(DAILY NOTION): Mixed Day on Wall Street, Bulls and Bears Continue to Tussle, Next Mover: Jerome Powell Speech, Inflation Expectations

Verified Official

NASDAQ 100 (as of Feb 23, 2021 at 12.15 p.m.)

Source: Yahoo Finance

SPX 500 (as of Feb 23, 2021 at 12.15 p.m.)

Source: Yahoo Finance

US30 (as of Feb 23, 2021 at 12.15 p.m.)

Source: Yahoo Finance

On the first trading day of the week for Wall Street, it experienced a mixed closing as the US30 gained 0.32% but the NAS100 dropped by 2.01% and the SPX500 declined 0.48%. In the broader market, the financials, oil and gas, and basic materials sectors saw gains while the technology, utilities, and consumer goods sectors led shares lower.

However, the ‘fear gauge’ of Wall Street, the CBOE Volatility Index (VIX) went up to 22.80, which is an increase of 3.40%. 

Reuters reported that the declines in the SPX500 and NAS100 are due to valuation concerns in the market over the prospects of rising inflation and in the recent increase in Treasury yields. Last week, the ten-year U.S. Treasury yields rose above 1.28% for the first time since Feb 2020. As of yesterday, it was at 1.369%.

Inflation expectations are still prevailing in the market especially with the Biden Stimulus Package makes progress, with Democrats aiming to have the package passed within a few weeks. Yesterday, the U.S. House Budget Committee has given approval for the federal-aid plan in a party vote, moving it to a floor vote to be held later this week.

Meanwhile, the bi-annual speech from the U.S. Federal Reserve (Fed) Chairman, Jerome Powell at Congress would be on the radar this week, with traders observing if a dovish or hawkish stance will be presented by Powell. Yahoo Finance also reported that traders are most likely to be watching if the Fed is troubled with steeper long-term borrowing costs, as the long-term bond rates rose above zero for the first time in eight months.

Yesterday, President Biden held a memorial service to remember the 500,000 deaths caused by the Covid-19 pandemic in the U.S. He was joined by the First Lady Jill Biden, Vice President Kamala Harris and Second Gentlemen Doug Emhoff. It was indeed a sober moment that served as a reminder of the gruesome effect of the pandemic.

It also goes to show that there is much to be done to recover the largest economy in the world. Looks like the bulls of Wall Street must continue fighting hard to defeat the bears.

FOLLOWME User Sentiment (as of Feb 23, 2021 at 12.10 p.m.)


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Long – 19.92%


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