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report by BMO Global Asset Management

Weekly Market Snapshot: February 26, 2021

Mar 03, 2021

Saturday Wedbush released a research note that said Tesla is “on a trajectory to make more from its Bitcoin investments than profits from selling its EV cars in all of 2020.”
Airlines in the U.S., South Korea and Japan grounded dozens of Boeing 777 aircraft after Sunday’s incident when one of the planes’ engines failed over Denver sending large pieces of metal falling to the ground.
Monday the Nasdaq fell 2.5% to complete a 4.25% drop over the previous 5 trading sessions. The move was blamed on fears about inflation and rising long-term interest rates.
Monday Facebook reached an agreement with the Australian government and restored news pages the company had blocked last week. Meanwhile it was revealed that Microsoft is teaming with EU publishers to push for paid content laws in the region.
Tuesday Fed Chair Powell calmed jittery markets with his comments as he addressed the Senate Banking Committee. The Nasdaq ended down 0.5% after being down as much as 4%, and the Dow reversed a 360 point drop to close up 15 points.
Wednesday Gamestop announced the resignation of its CFO. Shares went up more than 104%, despite two afternoon trading halts. The surge continued in after-hours trading with a further 83% rise.
The Dow hit a record close Wednesday after rising 424 points.
Thursday the Nasdaq had its worst day in nearly four months, falling 3.5%. The yield on the 10-year Treasury broke 1.6% after a lackluster auction of 7-year Treasuries.

Tuesday: S&P Case Shiller House Price Index for December came in at 10.4%, higher than expected and the biggest gain in 7 years.
Tuesday: CB Consumer Confidence for February was 91.3.
Wednesday: New Home Sales for January were up 4.3% or 923,000, higher than expected.
Thursday: Durable Goods Orders for January were up 3.4%, much higher than expected. The Core rate was 1.4%, also much higher than expected.
Thursday: GDP for Q4 (prelim) was 4.1%.
Thursday: Initial Jobless Claims came in at 730,000, lower than expected.
Thursday: Pending Home Sales for January fell 2.8%, with the fall being blamed on a continuing shortage of houses available for sale.
Friday: PCE Price Index for January was up 0.3% or 1.5% year-on-year. The Core figures were also 0.3% and 1.5%.
Friday Chicago PMI for February came in at 59.5.
Friday: Michigan Consumer Sentiment for February was 76.8, in line with expectations.

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