Wall Street's main indexes fell on Friday as incoming President Joe Biden's US$1.9 trillion stimulus plan sparked fears of an increase in taxes, while investors parsed quarterly reports from major US lenders.

The S&P 500 lost 9.71 points or 0.26% to 3,785.83. Energy dropped 4%, posting its worst one-day decline since late November, pressuring the S&P 500.

Wall Street's main indexes are set to wrap up the week slightly lower after climbing to record highs recently, driven by growth-sensitive cyclical stocks on bets of a hefty fiscal package and optimism about vaccine distribution.

Six of the 11 major S&P sectors fell with energy, financials, industrials posting the steepest declines.

Meanwhile, data showed a further decline in US retail sales in December — the latest sign the economy lost considerable speed at the end of 2020.


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Plan B : Short if market failed to support above 3738. Targets are 3713, 3685 and 3660.

E-Mini Nasdaq

Stocks fell on Friday to close out a tough week as traders weighed President-elect Joe Biden’s $1.9 trillion stimulus plan along with the latest earnings from some of the biggest U.S. banks.

The Nasdaq Composite slid 0.9% to end the day at 12,998.50. The Nasdaq posted weekly declines of 1.5%, to snap four-week winning streaks.

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 minimun wage to $15 per hour.

Plan B : Long if market doesn't retrace much and supported firm above 12808. Targets are 12838, 12869 and 12901.

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Plan A : Attempt short if oil price trades below 52.8. Targets are 52.0 and 51.5

Plan B : Consider long only if oil price tests and rebounds from 51.5. Targets are 52.0 and 52.8