Market Commentary — March 22, 2021
Investors remained focused on rising bond yields last week, as yields reached their highest level in over a year. Energy stocks retreated due to rising U.S. inventories and demand concerns related to renewed lock-downs across Europe.
On Friday, the Fed announced it was not extending the pandemic capital reserve exemption, but the Fed’s stance remains dovish overall.
The U.S. reached its 100 million vaccines in the first 100 days milestone ahead of schedule. The TSA reports that daily airline passenger volumes have reached their highest level since the start of the pandemic.
The race for the first U.S. approved Bitcoin ETF heated up late last week with the latest filing from First Trust Advisors and Anthony Scaramucci-led hedge fund firm SkyBridge Capital. This follows four other filings, in order of filing, from VanEck, Valkyrie, NYDIG, and Wisdom Tree.
The SEC has 45 days to approve or deny VanEck’s application or extend the review period. Meanwhile, Bitcoin sits teetering at $60,000.
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