Market Commentary — February 8, 2021
Today is Super Bowl Sunday and I wanted to link to Will Farrell’s new ad for General Motors “kicking off” its energy into electric vehicles. We have been telling people that 2021 is going to be the Year of the EV – this seals it!
Last week’s market returns were helped by fiscal stimulus plans and vaccine optimism. It was also a heavy earnings week with 112 S&P 500 companies reporting. The social media-coordinated “short squeeze” targeting hedge funds also abated, with some buyers turning to the silver market instead. Silver prices shot to their highest levels since 2013.
Investors are keeping a sharp eye on the Biden Administration’s proposed $1.9 trillion stimulus proposal. Stronger economic data also helped sentiment. The ISM gauge of service sector activity rose to 58.7, its highest level since February 2019. And on Friday, employers added 49,000 new jobs in January, in line with expectations.
Once again, make sure you get your nominations in for 2020’s ETF.com Awards! Nominations close on February 28th.
CEO and Co-Founder