A strong rally on Friday helped the S&P 500 post gains for the week, though the broader US Equity Markets were mixed. The S&P 500 increased 1.6% for the week to bring its gains for the year to 5.8%. Ongoing interest rate concerns pressured the Nasdaq, which fell 0.6% for the week and is now only up 1.9% for the year. The Russell 2000 (small cap stocks) continued to experience profit-taking last week, down another 2.9%, though it remains up 12.5% for the year.
Global Equity Markets were pressured last week, as uncertainty around the economic and trade impact of the container ship blocking the Suez Canal weighed on equities. Developed Markets were down 0.6% for the week and are now only up 3.8% for the year. Emerging Markets were hit harder by this event, down 2.2% for the week, reducing its gains for the year to 1.3%.
US Economic Data were more positive than negative last week. On the positive side, Initial Weekly Jobless claims of 684K hit their lowest level since the pandemic began, helping measures of consumer sentiment for March hit their highest level since before the pandemic. In addition, measures of both US Manufacturing and Services activity for March were strong and rising. On the negative side, both Personal Income and Spending fell sharply in February following stimulus payments in January.
Of Interest to Us
A year ago this past week, the S&P 500 hit its pandemic low of 2191.86. Since the lows hit on March 23, 2020, the S&P 500 is up over 81%, closing last week at 3974.54. Within the S&P 500, the best performing sectors from the lows a year ago are Energy (up 120%), Materials (up 111%), and Industrials (up 106%), while the worst performing sectors are Consumer Staples (up 38%) and Utilities (up 46%).
Market Data
for the week ending 3/26/2021
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