View from 5th Avenue

The View at Two – 19th March, 2021

Already Mid-Madness… The NCAA College Basketball tourney has just officially tipped off, but March feels like it’s already seen plenty of Madness thus far. Relatively speaking today actually feels pretty calm, at least when compared to some of the wild “yield anxiety” driven days we’ve seen this month (aka yesterday’s Tech wreck). Treasuries have been stable throughout most of the day apart from a brief pre-market dip on word the Fed won’t extend SLR relief, but given the announcement has been somewhat expected the news only delayed Tech’s inevitable mini-bounce into the weekend. Banks, however, have had a tougher time shaking off the Fed’s crackdown and the sector is giving back some of the multi-year highs it notched yesterday. Along with Semis / Media, Energy is also rebounding from a rough Thursday as oil cleans up some of the spillage that’s made this the worst week for the commodity since October. Notably negative among the FANG outperformance is Software, which is being held back by Visa (-5.0%) after the DOJ announced an investigation into anti-competitive behavior around fees (MA -2.5% as well). Overall an understandable pause for breath to end a busy Fed week, but with the 10-year yield looking like it’s destined for 2%

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