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Why Stimulus 3.0 + Impeachment 2.0 adds up to very little for investors



This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the markets. Sign up to receive it in your inbox here.

Good morning, Bull Sheeters. Stocks and futures are little changed on Thursday despite reports the incoming Biden administration is planning a fresh round of stimulus spending, this one carrying a $2 trillion price tag. Robinhood traders, you’re in luck. The proposal reportedly includes $2,000 stimulus checks, which would buy you a decent fractional share of Bitcoin.

The other big news out of Washington—Impeachment 2.0—did little to ruffle markets yesterday. Yes, the Dow fell in the last half-hour of trade, coinciding with the historic “insurrection” vote, but the real test comes in the Senate—whenever that may be.

Let’s see what’s moving markets.

Markets update


  • The major Asia indexes are mixed in afternoon trading, with Japan’s Nikkei up 0.8%.
  • China reported its first COVID death in nine months and its biggest cluster of new cases since last spring, revelations that are weighing on investors.
  • The Trump administration slapped import bans on Chinese cotton and tomato shipments as global criticism mounts against Beijing for human-rights abuses in Xinjiang.


  • The European bourses were mixed in early trading with the Stoxx Europe 600 up 0.2% at the open, before climbing.
  • The euro is holding up as are Italian stocks and bonds even as PM Giuseppe Conte’s government in Rome teeters on the brink of collapse. Toppled governments are nothing new in Italy (though it’s a rare occurrence in the middle of a pandemic).
  • The $20 billion mega transatlantic grocery merger between Canada’s Couche-Tard and French retail giant Carrefour has hit a huge snag. The French government is voicing its opposition to a foreign takeover of France’s favorite place to buy papier hygiénique during a pandemic.


  • The U.S. futures are again flat this morning, after meager gains on the S&P 500 and Nasdaq yesterday. Intel was the top performer yesterday after the beleaguered chipmaker announced a change in leadership.
  • What happened to the stimulus trade? CNN is reporting President-elect Joe Biden will unveil a roughly $2 trillion COVID-19 relief package today, and yet the markets are thoroughly unimpressed.
  • Shares in Johnson & Johnson were 1.2% higher in pre-market trading after the drugmaker announced its single-shot COVID-19 vaccine generated a promising long-lasting immune response in early stage testing.


  • Gold is down, back below $1,840/ounce.
  • The dollar is flat.
  • Crude is down, with Brent steady around $56/barrel.
  • Bitcoin is up 10% in the past 24 hours. Maybe I should have taken my butcher’s advice to go all in at $35,000.



Earnings season advice, courtesy of BofA Securities

Stock-picking advice, courtesy of Meek Mill, famous rapper

And the vaccination leader is…

The recovery trade hinges on a successful vaccine rollout. Fortune is tracking the winners and losers.

Who needs stimulus, anyhow?

As the incoming Biden Administration plans a third round of stimulus, let’s take a look at household savings rates. According to the German investment bank Berenberg, American households are pretty flush compared to the Germans, French and Brits.


Have a nice day, everyone. I’ll see you here tomorrow… Until then, there’s more news below.

Bernhard Warner

As always, you can write to or reply to this email with suggestions and feedback.

Lyron Foster is a Hawaii based African American Musician, Author, Actor, Blogger, Filmmaker, Philanthropist and Multinational Serial Tech Entrepreneur.

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2021: The Year of the Customer



After a tough year, it’s time to go back to basics and focus on what really matters — your customers.

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How to Build Products That You Want to Use and People Want to Buy



What sets apart successful entrepreneurs – their sustained focus on the customer.

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Atlanta Dream WNBA Franchise Close To Being Sold, Former Senator Kelly Loeffler Will Have No Association With Team



A WNBA spokesperson has confirmed to ESPN that the Atlanta Dream WNBA franchise is close to being sold and former Georgia Senator Kelly Loeffler will have no association with the team after the sale.

According to ESPN, up to five bidders have expressed interest in buying the team, of which Loeffler is a co-owner. Loeffler pushed the franchise into the national spotlight for all the wrong reasons last summer amid the Black Lives Matter (BLM) protests.

When the league began its playoff bubble last summer, players requested the phrase Black Lives Matter be painted on the court and the league signed off on the demand, but Loeffler said she was “incredibly disappointed” by the league’s decision to paint the court and dedicate the season to the BLM movement. Days later Loeffler doubled down on her statements.

“What I see is politics coming into sports,” Loeffler said. “No one has asked politics to come into sports. Sports are about unifying people. People from all walks of life from all political views should be welcomed in sports and to cancel someone because they want to protect innocent life; because they are fighting for the unborn; because they support the Second Amendment; because I support the constitutional rights that have been given to us by God? Why would that not fit as part of American sports culture? That should be a tenet of sports, is to welcome all views.”

Her statements cost Loeffler the election, literally.

Players on the Dream began researching Loeffler’s opponent in her Senate race and once discovering what Rev. Raphael Warnock stood for began supporting him and even showed up to a playoff game in “Vote Warnock” t-shirts. It wasn’t long before other teams and players began supporting Warnock and he turned a 10 point deficit into a stunning victory that helped give Democrats control of the Senate.

John Brock, the former CEO of Coca-Cola Enterprises, is the majority owner of the Dream along with his wife Mary and they began the selling process last summer by sharing financial information with potential buyers.

Los Angeles Lakers forward LeBron James was interested in buying the team and Los Angeles Dodgers outfielder Mookie Betts was said to be part of James’ ownership group, but it’s unclear if they’re still in contention to purchase the team.

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