View from 5th Avenue

The View at Two – 15th March, 2021

Check’s in the mail – Stimulus has been a very important part of the US investor story and checks are finally hitting accounts.  How those checks will be spent remains a question, but it is safe to assume that a lot will end up in the equity markets, especially as the S&P sits near its ATH.  Yields are taking a breather from their ascent, and this is impacting the sectors that have become attached to them.  Energy and Financials are lagging (down 1.5% and 1.7% respectively), while Consumer Durables (+2.1%) outperform, getting help from other potential homes for those stimulus checks (Under Armour +3.7%, Tapestry +3%, Nike +2.9%).  After a late morning sell-off, the S&P is back at the day’s high (3949), and more sectors are turning green. 

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