March Madness: Stock Market Edition
U.S. stocks open little changed as reopening theme continues to dominate.
- European markets are broadly higher in midday trading.
- Asian stocks were mixed overnight with China underperforming following a mixed-bag of economic releases.
Economic events this week include:
- Tuesday—Import and export prices (Feb.), retail sales (Feb.), capacity utilization and industrial production (Feb.), National Association of Home Builders’ Housing Index (Mar.)
- Wednesday—Federal Reserve (Fed) policy announcement including updated economic forecasts, housing starts and building permits (Feb.)
- Thursday—Weekly initial unemployment claims and leading economic indicators (Feb.)
The S&P 500 Index closed at record highs the final two days of last week, completing a 2.6% gain for the week. Despite the Nasdaq Composite’s correction, breadth remains strong as the Cumulative Advance-Decline lines for both the S&P 500 and broader New York Stock Exchange (NYSE) closed at all-time highs. The 10-year Treasury yield hit a post-crisis high last week, touching 1.64% on Friday.
The United States reported 38,000 new COVID-19 cases on Sunday, down 8% week over week as the rate of decline in cases continues to moderate (source: Johns Hopkins).
- Vaccination efforts continue to accelerate, with about 20% of the U.S. population receiving at least one shot of the vaccine.
- Vaccine shots per day averaged 2.4 million over the past week.
- Going forward, we will be providing COVID-19 updates on Mondays, Wednesdays, and Fridays only.
Fore Things To Know
LPL Research Chief Market Strategist Ryan Detrick lists four things investors need to know about the market and a special thank you to a 30-year veteran of the financial industry in this week’s Market Signals podcast.
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