Late last night, a U.S. health agency questioned the validity of AstraZeneca’s vaccine trials, saying the results included outdated data. To make matters worse, Germany followed through and announced a strict 5-day lockdown over Easter.
The vaccine was suspended throughout the EU after concerns it caused blood clots. Trials across the U.S., Chile, and Peru showed the vaccine 79% effective with no link to blood clots. This comes after the European Medicines Agency confirmed similar findings last Thursday.
It’s Fed Day: the committee’s policy decision, economic outlook, and interest rate projections are due at 1:00 p.m. CT. Yields of longer duration Treasuries are climbing as many analysts say a dovish Fed is simply not enough anymore.
Is emphasis on “remaining accommodative” merely enough now? Markets want to hear something on the steeping yield curve. They've become accustomed to continued assistance and yield curve control is now what they’re asking for.
U.S. benchmarks were little changed ahead of Monday’s opening bell. The easing of state and local restrictions coupled with Congress passing President Biden’s fiscal package has brought a continued tailwind to many sectors.
Gains of about 4% for each Apple, Facebook, and Amazon, a whopping 20% for Tesla, and the best day in nearly a year for semiconductors brought the S&P and Nasdaq to critical levels of technical resistance.