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“We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle.” – Winston Churchill
Futures started off with a negative bias this morning but have been drifting higher all morning and are now modestly positive for both the S&P 500 and Dow, while the Nasdaq is just barely lower. Treasury yields are higher, but the 10-year yield is still well below 1.6%, and even bitcoin is following the lead of equities and moving further into positive territory. It was a mixed weekend for the crypto-currency as China appears to be cracking down on the space while El Salvador said it will recognize bitcoin as legal tender.
Read today’s Morning Lineup for a recap of all the major market news and events including a discussion of the Global Minimum Tax, a recap of activity in Asia and Europe, and the latest US and international COVID trends including our vaccination trackers, and much more.
With the S&P 500 inching closer to new highs last week, the majority of sectors also traded higher. With crude oil continuing to rally towards 52-week highs, the Energy sector surged nearly 7% taking its YTD gain to nearly 50%. Behind Energy, four other sectors were up over 1%, and there are now four sectors that are already up over 20% YTD. Talk about a strong year!
On the downside, only two sectors were down last week (Consumer Discretionary and Health Care). Consumer Discretionary is the only sector trading more than 1% below its 50-day moving average and one of just two sectors (Utilities being the other) that finished the week below that level.