US stocks are lower on the last full trading of the year as profit-taking and quadruple witching trigger volatility. Adding to the selling pressure was Commerce Secretary Wilbur Ross confirmation that the US will blacklist Semiconductor Manufacturing International Corp and dozens of other Chinese firms.
Risk appetite over the past few days has been fueled on optimism Congress would finally deliver a coronavirus relief bill. Some investors that bought the rumor and don’t have the patience to wait for the actual bill to get finalized, are closing out of positions. Labor market weakness makes this COVID relief bill appear very certain despite a new red line that looks to restrict the Fed’s ability to revive expiring lending programs.
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Ed Moya
His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.
Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.
Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.
Ed holds a BA in Economics from Rutgers University.
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