(DAILY NOTION): Wall Street Bulls in Need of a Firm Footing to Win The Battle
NASDAQ 100 (as of Mar 9, 2021 at 12 noon)
Source: Yahoo Finance
SPX 500 (as of Mar 9, 2021 at 12 noon)
Source: Yahoo Finance
US30 (as of Mar 9, 2021 at 12 noon)
Source: Yahoo Finance
At closing on Wall Street, the NAS100 lost 2.41% while the SPX500 dropped 0.54%. The US30 was the only gainer among the three indices, as it increased by 0.97%. Overall, there were losses in the consumer goods, technology, and healthcare sectors, while the telecoms, utilities, and financials sectors recorded gains. Technology stocks continue to take a beating, with Apple, Alphabet, and Microsoft closing lower. However, cyclical stocks have benefitted from the hopes of economic recovery.
On March 8, Reuters reported that Nasdaq is officially experiencing a correction in a bull market, and some investors viewing technology stocks as overvalued. This does not bode well for Nasdaq as it is heavily weighted on technology.
In the broader markets, the Biden Stimulus Package is now in the U.S. House before the bill can progress to President Biden’s desk. The Democrats aim for the bill to be signed into law before the unemployment benefits expire on March 14, less than a week from now. Janet Yellen, the new U.S. Treasury Secretary, has stated that the bill was needed to fuel economic recovery and to help Americans to overcome the aftermath of the pandemic.
Meanwhile, the U.S Commerce Department reported that wholesale inventories increased 1.3% last month and wholesalers are clearing their shelves in the shortest time in six years. However, the U.S. Treasury yields continue to be on the radar as a reflection of inflation.
The CBOE Volatility Index, which is also known as the ‘fear gauge of Wall Street’ rose 3.28%, as reported by Investing.com. The bulls of Wall Street must navigate these rough waters to eventually find a firm footing as hope rises for a recovering economy.
FOLLOWME User Sentiment (as of Mar 9, 2021 at 12.05 p.m.)
SPX500
Short – 77.08%
Long – 22.92%
NAS100
Short – 55.25%
Long – 44.75%
US30
Short – 76.11%
Long – 23.89%
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