April 2021 Economic Dashboard

The S&P 500 advanced 5% in April as treasury yields stabilized following a significant run-up in the first quarter. First quarter GDP results were released at the end of April, showing 6.4% real growth and 10.7% nominal growth, annualized. Retail sales and goods consumption soared in March as more stimulus boosted personal incomes. The wave… Read More »

March 2021 Economic Dashboard

The first quarter of 2021 featured vaccinations and falling COVID cases, hospitalizations, and deaths. Enthusiasm for a reopening and more fiscal stimulus raised expectations for US economic growth. As investor optimism improved over the quarter, a change in performance leadership – “rotation” – accelerated. Cyclical industries, which tend to perform well in a strong economy,… Read More »

February 2021 Economic Dashboard

February marked an acceleration of investor optimism for a strengthening economy. Amidst the backdrop of falling COVID cases, vaccination progress, and House passage of a $1.9 Trillion stimulus bill, the S&P 500 index rose 2.6% for the month. Cyclical sectors like energy, financials, and industrials led the market. Perhaps more encouraging for the economy, is… Read More »

January 2021 Economic Dashboard

By now, many have heard of the recent drama surrounding GameStop, AMC, and several other stocks making huge moves in the last week. GameStop shares traded from $61 to $483 in the final week of January. Media coverage has been unclear and generally failed to explain some of the underlying dynamics at work, so we… Read More »

December 2020 Economic Dashboard

2020 was a year no one could make up. As the year ends, what are investors looking towards in 2021? All hinges on the speed and success of Operation Warp Speed’s vaccination efforts. It will probably take most of 2021 to roll out the vaccine to nearly all adults but giving priority to elderly and… Read More »