Looking Back, Looking Forward – Sunday, Feb. 7

3. Materials

Shares of copper producer Freeport-McMoRan (FCX) rose 18% after the copper producer reinstated its dividend after a 12-month gap. Freeport plans to pay $0.30 a year in dividends, up from $0.20 it paid before suspending them.

Top ETFs for the week

The following ETFs were among the biggest winners last week:

  • ETFMG Alternative Harvest ETF (MJ) 23%
  • The 3D Printing ETF (PRNT) 15%
  • Amplify Transformational Data Sharing ETF (BLOK) 15%
  • Global X Uranium ETF (URA) 12%
  • Invesco Dynamic Software ETF (PSJ) 12%

Looking ahead to the week of February 8

Stimulus, earnings, inflation data, and President Trump’s impeachment trial will be in focus this week. Small-cap stocks have been overbought for some time. Unforeseen delays in stimulus or reversal in COVID-19 trends can potentially be a catalyst that can trigger a pullback.

  • Investors will keenly follow the progress of the $1.9 trillion stimulus package Democrats are fast-tracking to Congress.
  • The fourth-quarter earnings reporting season continues. Nearly 80 S&P 500 companies report this week. Cisco Systems (CSCO) from the technology sector, consumer staples heavyweights Coca-Cola (KO) & Pepsi (PEP), and Disney (DIS) from the communication services sector are among those reporting.
  • In economic data, the Labor Department reports on consumer price index inflation. Investors will also be attentive to Federal Reserve chairman Powell’s comments to the Economics Club of New York.
  • Wall Street will keep an eye on President Trump’s Senate impeachment trial starting on February 9.
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