For the week ending March 20th - the S&P 500 decreased by 0.8%, the NASDAQ decreased by 0.8% and the Dow Jones Industrial Average decreased by 0.5%. 10-year U.S. Treasury Yield Rate reached 1.74% on Friday, March 19th. This is the highest level it has reached since January 2020, it is important to note that short term rates were about 1.55% during that time while they have remained around 0.05% recently.
NFL's $100 Billion Media Deal
National Football League (NFL) announced on Thursday, March 18th that
it has finalized $100 billion 11-year media rights deal through 2033
. NFL is renewing TV broadcast rights with existing broadcast partners and adding Amazon (ticker: $AMZN) Prime Video as exclusive streaming partner for Thursday Night Football Games. Amazon will be paying $1 billion per year for exclusive streaming access to the Thursday games for 10 years starting from 2023. ViacomCBS (ticker: $VIAC), Comcast (ticker: $CMCSA) and Fox (ticker: $FOX) will each be paying over $2 billion per year for their 11-year rights while Disney (ticker: $DIS) will be paying $2.7 billion per year.
DOJ To Investigate Visa's Debit Card Practices
Visa (ticker: $V) announced that U.S. Department of Justice (DOJ) plans to open an investigation into Visa's debit card practices in an
8-K SEC filing
on Friday, March 18th. DOJ has already sent a notice to the company to preserve documents relevant to the investigation.
Chubb Proposed $23 Billion Acquisition of The Hartford
Chubb (ticker: $CB)
on Thursday, March 18th, that it had proposed to acquire The Hartford (ticker: $HIG) in a deal that would value The Hartford at $65.00 per share (about $23.24 billion in market value) on March 11th, 2021. Chubb intends to pay for the acquisition in a mix consisting of stock with majority of cash.
FOMC Kept The Rates Unchanged
U.S. Federal Reserve announced that Federal Open Market Committee (FOMC) had kept Federal Funds Rate unchanged at the target range of 0%-0.25%. In the press conference, after the FOMC meeting, Federal Reserve Chairman Jerome Powell in his speech emphasized that "With regard to interest rates, we [FOMC] continue to expect it will be appropriate to maintain the current 0 to 0.25 percent target range for the federal funds rate until labor market conditions have reached levels consistent with the Committee’s assessment of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time."
U.S. Census Bureau released Retail Sales data for February 2021 on Tuesday, March 16th. Retail sales decreased by 3.1% from January 2021. It is the biggest decline in the Retail Sales since massive drop in April 2020 due to COVID-19 lockdowns.
U.S. Department of Labor released Initial Jobless Claims report for the week ending March 13th, 2021 on Thursday, March 18th. 770,000 Americans filed for unemployment (higher than 700,000 claims expected by analysts) according to the report. This is highest number of weekly claims in the last four weeks.