Stock Market Live Updates Wednesday: Impeachment Weighs on Market

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Latest Updates:

  • The Affirm IPO Launches to Fintech Fanfare
  • Major Indices Get Mixed Start to Trading
  • 3 Big Stories to Watch
  • Stock Market Futures Point to Negative Open

  • The Affirm IPO Launches to Fintech Fanfare

    [Wednesday, January 13, 9:45 am]
    Contributed by Sarah Smith

    Is today the start of big stock market debuts in 2021? With fintech darling Affirm (NASDAQ:AFRM) launching on the Nasdaq Exchange, it very well could. For those unfamiliar, Affirm is all about the world of modern payment installments. Unwilling or unable to drop $100 in one sitting of online shopping? What about four interest-free payments of $25? Right now, retailers are betting that Affirm can energize shoppers and help push brands through Covid-19. And importantly for investors, data so far suggests that Affirm and its buy now, pay later peers are working.

    So what should you do here? As InvestorPlace contributor Robert Lakin wrote this morning, there are two reasons AFRM stock should be on your radar here. The first is that it is a bellwether for fintech IPOs in the rest of 2021. The second is that Lakin thinks it has serious potential to disrupt retail and finance as we know it.

    For more, read the brief on the Affirm IPO here.

    Major Indices Get Mixed Start to Trading

    [Wednesday, January 13, 9:31 am]
    Contributed by Sarah Smith

    • The S&P 500 opened lower by 0.01%
    • The Dow Jones Industrial Average opened lower by 0.05%
    • The Nasdaq Composite opened higher by 0.17%
    • The Russell 2000 opened higher by 1.77%

    3 Big Stories to Watch

    [Wednesday, January 13, 9:22 am]
    Contributed by Sarah Smith

  1. Impeachment. The House of Representatives is moving to impeach President Donald Trump for the second time, scheduling a vote for later today. While it is unclear if the impeachment move has requisite support from House Republicans and the Senate, the vote is consequential. If Trump is convicted in the Senate, he would be unable to hold public office ever again. What does this all mean for investors? It seems like the amount of uncertainty and chaos in Washington continues to weigh on the stock market. However, with the upcoming inauguration of President-elect Joe Biden, a rush of interest in so-called Biden stocks could power things up in just a few days.
  2. Consumer prices. On Wednesday morning, the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in December, after rising 0.2% in November. Additionally, for the 12-month period ending in November, the index rose 1.4%. This closely aligns with economist estimates for 0.4% and 1.3% over the 12-month period. And importantly, there are two things to note here. The first is that increases in gasoline prices are largely responsible for the month-over-month growth. The second is that underlying inflation remains “tame.” This comes as crypto bulls have bid bitcoin (CCC:BTC) up to record highs over fears of post-pandemic inflation.
  3. Initial public offerings. This is a busy week for initial public offerings. Fintech Affirm (NASDAQ:AFRM) kicks trading off today, while names like Petco, Poshmark, Playtika and Driven Brands start trading tomorrow and Friday.

Stock Market Futures Point to Negative Open

[Wednesday, January 13, 8:33 am]
Contributed by Sarah Smith

  • S&P 500 futures are down 0.33%
  • Dow Jones Industrial Average futures are down 0.2%
  • Nasdaq Composite futures are down 0.39%
  • Russell 2000 futures are down 0.38%
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