Here are the top news, trends, and analysis investors need to get their trading day started:
1. Stocks set on modest decline
New York Stock Exchange (NYSE) on Wall Street on January 12, 2021 in New York City.
Angela Weiss | AFP | Getty Images
US stock futures fell Wednesday, the day after Wall Street resumed its rally in 2021 with modest gains. The aftermath of last week’s Capitol riot and the urge to indict President Donald Trump have kept market movements under control this week. Rising interest rates in the bond market with a 10-year yield of over 1.1% for government bonds were also a headwind for stocks. However, ahead of Wednesday’s trading, the Dow Jones Industrial Average and S&P 500 were below 1% of their records. The Nasdaq was just over 1% below its record high.
Like-for-like sales rose 17.2% on Wednesday in November and December, according to Target. While online sales remained robust during the pandemic, shoppers also toured Target’s stores, spending more money per purchase than they did in the previous holiday season. Same day roadside pickup from Target increased more than 500%, while Shipt delivery service sales increased more than 300% during the holidays. The target stocks were relatively flat in premarket trading.
2nd house to indict Trump
Liz Cheney, Chair of the Republican Conference of the House, speaks at a press conference on Capitol Hill in Washington on May 8, 2019.
Aaron P. Bernstein | Reuters
Trump is on the verge of being charged a second time. The House set the unprecedented vote for Wednesday, exactly one week after supporters of the outgoing president attacked the U.S. Capitol. While no Republicans in the House voted for Trump’s first impeachment, this time around a small but significant number, including third-tier GOP MP Liz Cheney, said they will.
Senate Majority Leader Mitch McConnell has reportedly told staff that he believes Trump committed criminal acts, although it is unknown whether the Kentucky Republican would vote to oust the president. A Senate conviction would prevent him from becoming president again even after leaving office. It is unclear whether the Senate would attempt to hold Trump’s impeachment proceedings before President-elect Joe Biden’s inauguration next Wednesday.
3rd pence excludes 25th amendment
U.S. Vice President Mike Pence reads final confirmation of the electoral college vote in the November presidential election during a joint congressional session after working through the night at the Washington Capitol on January 7, 2021.
J. Scott Applewhite | Pool | Reuters
The House is pushing its impeachment vote after Vice President Mike Pence ruled out the 25th amendment to remove Trump. The House passed a resolution Tuesday night urging Pence and the cabinet to oust Trump from office over his role in sparking the Capitol attack. In a letter to House Speak Nancy Pelosi, Pence wrote: “I do not believe that such an approach is in the best interests of our nation or in accordance with our constitution.”
Trump spoke publicly on Tuesday for the first time since the siege last week and took no responsibility for the mob violence. He warned that a second impeachment could be dangerous for the country. Later that day at the border wall in Texas, Trump made a vague threat to Biden while insisting that Pence and his cabinet not remove him from office.
4. YouTube blocks Trump account
President Trump masthead ad on YouTube.
YouTube suspended Trump’s account on Tuesday, stating that the president had uploaded content that violated its guidelines, despite no videos being given. The so-called Strike-One on the platform prevents new uploads for at least seven days. “Given the ongoing concern about violence, we will also indefinitely turn off comments on President Trump’s channel,” said YouTube, owned by Alphabet’s Google division. YouTube’s decision to suspend Trump’s account follows the indefinite suspension of the President’s Facebook account and the permanent suspension of his Twitter account.
5. Operation Warp Speed Chef resigns
Dr. Moncef Slaoui speaks with President Donald J. Trump about Operation Warp Speed in the Rose Garden of the White House on Friday November 13, 2020 in Washington, DC.
Jabin Botsford | The Washington Post | Getty Images
Operation Warp Speed’s chief advisor, Dr. Moncef Slaoui, has submitted his resignation at the request of the incoming Biden Covid team. The plan is for him to stay in the role for a month to help with the transition, so two with the situation. Although the initial launch of vaccines was criticized, the speed of their development, which Slaoui oversaw, exceeded expectations as Pfizer and Moderna vaccines were approved by the FDA for emergency use in the United States.
The U.S. will soon require all air passengers to demonstrate that they recently tested negative for Covid-19 before flying into the country, the CDC said Tuesday. The measure, which aims to contain the spread of the disease, comes when new infections break records. The US reported a record 4,327 daily Covid deaths on Tuesday. Starting January 26, arriving American citizens and foreign travelers must test negative for Covid within three days of their flight to the United States
– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC Pro’s live market blog. Find out about the latest pandemics on our coronavirus blog.