US Stock Markets Ended April 9, 2021

 
Stocks continued to hit new highs last week after the S&P 500 roared past the 4000 level returning over 2.75%. The index is on its longest weekly winning streak since October of last year. Mixed economic data and commentary from the Federal Reserve reinforced the case for prolonged policy support giving investors a fallback plan for uncertain growth. Semiconductors are still on investor's radar as chip shortages plague many industries. Taiwan Semiconductor Manufacturing Co. benefitted from the increased demand last quarter as the chipmaker posted growth in quarterly sales. President Biden looks to solidify his budget plans in the coming weeks. Defense spending looks to be an area of the budget the new administration is ready to streamline. According to people familiar with the plans, the President plans to submit a $715 billion dollar budget to the Pentagon, which adjusted for inflation comes in lower than his predecessor and only a billion dollars less than the 2020 defense budget. Defense contractor Lockheed Martin traded higher during the week by over 4% continuing an upward trend for the stock after a relative low during January of this year. The reopening trade also continues to gain steam in various pockets of the market. The latest move comes from Norwegian Cruise Lines after the company announced plans for future passengers and crew to show proof of vaccination at least two weeks before boarding one of their cruise liners. The industry has been one of the hardest hit during the pandemic due to its heavy regulation. Looking ahead to next week, the Federal Reserve is set to release its Beige Book along with initial jobless claims and retail sales numbers coming on Thursday.
Posted on Monday, April 12, 2021 @ 8:29 AM

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.