Stocks fell slightly on Thursday, with tech shares declining, as traders awaited the unveiling of a potentially big economic stimulus package.

The S&P 500 closed 0.4% lower at 3,795.54.

President-elect Joe Biden is expected on Thursday evening to unveil a stimulus plan that will include a boost to the recent $600 direct payments, an extension of increased unemployment insurance and support for state and local governments. The stimulus could be as big as $2 trillion, CNN reported. The New York Times, meanwhile, said Biden is expected to outline a $1.9 trillion spending plan.

Sentiment got a boost earlier in the session as trial data published late Wednesday showed that Johnson & Johnson’s one-dose coronavirus vaccine is safe and generates a promising immune response. Shares of Johnson & Johnson climbed 1.8%.

However, investors also digested worse-than-expected jobless claims data. First-time claims for unemployment insurance jumped to 965,000 last week, higher than an estimate of 800,000 new claims, according to economists surveyed by Dow Jones.


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Plan A : Short if market failed to support above 3766. Targets are 3741, 3710 and 3688.

Plan B : Long if market retraced but supported firm above 3766. Targets are 3784, 3805 and 3822.
 

The Nasdaq Composite dipped 0.1% to 13,112.64 after hitting an all-time high earlier in the session. Shares of Facebook dropped 2.4%. Amazon, Netflix, Microsoft and Apple all declined by more than 1%. Alphabet dipped 0.9%.

Biden’s proposal, called the American Rescue Plan, includes increasing the additional federal unemployment payments to $400 per week and extending them through September, direct payments to many Americans of $1,400, and extending the federal moratoriums on evictions and foreclosures through September.

The plan also calls for $350 billion in aid to state and local governments, $70 billion for Covid testing and vaccination programs and raising the federal minimum wage to $15 per hour.

On Friday, investors will get fresh looks at major banks as Wells Fargo, Citigroup and JPMorgan Chase report their fourth quarter earnings. There will also be new data on retail sales and inflation.

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Plan A : Short if market failed to support above 12886. Targets are 12844, 12802 and 12760.

Plan B : Long if market supported firm above 12886. Targets are 12915, 12947 and 12979.

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Plan A : Remain buy as long as oil price stays firm above 52.8. Targets are 53.6 and 54.2

Plan B : Consider short if oil price surges but fails to breach and hold firm above 53.6. Targets are 52.8 and 51.5