Markets Cheer Biden | Netflix’s New Milestone | BlackRock Seeks Bitcoins

Plus: What The President Did First

Good morning.

President Joe Biden got to work right after the inaugural parade brought him to the White House, signing 17 executive orders undoing some of his predecessor policies. We also look at how the markets reacted to the inauguration and at Netflix’s earnings scoring new records.

In The News Today

During yesterday’s unusual Inauguration Day, former presidents Obama, Bush, and Clinton came together to project unity and the peaceful transfer of power.

Amazon has offered Biden support in distributing Covid-19 vaccines to reach his goal of vaccinating 100 million Americans in the first 100 days of his presidency.

Top Take-Aways

The three major stock market indices all closed at new record highs on Inauguration Day, a convergence of blowout corporate earnings results, optimism for an economic recovery powered by a Biden Administration stimulus plan.

Among the stocks booming was Netflix, following results that—while slightly off analysts’ expectations—reported better-than-expected sales of $7.1 billion and hit a new milestone of more than 200 million subscribers.

Biden got to work on day one, but his sought-after $1.9 trillion stimulus package is unlikely to be as smooth as a signature on an executive order. Hurdles on its path include opposition from the GOP and the Senate impeachment trial of Biden’s predecessor.

BlackRock is showing interest in bitcoin futures in its latest regulatory filings, the latest sign of the increased attention the cryptocurrency is receiving from the very industry it was created to disrupt—or, at the very least, be antithetical to.

Digital health startup Hims & Hers has become the latest company to opt for a SPAC to go public. The deal values the three-year-old company at $1.6 billion.

Facebook may not want to be associated with the storming of the U.S. Capitol, but nonetheless the social media platform is providing the FBI with a lot of data—including private messages—about those users who took part in the assault.

Kroger unveiled its latest push to bring more automation into its stores. America’s largest supermarket chain is experimenting with high-tech grocery carts that let shoppers scan items as they go and leave the store without waiting in a checkout line.

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