The U.S. economy’s 4% holiday quarter increase wasn’t enough to ward off a full-year contraction, but growth is expected in 2021. But economists say growth in the third and fourth quarters isn’t likely to fully offset the sharp downturn from the first half of the year, leaving the U.S. with a projected 2.4% annual contraction, its first since 2009 when the economy shrank by 2.5% in the wake of the financial crsis.

Heavily shorted companies across the globe are seeing their shares jump as traders race to bet on where the flood of retail money might head next. There is a long list of potential targets - companies that have short-interest levels above 30% of their share float - which have seen rallies in recent days. Shares in GameStop Corp. surged again in premarket trading, moving above $500 at one point. For hedge funds, the attack on their short positions is proving painful, and moving the wider market as they slash their equity exposure at the fastest rate since 2014.

Apple reported its highest-ever net profit in the fourth quarter as revenues surpassed forecasts to hit $111.4bn, driven by a 57 per cent rise in sales in greater China. Net profits rose 29 per cent to $28.8bn, Sales in all five of the $2.4tn company’s product categories grew at double-digit percentages, led by a 41 per cent gain in iPad sales and a 30 per cent climb in its wearables unit, which includes AirPods and the Apple Watch.

With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.