Market Talk – Monday, March 15

Some economic news from Europe today:


German WPI (YoY) (Feb) increased from 0.0% to 2.3%

German WPI (MoM) (Feb) decreased from 2.1% to 1.4%


Trade Balance (Feb) increased from 22.4B to 25.1B

Euro Zone:

Reserve Assets Total (Feb) decreased from -34.22% to -38.20%


The week began on a bullish note on Wall Street after both the Dow and S&P 500 advanced to new record highs. The Dow gained over 170 points to reach 32,953.46 at the close. McDonald's led the Dow performance after advancing 3.76%, followed by Walgreens (3.46%), Nike (3.16%), and 3M (2.58%). The S&P 500 reached 3,968.94 for the first time after advancing over 25 points this Monday. Entertainment and energy led the index’s performance today with United Airlines posting a 8.26% gain from Friday’s session and American Airlines advancing 7.70%. General Electric (5.8%), Enphase Energy (5.74%), and NRG Energy (5.68%) also added to today’s record high.

Around 31% of young adults moved during the coronavirus pandemic, according to Gen Z (18 to 24) were the most likely to relocate with 32% reporting a move, followed by Millennials (25 to 40) with a 26% relocation rate. Those born under Gen X (41 to 56) and BabyBoomers were the least likely to move, reporting relocation rates of 10% and 5%, respectively. The top reason for moving, according to 31% of those polled, was to be closer to family. Around 27% reported relocating to a more affordable area, 21% reported relocating for a job, 18% reported wanting more space, and 17% reported desiring to work from anywhere. Although it seems people are flocking to the suburbs, the poll shows that people are not moving far. People who relocated from Manhattan moved less than 15 miles away, while those who relocated from other major cities such as Dallas or Austin moved less than 30 miles away on average.

President Joe Biden may implement the first major tax hike since 1993. Although government debt was used to fund the latest coronavirus bill, many are anticipating major changes to the tax rate to cover future costs. The corporate tax rate could go from 21% to 28% under Biden’s policy, and taxes will be raised on individuals earning over $400,000 annually. There are also discussions of widening the estate tax and raising the capital-gains tax for individuals earning over $1 million annually.

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