Good Afternoon Valued Clients, Friends and Family,
It is only the first week of February 2021 and things are moving quickly. Tech giants are crushing their earnings estimates, the markets are having a 4-day winning streak, and the Biden administration and Democrats have a clear path to passing the largest stimulus package ever. They are unstoppable!
On Tuesday, Amazon (AMZN) and Alphabet Inc. (GOOG) reported their fourth-quarter earnings, and both exceeded their estimates. Amazon ended the last quarter of 2020 with more than $125 billion in sales, their biggest quarter to date. Also, in the news, Amazon founder Jeff Bezos will be stepping down as CEO at the end of the 3rd quarter 2021. He will be replaced by Andy Jassy, a 24-year veteran of Amazon and currently serves as the CEO of Amazon Web Services (AWS). Google reported roughly $56 billion of revenue in the 4th quarter driven by their advertising business. Other good news driving the market, jobless claims fell to a two-month low last week, below 800,000.
This week, 10 GOP Senators met with President Biden at the White House to discuss their $618 billion coronavirus-relief proposal, which is a scaled-down version of the $1.9 trillion that he is seeking. He signaled Wednesday he was not willing to reduce the $1,400 stimulus checks, but he is willing to tighten the eligibility for the checks. Investors are optimistic that an agreement will be reached soon, contributing to this week’s rally.
Tax season is upon us and all your 2020 tax documents are in the process of being generated by Schwab. You will either receive them in the mail in the next few weeks or you can download from www.Schwab.com. Also, if you still need to make your 2020 Retirement contributions (i.e., IRA, SEP, etc.) the cut-off is April 15th. Let us know if we can assist you in any way with these transactions.
Please call Sunni Allen at (888) 253-0288 or email her at Sunni@apriem.com to schedule a ZOOM review or conference call with your Wealth Manager, if you have not already done so. We would love to hear from you.
Have a wonderful weekend and hope to see you soon!