to compete against Amazon.
Three major banks are out with results, JPMorgan Chase & Co. reported quarterly profit rose 42% year over year, bolstered by investment banking and trading, which offset the headwind of low-interest rates.
Wells Fargo & Co. posted a surprise profit, but missed on revenue. The San Francisco-based lender's board of directors approved a 500 million-share increase to its buyback program.
Citigroup Inc. also beat on the top line but fell short on revenue.
Elsewhere, security software provider BlackBerry Ltd. shares were sharply higher for a second straight session after Canada’s The Globe & Mail reported the company sold 90 patents to Chinese tech giant Huawei.
Shares of online resale marketplace Poshmark Inc. remained in focus a day after soaring 142% in their New York Stock Exchange debut. Read more at FOX Business