“Forward-looking economic news was positive…”
Bit of a roller coaster last week as inflation fears returned to the foreground. Things calmed down a little bit on Friday, allowing stocks to recoup some of their losses.
Rates and commodity prices moved higher last week, while most bond and equity prices moved lower. Economic news was all good, including consumer confidence, durable goods orders, home prices, jobless claims, and of course, that hefty Q1 GDP print of +6.4% q/q annualized.
Equities posted solid returns last week, led by large cap technology stocks. The S&P 500 reached a new all-time high on Thursday, closing above 4,000 for the first time.
Tough week for oil prices and energy stocks last week; investors have become increasingly concerned about a demand shock as parts of Europe institute new lockdowns to combat rising covid-19 case counts. Meanwhile, incoming economic data was mixed. Most importantly though, the Fed reiterated its commitment to keeping rates at zero and maintaining asset purchases until substantial further progress has been made towards full employment. Enjoy!
Equity markets rallied last week, particularly after Wednesday’s release of consumer price inflation (CPI) data that was slightly below consensus estimates. The S&P 500 and the Dow both finished the week at fresh all-time highs, while the Nasdaq remains ~5% below its mid-February record. Small and midcap stocks continued their run of dominant performance, extending […]
Last week’s market action was dominated by interest rates. Treasury yields rose throughout February, at an accelerating pace that peaked on Thursday as 10-year yields briefly exceeded 1.6% intraday. The trend finally broke on Friday, with 10-year yields pulling back to around 1.4%, but interest rate volatility remains high. The CBOE Interest Rate Volatility Index […]
US equities were mixed last week. Large cap cyclicals rose, including energy, financials, materials, and industrials, pushing the Dow to a record high during Wednesday’s session. However, sectors like technology, communications, and healthcare finished lower, resulting in small losses for the S&P 500 and Nasdaq Composite. Small and midcap US stocks were also down slightly, while international stock indices managed to eke out small gains.
Equity markets around the world rallied once again last week, driven by continued strength in earnings, notable progress on vaccine distribution, dovish commentary by Fed Chairman Jerome Powell, and some progress towards another round of economic stimulus in the US.
Every Monday morning, download our Weekly Market Recap for Commentary and Data, with Economy and Earnings, Equity Valuation, Interest Rates, and Inflation, including infographic charts.