Why The Stock Market Down Today 今日股市为什么下跌

US stock indexes follow through with last nights stock index futures downtrend this morning. The obvious reason for the downturn is investors sell on Biden's stimulus plan news since stock market has already reflected the good news during the recent rise. Investors also worry about interest rate rise and tax hike in the future. Goldman Sachs points out that congress may only pass $1.1 trillion of Biden's $1.9 trillion plan does not help. Other bad news for the morning are: Pfizer confirmed it will temporarily reduce vaccine deliveries to Europe; US December retail sales is down and has been down 3 months in a row; bank earnings are mixed and stocks are down. Worries over riots during the long weekend and next week's presidential inauguration also drag down stocks. Even though the market is bias to the downside,  however, today's monthly options expiration with huge call options may affect market direction.

Today's market news:

1. "President-elect Biden has released the details of his COVID-relief plan, which the transition team estimates to cost $1.9 trillion (8.6% of GDP).We do not expect all of the elements of the proposal to pass, but we are increasing our assumption of additional near-term fiscal measures from $750bn (3.4% of GDP) to $1.1 trillion (5% of GDP). We expect to make modest further upward revisions to our forecast in light of these revised assumptions." ---Goldman Sachs

2. U.S. pharmaceutical company Pfizer confirmed Friday it will temporarily reduce deliveries to Europe of its COVID-19 vaccine while it upgrades production capacity to 2 billion doses per year.Line Fedders said that to meet the new 2 billion dose target, Pfizer is upscaling production at its plant in Puurs, Belgium, which “presupposes adaptation of facilities and processes at the factory which requires new quality tests and approvals from the authorities.” ---ZeroHedge

3. U.S. retail sales declined further in December as renewed measures to slow the spread of COVID-19 undercut spending at restaurants and reduced traffic to shopping malls, the latest sign the economy lost considerable speed at the end of 2020. Retail sales dropped 0.7% last month, the Commerce Department said on Friday. Data for November was revised down to show sales declining 1.4% instead of 1.1% as previously reported. Economists polled by Reuters had forecast retail sales unchanged in December. ---Reuters

4.JPMorgan posted quarterly numbers that analysts said was impressive across the board. Investment banking and equity markets were particularly strong.Wells Fargo missed on the top line and net interest margin was light, combined with weak guidance. Butprofit topped forecasts. Citi stumbled, with FICC (fixed income, commodities and currencies) sales and trading revenue falling short of the Street estimate.---SeekingAlpha

今早美国股指紧随昨晚股指期货的下跌趋势而下跌。股市下滑的明显原因是投资者因拜登的刺激计划消息发布后而抛售股票，因为股市近期的上涨已经反映好消息。投资者还担心未来里息的上升和加税。另外高盛指出，国会可能只通过拜登的1.9万亿美元计划中的1.1万亿美元对股市也泼了冷水。上午的其他坏消息是：辉瑞确认将暂时减少向欧洲的疫苗运送；美国12月零售销售下降，已经是连续3个月下降；银行财报好坏参半，股票下跌。在对长周末以及下周总统就职典礼上对骚乱的担忧也拖累了股市。尽管今天市场偏跌，不过今天的月度期权到期及大量看涨期权或会影响市场方向。

今日市场新闻：

1.  “总统当选人拜登已经发布了他的COVID救助计划，过渡小组估计将耗资1.9万亿$（占GDP的8.6％）。我们不指望所有该提案的细节会被通过 ，但我们正在加大我们对近期的额外财政措施的假设从7500亿美元（占GDP的3.4％）增加到1.1万亿美元（占GDP的5％）。根据这些修改后的假设，我们希望对我们的预测进行适度的进一步上调。”---高盛 

2. 美国制药公司辉瑞制药周五确认，它将暂时减少其向欧洲交付的COVID-19疫苗，同时将生产能力提高到每年20亿剂。菲德斯公司表示，为了达到新的20亿剂剂量目标，辉瑞公司正在扩大其位于比利时普尔的工厂新产品的产量。前提是工厂必须对设施和工艺进行调整，这需要新的质量测试并获得有关当局的批准 ---ZeroHedge 

3. 美国零售销售在12月进一步下降，这是由于采取了新的措施来减缓COVID-19的传播的原因，从而削减了饭店的支出并减少了购物中心的客流量，这是最新的迹象表明经济在2020年底失去了可观的增长速度。商务部周五表示，上个月零售销售下降了0.7％ 。十一月份的数据被向下修正，以显示销售下降了1.4％，而不是以前报告的1.1％。路透社调查的经济学家此前预计，12月份零售额将保持不变。 ---路透社

4.  摩根大通(JPM)发布季度数字，分析师称所有数字令人印象深刻。投资银行业务和股票市场表现特别强劲，富国银行（WFC）营业额小于预期，盈利则超预期，但前景指引不佳。花旗银行(C)股票下跌，FICC（固定收益，大宗商品和货币）的销售和交易都收入低于华尔街的估计。---SeekingAlpha