- Apple will perform a 4/1 share split. Owners of $AAPL will see their shares divided into four shares, making these shares easier for individual investors to purchase.
- Major indices like the Nasdaq 100 and S&P 500 traded flat on news of a breakdown in talks in Congress over a third COVID-19 relief package. Democrats and Republicans remain far apart on key elements of the deal including extending extra unemployment benefits.
- President Trump signed an executive order to extend unemployment benefits through the end of the year, after Congress’ inaction. It is likely to face legal challenges.
- The yield on 10 Year US Treasury notes bounced off historic lows, moving from ~0.56% to ~0.67%. This reflects a growing appetite for risk assets, and less demand for risk free assets like Treasuries. Bond yields and bond prices move inversely to one another.
- Yields on Germany’s 10-year debt moved barely higher. Europe has had a somewhat quicker recovery than the US, although there are signs of a slowdown.
- Gold and Silver extended their gains to reach new record highs, before selling off at the end of the week. Gold and Silver are a hedge against potential inflation spurred by excessive monetary stimulus in the developed world.
- Industrial commodities like copper and aluminum moved higher.