With Yesterday’s Strong Finish Carried Overnight, U.S. Benchmarks Are Now Staring Down Record Highs

January 20, 2021 09:39 AM
Equity Index futures

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Tuesday's Close

E-mini S&P 500 Futures (March): Settled at 3790.50, up 28.25

E-mini Nasdaq-100 Futures (March): Settled at 12,985, up 183.25

Yesterday’s strong finish carried overnight, and U.S. benchmarks are now staring down record highs. After fending off a consolidatory wave of selling, better earnings and tailwinds from fiscal hopes are paving the way for the next leg higher. Amid a stable picture across the Financial sector and leadership from, get this, Energy, a blowout earnings report from Netflix reminded everyone that Big Tech isn't passing the baton just yet. 

Semiconductors have been quietly marching higher, but FAANG has certainly taken a breather. Netflix was up 13% ahead of the bell, crushing subscriber growth estimates and improving operating margins after raising costs. Outside of Apple’s failed high on December 29th, the space has underperformed, and Netflix looks to be the first one to set a fresh record since.

Risk-assets found solace in Janet Yellen’s Senate confirmation yesterday where she pushed Congress to “act big”, emphasizing the need for new and large fiscal measures. Today, Joe Biden will be sworn in as the 46th President and his inaugural address will certainly have an impact on the tape today. The ceremony is set to begin at 11:00 a.m. CT.

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