March 5, 2021
It was another tough week for markets as bond rates continued to climb. The U.S. 10-year treasury yield closed the week at 1.58%, up 0.65% from the beginning of the year. The move spurred investors to continue to flee interest-rate sensitive, long-term bonds and high-flying growth stocks, while the rotation into economically sensitive stocks continued. The week’s economic data strengthened the reopening theme as the Covid vaccine rollout continues to gather steam. The hospitality industry, having taken the brunt of layoffs over the last year, boosted their February hires, pushing the month’s payrolls gains to 379,000. U.S. manufacturing and services also continued to build momentum on strong demand. Overseas, China’s factories experienced a minor slowdown as other global manufacturers have started coming back online. For the week, the tech heavy Nasdaq fell -1.92%.
Hospitality Sector Drives February Jobs Gains
Strong Factory Activity and Service Activity Point to More Economic Gains
China Manufacturing Slows as Global Factories Resume Production
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