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“End? No, the journey doesn’t end here.” – J.R.R. Tolkien

The first quarter is nearly in the books, but the year has only just begun, and with GameStop and Archegos already, it doesn’t look like 2021 will be a snoozer.  Futures are inching higher this morning with the Nasdaq leading the way higher.

Economic data has generally been positive overnight with Chinese PMI and South Korean Industrial Production topping expectations, while inflation data in Europe remains relatively tame.

Read today’s Morning Lineup for a recap of all the major market news and events including a discussion of quarter-end trends, events in Brazil, a recap of international markets, the latest US and international COVID trends including our series of charts tracking vaccinations, and much more.

For all the churning in the market lately, it sounds hard to believe that every sector in the S&P 500 is on pace to finish Q1 in the black for the year.  Granted, the gains aren’t evenly distributed, but it’s still impressive to see every sector positive on the year.  Leading the way higher, Energy’s (XLE) 31% surge tops the list, but the double-digit percentage gains from Financials (XLF) and Industrials (XLI) are nothing to scoff at.  Defensive-oriented sectors are unsurprisingly at the bottom of the list as Health Care (XLV), Utilities (XLU), and Consumer Staples (XLP) are all up 3% or less.

The most surprising sector to some, though, is Technology (XLK) which is at the absolute bottom of the list and just barely hanging on to positive territory for the year with a gain of under 1%.  XLK is the only sector below its 50-DMA, and while it’s indicated to open higher today, closing out the quarter above its 50-DMA is going to be tough.