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Bob Carey
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  US Stock Markets Ended Feb. 19, 2021
Posted Under: Weekly Market Commentary
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The S&P 500 traded lower on all four days during the holiday-shortened week as bond-proxies and information technology stocks moved lower on higher treasury yields. While the broad market moved lower, more cyclical exposed areas of the market posted strong gains including energy, financials, and small caps. Economic datapoints remained strong with PMIs showing strong expansion and retail sales far exceeding even the most optimistic forecasts. With earnings season winding down, Applied Materials, Inc. punctuated a strong season for chip equipment makers, forecasting strong wafer sales for all of 2021.  Shortages of semiconductors have limited supply chains across autos, gaming systems and other end markets. Shares of Roku, Inc. gained after a strong beat and raise as consumers continue to shift to streaming platforms. Wells Fargo & Co. rose over 10% for the week on higher interest rates and hope the Federal Reserve cap could be lifted soon. Clean energy shares were sharply lower during the week as renewables were partially to blame for the Texas blackout. Key on investors' minds for the week ahead will be Jerome Powell's report in front of congress on Tuesday and a likely first vote on Joe Biden's $1.9 trillion stimulus package. While some pockets of the market look stretched, many areas look reasonably priced and could continue to inflect higher on the backs of a strong consumer, continued stimulus and earnings recovering in economically sensitive stocks.
Posted on Monday, February 22, 2021 @ 8:19 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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