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On MLK Day, a Busy Week Expected

Mark Vickery

Monday, January 20, 2020

On this first Day 20 of the Year 2020, we engage in remembrance of the life of the Rev. Dr. Martin Luther King, Jr., a hero of American civil rights who paid with his advocacy with his own life nearly 52 years ago. Dr. King’s work as a nonviolent leader affecting change and openness in race relations — indeed, in how Americans interact overall, regardless of racial background — takes his birthday and turns it into a holiday in the U.S., signed into law during President Ronald Reagan’s first term and enacted in his second. Today, the U.S. stock markets are closed in honor of Dr. King.

Fourth quarter earnings reports will largely remain dormant today, as well, although there are a few exceptions. Among them are Wisconsin-based Plexus Corp. PLXS, which reports later this afternoon, and Logitech International LOGI, based in Switzerland. Later in the week, we get new reports from big names such as Netflix NFLX, Johnson & Johnson JNJ, Texas Instruments TXN and Procter & Gamble PG.

Speaking of Switzerland, this week also brings us the annual convention of the most successful world and business leaders in Davos. Located high up in the Alps in the eastern region of the country, this 50th World Economic Forum year brings together the likes of German Chancellor Angela Merkel, JPMorgan Chase CEO Jamie Dimon, U.S. Treasury Secretary Steven Mnuchin and even President Trump himself. With Trump’s recent actions in the Middle East and his resuming impeachment in the U.S. Congress tomorrow morning, there is much interest in what the president has to say on his and the U.S.’s behalf. His speech is scheduled for Tuesday at 5:30 pm ET.

Also on the Davos stage this year will be teenage climate activist Greta Thunberg, who famously dressed-down the hall of the United Nations in New York last fall. Thunberg is expected to be joined by a legion of teenage climate activists, presumably to convince the world’s richest and most powerful leaders to ramp up efforts to avoid future climate change catastrophes expected by a majority of scientists in the field.

Also, though British Prime Minister Boris Johnson will not be attending Davos this year as he works his country’s way free from the European Union (EU), but former Prime Ministers Tony Blair and Gordon Brown will be in attendance. We expect they will be there to help the United Kingdom’s extrication from the EU limit the economic and political damage such a tectonic shift might have on the global economy.

In short, this week looks to bring plenty of information for stock markets going forward, but we don’t expect them to begin in earnest until tomorrow. Many of us will be reflecting on Dr. King’s legacy today.

Mark Vickery
Senior Editor

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