Last week was like one of those good old-fashioned donnybrooks when two guys just went toe to toe. The ups and downs of the market took their cue from various inputs from earnings and that bombshell on capital gains taxes.
It reminded me of one of my favorite childhood toys; Rock ‘Em Sock ‘Em Robots. The fighting back and forth eventually saw a big bounce on Friday , although not enough to prevent a down week for major indices.
Still, you had to be impressed with another Friday rally. I must mention that the net volume was extremely light, and that bothers me. That said, the market rallied after-hours on news the Johnson and Johnson (JNJ) vaccine has been given the green light.
As reports say, there is lingering damage, as millions of Americans are skipping their second shot of Moderna (mRNA) vaccines. More than 60 million total doses are sitting inside refrigerator shelves. In fact, in New York City, anyone can walk into accredited clinics and get the jab without an appointment.
The Federal Open Market Committee (FOMC) meets this week, and in a morbid sort of way, this will be good news for those looking for any delay in hiking interest rates. Issues at home and the surge in Covid cases in India, Brazil, and even Canada will be at the top of the list for Powell & Co.
52 Week High
52 Week Low
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This week could see more fireworks, as heavyweights are scheduled to report results. If mega growth names get their groove back, it will have to be this week.
“Put up your Dukes.”
Key Earnings Releases
Monday (after close)
(NXPI) NXP Semiconductors
Tuesday (after close)
(AMD) Advanced Micro Devices
Wednesday (after close)
New orders for US Durable Goods, which increased by $1.4 billion in March, were below expectations, increasing 0.5% to $256.3 billion vs estimates for a 2.5%. Fabricated metal products added the most, up 3.6% to $35.4 billion, and has been up in 6 of the last 7 months. Transportation equipment orders had the steepest decline due to nondefense aircraft and parts. Ex-transportation, new order rose 1.6%, ex-defense, +0.5%.
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