Weekly Market Update

Last Week Recap:

Weeks were lower during another volatile week, S&P 500 -0.77%, Dow -0.46%, Nasdaq -0.79%, Russell 2000 -2.77. U.S. Treasury yields hit new 14 month highs at 1.75%, up 80 basis points this year. The FOMC upgraded its growth forecasts during its highly anticipated meeting last week. They increased their 2021 GDP forecast to 6.5% from the 4.2% estimate at their December meeting. They also see the unemployment rate coming down further. Despite the higher growth outlook and and believing that inflation will move above 2% they maintained their stance that they would keep interest rates unchanged through 2023.

YTD performance:

S&P 500 4.53%

Dow 7.12%

Nasdaq 2.70%

Russell 2000 16.04%

EAFE 4.76%

EM 4.51%

US Agg. -3.66%

The Week Ahead:

Futures are currently mixed this morning. Fed Chair Jerome Powell is scheduled to speak again this morning. He will more than likely again hope to assure investors that the Fed doesn't plan on tightening any time soon. The majority of stimulus checks have already found there way into individuals bank accounts and many believe that a good portion of that money will find its way into the stock markets or into Bitcoin. On the economic front we will get some Global PMI numbers as well as data on new home sales and personal income and spending.

Sources: J.P. Morgan, TD Ameritrade, StockTwits, Seeking Alpha.


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