Your Weekly Blip 1/15/21

Your Weekly Blip 1/15/21

Markets closed with a loss heading into the MLK weekend. At the close the Dow was off 177 at 30,814 on higher trading volume. Today’s downside driver was a disappointing retail sales report. For the week the Dow posted a loss of 0.9% or roughly 280 points. Markets will be closed on Monday.
Big bank earnings hit the news wires today. The common theme for all three banks was solid mortgage demand and rising deposits along with strong fixed income and investment banking revenue.
JP Morgan Chase reported better than expected numbers with a revenue drop of 10% and a 47% increase in net profits. Wells Fargo beat earnings estimates but missed on revenue. The bank is still in recovery mode and is looking to sell its financial services division as it attempts to focus on core consumer banking. Wells still saw a revenue drop of 21% and a net income decline of 31%. Citigroup also saw its revenue slide 24% while earnings were up 9%. Capital levels at all three banks remained strong and book values all moved up.
Troop 100 in Ballard had a board meeting last night. Currently we have about 60 registered scouts and weekly troop zoom meetings have attendance that ranges from 35 to 40. Last year the troop had 6 scouts earn their Eagle rank. Scouts are using weekly zoom meetings to learn skills and earn merit badges but there is currently no outlet to apply those skills. The general feeling is the scouts are super eager to actually get outdoors and apply the skills they have learned. The pressure is building. These lunkheads want to experience the joys of being cold, wet, tired and hungry instead of just reading about it. The troop is also looking for younger female volunteers to work with the girls troop to take them hiking and teach them leadership skills. Any takers out there?