Week Ending March 12 Financial Markets Update

Last week, the S&P 500 and NASDAQ Composite indexes took different paths to post positive returns. After a rough patch two weeks ago, technology stocks pushed higher. Market sentiment was high following the historic passing and signing of the $1.9 trillion-dollar Covid relief bill. President Biden signed the bill on Thursday, a day earlier than expected. A clearer path to fully reopening the economy is in sight as U.S. jobless benefits fell by more than consensus while vaccinations accelerated and more states have eased pandemic restrictions. Vaccine distribution is currently at 2.3 million shots per day with a total of over 100 million doses administered and 66 million people receiving at least one shot. The shot velocity is expected to gain significantly with the rollout of Johnson & Johnson’s single shot vaccine.

The Treasury sell-off continued last week as President Biden signed the latest coronavirus relief bill into law, raising the yield on the U.S. 10-year Treasury to its highest level since before the pandemic. At $1.9 trillion, the latest stimulus bill is the largest of the three stimulus bills to pass since the onset of the coronavirus pandemic. President Biden also urged states to make all adults eligible to receive a vaccine by May 1, which raised the prospects for higher economic growth and inflation and contributed to the increase in longer-term yields. The yield on the 10-Year Treasury closed the week at 1.63%, up from 0.91% at the end of last year.

This week, the Fed meets on Tuesday and Wednesday and is widely expected to leave interest rates unchanged.

The interpretations and organizations of these ideas are the confidential thoughts of 1st & Main Investment Advisors and do not represent the opinions of BFCFSDifferent types of investments involve varying degrees of risk including market fluctuation and possible loss of principal value. There can be no assurance that any specific investment strategy will be profitable. *some content provided by First Trust Portfolios L.P. Member SIPC and FINR

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