NASDAQ 100 (as of Mar 10, 2021 at 10.50 a.m.)
Source: Yahoo Finance
SPX 500 (as of Mar 10, 2021 at 10.50 a.m.)
Source: Yahoo Finance
US30 (as of Mar 10, 2021 at 10.50 a.m.)
Source: Yahoo Finance
In what can only be deemed as a spectacular return, the bulls of Wall Street showed that they were not ready to give up and the day closed with the NAS100 gaining 3.69%, the SPX500 increasing 1.42%, and the US30 rising 0.10%. In tandem, the CBOE Volatility Index decreased by 5.65%.
Overall, the technology sector rose out of its slump to record gains, together with the consumer services and goods sectors, Investing.com reported. Tesla, Amazon, and Microsoft redeemed themselves and showed gains, an encouraging result after battling overvaluation concerns.
Meanwhile, the 10-year U.S. Treasury yields also slid back to close at 1.54%. Earlier this week, it has risen above 1.6%, amidst rising inflation speculation. Meanwhile, in terms of the Biden Stimulus Package, the U.S. House is also close to taking a final vote, which is good news for the Democrats who aim to deliver the bill to President Biden for his sign-off into law, before the unemployment benefits expire on March 14.
The Organisation for Economic Co-operation and Development (OECD), which is an intergovernmental economic organisation with 37 countries and headquartered in Paris, believes that better days are ahead. This is evidenced by their forecast of 5.6% growth in the global economy this year, citing the rollout of the Biden Stimulus Package as being able to ‘turbocharge the world economy’. The OCED is also forecasting the U.S. economy will chart a 6.5% growth this year, followed by 4.0% in 2021.
A positive risk-on sentiment would be a good catalyst for the bulls on their journey to draw traders away from concerns over the future and to look forward to a victory over the Covid-19 virus, especially in the global economic space.
In the meantime, can the bulls hold down the fort for the rest of the week? Let’s keep our eyes here.
FOLLOWME User Sentiment (as of Mar 10, 2021 at 10.50 a.m.)
SPX500
Short – 77.22%
Long – 22.78%
NAS100
Short – 58.80%
Long – 41.20%
US30
Short – 74.26%
Long – 25.74%
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