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(DAILY NOTION): Wall Street Bulls March On As Risk-On Sentiment Increases, Next Mover: ADP Employment Change Report, Nonfarm Payrolls

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NASDAQ 100 (as of Mar 2, 2021 at 12 noon)

(DAILY NOTION): Wall Street Bulls March On As Risk-On Sentiment Increases, Next Mover: ADP Employment Change Report, Nonfarm Payrolls

Source: Yahoo Finance

SPX 500 (as of Mar 2, 2021 at 12 noon)

(DAILY NOTION): Wall Street Bulls March On As Risk-On Sentiment Increases, Next Mover: ADP Employment Change Report, Nonfarm Payrolls

Source: Yahoo Finance

US30 (as of Mar 2, 2021 at 12 noon)

(DAILY NOTION): Wall Street Bulls March On As Risk-On Sentiment Increases, Next Mover: ADP Employment Change Report, Nonfarm Payrolls

Source: Yahoo Finance

Wall Street has kick-started the month of March with a bang, as the NAS100 rose 3%, the SPX 500 gained 2.4%, and the US30 increased by 1.9%. Both the financial and technology stocks were at an advantage as concerns of the U.S. Treasury yields subsided. After surging past 1.5% for the first time since Feb 2020, the 10-year Treasury yields closed at 1.4% yesterday.

After a recent bout of volatility, the sense of relief was evidenced on the CBOE Volatility Index, also known as the ‘fear gauge’ of Wall Street, as the index dropped 16.46%.

Are better days ahead for Wall Street as the risk-on sentiment in the market gradually increases? After getting a nod from the U.S. House of Representatives, the Biden Stimulus Package has progressed to the U.S. Senate, making it one step closer to being approved.

Meanwhile, both the U.S. Institute of Supply Management (ISM) and Markit Manufacturing Purchasing Managers Index (PMI) results for February came in higher than expected. The ISM Manufacturing PMI stood at 60.8 against an expected result of 58.6. The Markit Manufacturing was expected at 58.5 but came in at 58.6.

With the U.S. Food and Drug Administration (FDA) approving the single-dose Johnson and Johnson vaccine, the news is a respite, especially as the battle against the virus has been a long-drawn-out after the first coronavirus cases in the U.S. was confirmed in January 2020.

Over the coming days, the prevailing of the risk-on sentiment could depend on the news on labour recovery, which will be read from the ADP Employment Change report, the weekly initial jobless claims, and the nonfarm payrolls.

As always, that leaves us with the question: What lies ahead for the Wall Street bulls this week? Let’s keep our eyes here.

FOLLOWME User Sentiment (as of Mar 2, 2021 at 11.55 a.m.)

SPX500

Short – 72.91%

Long – 27.09%

NAS100

Short – 65.31%                

Long – 34.69%

US30

Short – 74.64%

Long – 25.36%


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