Archives of “March 9, 2021” day

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Pelosi says passage of Biden’s $1.9tln package could be Wednesday, not Tuesday

  
  Analysis

President Biden’s $1.9 trillion COVID relief bill is expected to be easily approved in the US House of Representatives,

  • The Senate has already approved it.
  • After the House votes to approve it’ll be off to Biden for signing into law.
Just a heads up though, Speaker Pelosi says that approval from the chamber could slip to Wednesday.
Still the best pic of Pelosi ever

SG expect the US 10 year at 2% by year end – the key risk is the Fed responding

  
  Analysis

Scanning some notes this stood out from Société Générale

Analysts at the bank expect the US 10-year yield to climb to 2% by the end of 2021 citing:

 

  • fiscal support,
  • improving fundamentals,
  • easy financial conditions
  • accommodative Federal Reserve support

 

Nothing too surprising ion their reasoning but the 2% forecast is above what I’ve seen elsewhere. SG highlights a key risk to their view as the Fed launching a policy response to the slump in price.

If the 10yr keeps on heading up its hard to see the USD losing too much ground.

Overnight US Market : The stock rotation continues out of high-tech and into cyclicals

  
Analysis, US Market
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Higher yields remain the catalyst

The longs in the technology stocks continue to get hammered and the rotation into the cyclical continues as fears of interest rates have traders repricing the high flyers of 2020.

The final numbers are showing:
  • S&P index -20.72 points or -0.54% at 3821.23
  • NASDAQ index -310.98 points or -2.41% at 12609.16
  • Dow industrial average rose 306.21 points or +0.97% at 31802.51
The NASDAQ index closed below its 100 day moving average for the 1st time since October 30.
Some of the oversized decliners today included:
  • Doordash -11.92%
  • Snowflake, -10.74%
  • Chewy, -8.01%
  • Zoom, -7.91%
  • Nio, -7.66%
  • Nvidia, -6.99%
  • Square, -6.74%
  • Broadcom, -6.57%
  • Palantir, -5.91%
  • Tesla, -5.86%
On the positive side, some of the Reddit meme stocks were in the big gainers:
  • Express, +62.6%
  • Gamestop, +40.1%
  • Koss, +26.79%
  • AMC, +15.52%
  • Bed Bath and Beyond, +10.32%
Airlines also rose sharply:
  • United airlines, +7.03%
  • Southwest Airlines, +6.41%
  • American Airlines, +4.94%
  • Delta Air Lines, +3.61%
Big cap high flying names of 2020 had a tough time of it today as well:
  • Facebook -3.35%
  • Amazon -1.58%
  • Apple, -4.13%
  • Netflix, -4.48%
  • Microsoft -1.79%
  • Alphabet -4.3%
Other winners included:
  • Walt Disney, +6.27%
  • Whirlpool, +3.46%
  • Ford, +3.10%
  • MasterCard, +2.9%
  • Citigroup, +2.82%
  • Cisco Systems, +2.79%
  • Exxon, +2.39%
  • General Motors, +2.29%
  • Home Depot, +2.16%