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TrackInsight: S&P 500 Closes at Record High Yet Again

04/06/2021 | 08:38am EDT

Week from 29 March to 4 April 2021

06.04.21 Global Flows Map - Weekly Stock Market Updates

Week from 29 March to 4 April 2021

Though many investors enjoyed a holiday-shortened week, Wall Street jumped as big tech rallied. Facebook rose +5.53%, Google was up +5.02%. Microsoft gained +2.48% after winning a $22 billion contract to supply U.S. Army combat troops with its virtual reality headsets.

The economic backdrop continues to spur investor optimism. U.S. manufacturing activity expanded for the tenth month in a row in March, with the ISM Manufacturing PMI rising to 64.7 (highest level since 1983!). Nonfarm payrolls in the U.S. surged by 916,000, beating analysts’ expectations. Moreover, the unemployment rate fell to 6%. Last but not least, the country seems to be on the path of recovery from the Covid-19 pandemic. About 104 million adults have already received at least one shot and almost 60 million are now fully vaccinated.

Wall Street Propels International Stocks Higher

Almost every major equity index across APAC, Europe, and the U.S. started the new quarter on a positive note. The Dow Jones Industrial Average edged up 80.33 points, or +0.24% week-over-week, to 33,153.21. The S&P 500 was up +1.14%, closing above the 4,000 level for the first time ever. The tech-heavy Nasdaq rebounded too (+2.60%), offsetting the losses suffered over the last two weeks. Small cap stocks followed suit (Russell 2000 up +1.46%).

On the other side of the Atlantic, the MSCI EMU rose +1.76% while the FSTE 100 was treading water (-0.05%) in the aftermath of Europe’s biggest IPO of the year (Deliveroo). The food-delivery company’s shares sunk 31% on the first day of dealing. It is a real nightmare for the 70,000 customers who had backed this IPO.

Asian markets flashed green. The Nikkei 225 was up +2.32% and the Shanghai Composite was not far behind (+1.93%).

Among the S&P sectors, communication services recouped the losses posted last week (+3.39%). Consumer discretionary stocks (+2.17%), alongside with tech (+2.12%), also played a role in pushing the broader market to record highs. By contrast, several sectors finished the week in negative territory or close to zero. Consumer staples (-0.83%), health care (-0.59%), materials (-0.25%) and energy (-0.39%) gave back some of last week’s gains. The freeing of the container ship, that had blocked traffic at the Suez Canal, alleviated upward pressure on oil prices (WTI crude up +0.79%). Financials also struggled (+0.15%) on fears of exposure following the collapse of Archegos Capital Management.

Credit Markets Show Signs of Stabilizing

Investor sentiment in credit markets continued to improve though U.S. bond yields ticked higher. Thus, the 10-year Treasury rate inched to 1.72%. Corporate investment grade bonds (+0.08% in Europe, +0.21% in the U.S.) and high-yield bonds (+0.21% in Europe, +0.50% in the U.S.) extended last week’s gains. Emerging debt broke its losing streak (+0.14% in local currencies) but its year-to-date performance remains in the red (-6.61%).

Elsewhere, higher U.S. interest rates have raised fresh pressure on gold. The spot price declined by 0.22% to $1,728.87/oz. In the same vein, the EUR-USD pair also weakened (-0.33%) as the differential between German Bund and U.S. Treasury yields has widened further. The 10-year spread is now greater than 200bps.

Find the full report here: https://www.trackinsight.com/en/weekly-flow-report/2021-04-02/global

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06.04.21 Global Weekly Flows

06.04.21 Global Weekly Performance

06.04.21 Global Winners Losers


© www.trackinsight.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.03% 2278.35 Delayed Quote.30.00%
DELIVEROO PLC -1.50% 230.2952 Delayed Quote.0.00%
DJ INDUSTRIAL 0.93% 34137.31 Delayed Quote.10.50%
EMU TOP 50 EQUAL WEIGHTED (GRTR, UHD) 0.00%End-of-day quote.0.00%
EMU TOP 50 EQUAL WEIGHTED (STRD, UHD) 0.00%End-of-day quote.0.00%
EURO / US DOLLAR (EUR/USD) 0.24% 1.20674 Delayed Quote.-1.50%
FACEBOOK INC -0.39% 301.47 Delayed Quote.10.36%
LONDON BRENT OIL 0.58% 65.5 Delayed Quote.28.24%
MICROSOFT CORPORATION 0.90% 260.58 Delayed Quote.16.11%
NASDAQ 100 0.91% 13935.152325 Delayed Quote.8.12%
NASDAQ COMP. 1.19% 13950.218259 Delayed Quote.8.24%
NIKKEI 225 2.38% 29188.17 Real-time Quote.3.88%
S&P 500 0.93% 4173.42 Delayed Quote.10.09%
S&P GSCI CRUDE OIL INDEX 0.62% 337.2245 Delayed Quote.28.54%
S&P GSCI GOLD INDEX -0.34% 1038.6588 Delayed Quote.-5.38%
S&P/CITIC 300 INDEX -0.01% 4509.71 Delayed Quote.-1.59%
S&P/CITIC 50 INDEX -0.02% 4507.94 Delayed Quote.-2.74%
SUEZ -0.35% 19.88 Real-time Quote.23.00%
US DOLLAR / EURO (USD/EUR) -0.24% 0.828706 Delayed Quote.1.52%
WTI 0.61% 61.51 Delayed Quote.29.35%
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