morning update 1/20/2017 per jpm

inauguration day

· Market update — there are a few moving pieces Fri morning; Eurozone stocks opened flattish but have since caught a bid, Asia was mixed, and US futures are up small. The China data was decent and mainland stocks did well (SHCOMP +0.7%) but the narrative around Chinese (or global) growth isn’t changing as a result of this morning’s economic numbers. The US earnings overnight (AXP, IBM, and SWKS) were mixed-to-fine (and like China’s data none of the earnings releases are shifting the conservation around CQ4 or the ~$127–130 ’17 SPX EPS estimate). Trump’s inauguration is dominating the media this morning but today’s event really won’t be a particularly material event (his speech, which should commence around ~11:45–12pmET, will be focused on bigger themes and trends and not substantive specifics while the executive actions expected over the next 24–72 hours are geared more for media, and not market, consumption).

Greg Blotnick — Investor

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Greg Blotnick is a long/short equity analyst and Columbia Business School student.