For the week ending March 13th - the S&P 500 increased by 2.6%, the NASDAQ increased by 3.1% and the Dow Jones Industrial Average increased by 2.6%. 10-year U.S. Treasury Yield Rate reached 1.64% on Friday, March 12th. This is the highest level it has reached since February 2020.
The bullishness among the market participants seems to have stemmed from news of President Biden signing $1.9 trillion economic stimulus package (American Rescue Plan Act) into law on Thursday, March 11th. This is the third round of economic stimulus from U.S. federal government for recovery from COVID-19 pandemic and revival of the economy. Previous COVID-19 relief stimulus packages - CARES ACT and Consolidated Appropriations Act were signed into law by then President Trump in 2020.
Disney+ Reached Another Milestone
Robert (Bob) Chapek, the CEO of Walt Disney (ticker: $DIS) announced Walt Disney's Direct-to-Consumer video streaming platform Disney+ has now surpassed 100 million (paid) subscribers during
2021 Annual Meeting of Walt Disney shareholders
. Disney+ reached this milestone
within 16 months from its launch
on November 12th, 2019.
GameStop Rallied After Corporate Governance Update
Video game retailer GameStop (ticker: $GME) rallied over 100% after company sent out a
on the formation of Strategic Planning and Capital Allocation Committee on Monday, March 8th. This new board committee will be chaired by Ryan Cohen, a major shareholder who controls about 12.9% of the company's common stock (as of January 11th, 2021) according
SC 13D SEC filing
. The committee will work to identify initiatives that can "transform GameStop into a technology business and help create enduring value for stock holders".
First Direct Listing of 2021 - Roblox
Online video gaming platform Roblox (ticker: $RBLX) went public this week via a Direct Listing of its Class A common stock on NYSE. Roblox becomes the first company in U.S. to go public via Direct Listing in 2021.
U.S. Department of Labor released Initial Jobless Claims data for the week ending March 6th, 2021 on Thursday, March 11th and it showed 712,000 Americans filed for unemployment (lower than 725,000 claims expected by analysts). This is the lowest number of claims since week ending November 7th, 2020 signaling an early indication of re-opening of U.S. economy.
U.S. Bureau of Labor Statistics released Annual Inflation Rate data for the February 2021 this Wednesday, March 10th and it showed inflation rate rose by 1.7% (on Year-over-Year basis). It is the highest rise inflation since February 2020.