For the week ending April 17th - the S&P 500 increased by 1.4%, the NASDAQ increased by 1.1% and the Dow Jones Industrial Average increased by 1.2%. The S&P 500 index and the Dow Jones Industrial Average both reached new all time-highs once again this week. Notably, the 10-year U.S. Treasury Yield Rate decreased to 1.59% through Friday, April 16th.
Economic Data That Moved Markets:
U.S. Census Bureau released Retail Sales data for March 2021 on Thursday, April 15th. Retail sales increased by 9.8% from March 2021. It is the largest rise in the Retail Sales since May 2020 due to distribution of $1,400 stimulation checks and ease of restrictions for businesses.
U.S. Bureau of Labor Statistics released Annual Inflation Rate data for the March 2021 this Tuesday, April 13th and it showed inflation rate rose by 2.6% (on Year-over-Year basis). It is the largest rise in inflation since August 2018 primarily due to steep rises in gasoline prices.
Gary Gensler Confirmed As SEC Chair
U.S. Senate confirmed Gary Gensler as the next Chairman of Securities and Exchanges Commission (SEC) in a 53-45 vote on Wednesday, April 14th. He is a professor of MIT Sloan School of Management. Previously, he was Chairman of Commodity Futures Trading Commission (CTFC) during Obama Administration from 2009 to 2014.
CDC And FDA Paused J&J Vaccine
Centers of Disease Control & Prevention (CDC) and Food & Drugs Administration (FDA) paused use of Johnson & Johnson (ticker: $JNJ) Janssen COVID-19 Vaccine in United States on Tuesday, April 13th. This decision is result of reports of a rare and severe type of blood clot reported in small number of women between ages 18 and 48 who were administered the Janssen vaccine.
Coinbase Goes Public
Cryptocurrency exchange platform Coinbase (ticker: $COIN) went public via Direct Listing of its Class A common stock at $381 per share on NASDAQ on Wednesday, April 14th. It is important to note here that biggest cryptocurrency by market cap - Bitcoin recorded its all time high price of $64,863.10 per BTC on Wednesday as well. Coinbase's stock price later rose up to $429.54 on Wednesday but has since lowered to about $340 per share through Friday, April 17th.