U.S. Indices Falter Fearing More Political Abuse Until Presidential Transition

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The New York Stock Exchange started the week on profit-taking after its record highs on Friday, as the House of Representatives launched impeachment hearings against outgoing President Donald Trump, accused of urging his supporters to join Congress last week in Washington. The accelerated evolution of the coronavirus pandemic is also being watched by markets as the vaccine program advances more slowly than anticipated.

At the close, the Dow Jones index dropped 0.29 percent to 31,008 points, while the large S&P 500 index fell 0.66 percent to 3,799 points, and the technology-rich and biotech-rich Nasdaq Composite index fell 1.25 percent to 13,036 points. The U.S. stocks opened on a strong note in 2021 last week, with gains of 1.6% for the Dow Jones, 1.8% for the S&P 500, and 2.4% for the Nasdaq.

Real estate (-1.6 percent), which suffers from an increase in prices, and telecom services (-1.7 percent), were among the sectors weighing on the stock market on Monday under the weight of Twitter, which lost 6.4 percent in the wake of turmoil following the social network’s decision to indefinitely suspend Donald Trump’s account. Facebook has lost 4%, but Snap (the parent company of Snapchat) added 3.1%. After the publication of promising clinical trial findings for its treatment of Alzheimer’s disease, Eli Lilly’s stock soared 11.7 percent.

Also, the markets, which ignored the Capitol Hill protests last week, are closely monitoring the political aftermath of the violent events that left five people dead and affected the United States even more.

Donald Trump, who had called on his followers to rally on Capitol Hill, ended up acknowledging his presidential defeat half-heartedly, saying he would not attend Joe Biden’s January 20 swearing-in ceremony.

The FBI is worried about the possibility of violent demonstrations prior to 20 January, according to sources cited by ‘Reuters’. Faced with the prospect of unrest associated with the actions of supporters of Donald Trump, the US National Guard was allowed to send up to 15,000 members to Washington to help maintain law enforcement during the Democratic President- elect’s inaugural ceremony and visitors would be barred from the Washington Monument.

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